FDV No Longer A Meme
In light of recent events, it’s safe to assume that crypto winter has come to an end and that we have officially entered crypto’s ice age. SBF et al not only defrauded investors of Alameda Research and customers of FTX, their actions also destroyed ~600m in TVL from the Solana ecosystem.
Wrapped assets lost their peg because the collateral was held by the intertwined firms. soBTC lost 95% of value since FTX held the underlying bitcoin and was the only place traders could redeem the sollet-wrapped derivatives for their underlying assets. Projects that held their treasuries on FTX or accepted market-making deals by Alameda lost their whole budgets.
If ‘bullish unlocks’ were a thing before, the latest fall of dominoes from the summer credit crunch has significantly decreased the chance of such a reoccurrence. Put simply, we believe sidelined buying pressure in bear markets will be insufficient to absorb crypto-nuanced emissions parameterized during bull markets. We dive deep into some of the launch and supply dynamics that played into FTX’s downfall and attempt to gauge which other protocols face inflationary headwinds movi...Unlock this article by joining our Community!
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