Ryan Selkis - Founder, Messari

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Notes by TPan

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🔟 Reasons why Crypto Will Not Die

  1. Bitcoin Renaissance

    1. Segwit & Taproot upgrades enable non-fungibility on Bitcoin
    2. Inscriptions provide a new source of demand for Bitcoin blockspace, a key to the network’s long-term sustainability

  2. Solving the UX Problem - Account Abstraction

    1. Wallets get ‘smarter’
    2. Introduces automation features eliminating many of the common UX problems
    3. Complex interactions can be moved to the background, allowing for more web2-like experiences

  3. Normie Use Cases

    1. It’s consumer use cases time to dominate crypto, not just financial
    2. Consumer apps appeal to far wider user base
    3. Symbiotic with DeFi as it drives new economic activity
    4. Examples: Decentralized social, music, and content

  4. UGC Becomes UGX (User Generated Experiences)

    1. Crypto enables the next evolution of UGC —> UGX. Users are free to customize both content and consumption, without platform dev costs
    2. Continues the consumer trend of highly personalized and crafted content

  5. Developer Tooling + UX

    1. Becoming a developer in crypto is getting easier
    2. Variety of services to abstract complexities
    3. Results in faster, more robust products being built
    4. Examples: Rollups as a services, content delivery networks, development frameworks

  6. Self-Sufficient Infrastructure (DePIN - Decentralized Physical Infrastructure Networks)

    1. DePIN enables protocols to be self-sufficient without reliance on centralized providers
    2. Decentralized compute on consumer GPUs provides a cost effective alternative to centrazlijed cloud providers
    3. Example: Arweave seeing explosive use of permanent storage
    4. Apple, Google, Microsoft leveraging Render Network

  7. Scaling is Here - Optimistic Rollups Dominate Usage + zkEVM is Coming

    1. Arbitrum and Optimism lead Ethereum’s push to scale network
    2. 10x reduction in transaction costs
    3. Scroll, Polygon, and more are set to release zkEVM mainnets in 2023

  8. Maturing DeFi Collateral

    1. Maker, one of DeFi’s largest protocols, earns over half of its revenue from off-chain assets (treasuries and bonds)
    2. Real-world assets are less volatile and trusted sources of revenue
    3. With less correlated collateral, DeFi can grow to be more stable and sustainable

  9. DeFi resilient compared to CeFi

    1. DeFi continues to make new market share highs compared to CeFi
    2. Uniswap recently hits all-time-high compared to Coinbase volume
    3. CeFi (bans and lenders) continue to opaquely operate and fail as result

  10. Self-Custody a Hedge Against Bank Failures

    1. DeFi and consumer education lead push towards self custody
    2. BTC held on exchanges has consistently declined since March 2020
    3. As centralized financial system proves continually unstable, BTC seen as a lifeboat
    4. Not your keys, not your coins

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