There's a lot of fear in the bear market.
But things are better than you think 👇 🧵
There are 4 MILLION monthly downloads for the "ethers" package used by web3 devs to develop dapps.
(Up from 1M/month in Jan 2021)
There are 2.4M monthly downloads for the competing web3 package.
i.e - devs are still developing.
There are ~7.5M transactions taking place on the Ethereum network every week.
There have been over 1 BILLION transactions on @ethereum since 2020.
There are over 51.3 MILLION smart contracts that have been created on @ethereum alone.
+ Tens of millions on other chains.
+ Tens of millions in development.
VCs invested $33 BILLION into web3 startups in 2021 alone.
And will probably do even more in 2022.
There's a long lead time for such investments - these companies & networks are still being built.
The next few years should be fun.
Uniswap has settled over $1 TRILLION worth of swaps since its inception.
Even right now, there are still ~250k monthly active users on @uniswap swapping tokens.
@LooksRare and @opensea have EACH done over $20 BILLION worth of NFT sales volume in 2022.
Even last month (in the midst of a bear market):
• OpenSea did $500M+
• LooksRare did $220M+
Total Crypto Market Cap is ~$1T
- that's 10x more than 5 years ago.
Total Value Locked (TVL) in DeFi is ~$60B
- that's 10x more than 2 years ago
- and 100x more than 3 years ago.
According to the Gartner Hype Cycle, it seems we are currently in the trough of disillusionment.
I'm encouraging you to see the slope of enlightenment.
twitter.com/shivsakhuja/status/1551466317735030785?s=20&t=CFa8sNOEw5xcLeYpbAmmIg
I'm not an irrational optimist. I've explored what could kill crypto before.
twitter.com/shivsakhuja/status/1539124331002871809
I've even dared to question the narratives behind Bitcoin.
twitter.com/shivsakhuja/status/1545193926847475712
But now, I'm encouraging you to zoom out - things are better than you think.
Devs are still building, the networks are still being used.
twitter.com/100trillionUSD/status/1484519386815909894
You're a part of the most significant financial revolution of the century – enjoy the journey.
Consider subscribing to my substack for some rational optimism about the future of the most interesting ideas being built in web3.
shivsak.substack.com