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The Bear Necessities: 7 Trends and Theses Part 1
Key Insights
- The seven core trends and theses emerging are Revenge of the Apps, Decentralized Social, Web3 Gaming, Upstart Layer-1s, Modularity, zk-rollups, and Web3 Infrastructure. The infrastructure trends are covered in Part 2 of the series.
- Each trend can be evaluated with a framework that considers novelty, relative value, total addressable market (TAM), value capture, and competition.
- Decentralized Social scored the highest in the framework due to high novelty and TAM.
- Applications protocols have made significant improvements to their competitive positioning against network protocols.
- Web3 Gaming has historically out-earned DeFi but faces a competitive road towards sustainable mass adoption.
Crypto is notoriously driven by narratives of a future technotopia. While the industry foolishly searches for the next narrative in the immediate term, further on the horizon, the next major bull market will be driven by technology and trends currently being built out.
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Dustin was previously the Enterprise research director at Messari. He has a broad focus across crypto with a particular interest in AI x Crypto, Consumer financialization, DeFi, and general infrastructure.
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