SotN#24: Everything is bullish, with Nic Carter (Triumphant! 2017 vs 2020 Bull Markets, What's Different this Time?)
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Bankless
4.7 • 1.2K Ratings
🗓️ 25 November 2020
⏱️ 97 minutes
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Summary
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SotN#24: TRIUMPHANT! w/ @nic__carter (2017 vs 2020 Bull Markets, What's Different this Time?)
Nic Carter, general partner at Castle Island Ventures, cofounder of Coin Metrics, host the On The Brink
Nic recently put out a medium article with 9 different Bitcoin charts showing metrics at ATHs.
https://medium.com/@nic__carter/nine-bitcoin-charts-already-at-all-time-highs-78abbfe82804
We ask Nic:
- What about this bull market is different than last time?
- What are the differences that stand out to you the most, that are going to characterize the nature of this specific bullish period?
Metrics discussed:
- Addresses with $10 of BTC or more
- Open Interest on CME Futures
- Realized Cap
- Bitcoin Options Open Interest
- BTC priced in Turkish Lira
- BTC held by Grayscale
- Stablecoin Free-Float
- Silvergate’s Settlement Network
- Growth of Crypto-Native Credit
Watch the video to hear the discussion!
In the SECOND HALF of the video, David and Ryan turn their attention to ETHEREUM:
Will Ethereum Capture the Bull Market?
Topics we discussed:
Ethereum and the Bull Market
- The Deposit Contract received the required amount of ETH to start off ETH2 on the earliest possible date.
- Then, it received A TON more of ETH after that.
The 2017 ETH Bull market was underpinned by the possibility of ETH staking and Ethereum scaling just being around the corner
The 2020 ETH Bull market has all of these same dynamics, but AHEAD of the bull market, rather than behind it.
‘Will Staking ever come?’ and ‘Will Ethereum ever scale?’ are NOT questions that are going to be asked this bull run.
Also new this bull run: DeFi!
DeFi👏makes👏capital👏sticky!👏
The capital that entered the 2017 ICO mania was FLEETING. Ethereum was 95% ICOs, and after ICOs stopped making people money, there was no reason for capital to stay put on Ethereum
Things that didn’t exist in 2017:
Collateralized money markets
- Maker - $2.75B
- Compound - $1.7B
- Aave - $1.45B
AMMs
- Uniswap $1.3B
- Balancer $0.4B
Others
- Yearn - $0.5B
- Synthetix - $0.8B
- Nexus - $0.1B
Stablecoin Supply
- $20B in stablecoin market cap on Ethereum.
PLUS, Alpha is found on Ethereum
- There’s a lot of cognitive dissonance in the world about buying Bitcoin. People have heard about Bitcoin multiple times now, and if they still don’t yet own BTC, they may have a level of cognitive dissonance about buying BTC at ATH prices.
- People wanting exposure, but not specifically wanting to buy BTC, is a significant reason as to why other assets always do so well in a bull market
People want alpha
- This cycle, DeFi tokens on Ethereum will capture outsized exposure to people who are trying to outperform BTC
- Last cycle, it was many different PoW chains and Ethereum L1 competitors, this cycle it will be protocols and projects on Ethereum
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | If you are looking for the front page of DeFi, look no further than Xerion.io. |
| 0:06.0 | Xerion is your home base for managing your DeFi portfolios. |
| 0:10.5 | Xerion offers a central place for you to engage with all of the DeFi protocols and assets that you engage with on a daily basis, but all in one central spot. |
| 0:19.5 | Here you can see I've loaded up a wallet and Xerion is giving me the portfolio performance of all the assets in this wallet over time, |
| 0:27.0 | as well as a breakdown of all the assets that I own, as well as all of my transaction history that I've ever done in an easy-to-view fashion. |
| 0:35.0 | Xerion also lets you invest right into DeFi's best yielding financial opportunities right from their home page. |
| 0:41.5 | Xerion also makes it super easy to access interest in DeFi using applications like Compound and Alve in the background, |
| 0:49.0 | and you can also exchange your assets using the Xerion app, using an exchange aggregator in the background to make sure that you always get the best rates. |
| 0:57.0 | You can even use the Xerion mobile wallet to add your Metamask or Argent or another Ethereum address right into your mobile wallet so you can see your portfolio and engage in DeFi on the go. |
| 1:08.0 | Here I just loaded up my Argent wallet and now I'm going to load up my Metamask as well, and Xerion will do the same thing. |
| 1:14.0 | I'll add all of my assets and wallets together all in one space and give me a portfolio summary of what's going on. |
| 1:20.0 | Adding wallets is trivially easy. If you already have a Metamask, you can get it right into the Xerion app and it can sync with your desktop app as well. |
| 1:28.0 | And the best part is you can also buy Ether right into the app itself. |
| 1:32.0 | Use the Invest tab to look at all the things that you have invested in as well as other opportunities and coming soon to the Xerion app is the ability to buy and sell your assets straight from your mobile device as well. |
| 1:44.0 | So download the app, it works on iOS and Android. Go to xerion.io, plug in your wallets and get a historical report of your portfolio over time as well as a comprehensive breakdown of all the assets that you own and how much yield they're generating for you. |
| 2:00.0 | We're also brought to you by Monolith. Monolith is your cool new DeFi account, your DeFi savings account, your DeFi checking account. |
| 2:08.0 | Except the cool thing about the Monolith DeFi account is that it gets software updates, right? |
| 2:12.0 | You actually get to increase the usefulness of this over time. |
| 2:16.0 | So here are some of the features. Monolith is a smart contract wallet with a lot of the features that you would expect. |
| 2:21.0 | If you've come to know DeFi and what it is, you can add money to it, you can put that money to work in compound and accessing yield. |
| 2:30.0 | And you can also swap through Uniswap. What was cool with Monolith is that they will send you a very sexy Monolith Visa card that connects to your smart contract wallet on Ethereum. |
| 2:42.0 | It's a really awesome tool to live a bankless life with a savings account that gets software updates. |
... |
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