Bankless SotN #2 - CHURNING; ETH bears wrong, Venmo loves crypto, Gas fees good
Jun 24, 2020
In a lively discussion, the hosts tackle why Ether isn’t on the rise, challenging bearish sentiments. They spotlight Venmo’s effort to onboard millennials into crypto, providing timely accessibility. The debate over gas fees sparks intrigue: Are they detrimental or beneficial? The episode connects the evolving dynamics of DeFi with millennial financial strategies, drawing parallels to historical gold rushes while addressing the implications of transaction fees on Ethereum's security and accessibility. Exciting times for the crypto community!
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ETH Price Stagnation
- DeFi tokens are pumping, but ETH’s price remains relatively flat.
- This is because ETH is correlated with both Bitcoin (which hasn't pumped) and DeFi, creating a tug-of-war.
Market Memory
- The Ethereum market is still recovering from the previous bear market, making investors skittish.
- This explains why ETH’s price hasn't yet reflected DeFi’s growth.
Fund Manager Shift
- A fund manager shifted his fund from 60% Bitcoin to 80% ETH and DeFi.
- He believes the real action is in the Ethereum DeFi space.