Blockchain

Bitcoin is great, but the real crypto innovation has moved elsewhere

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Something is brewing that people with very thin noses can smell. As traders expect, Bitcoin (Bitcoin) Is doing “Bitcoin things” by rebounding between the usual “key” support and resistance levels, and to be honest, it’s all starting to become a bit prosperous.

Bitcoin’s long-awaited “moon” depends on the purchase of institutional investors, breaking the previous all-time high of $19,000 and a series of other firm beliefs. Well, all this happened, and the rise to $64,900 was beyond the craziest dreams of many investors. But despite this, if you think that the top-ranked cryptocurrency will eventually break through around $100,000 in the current bull market, then the entire BTC situation will feel predictable and boring.

So, back to other things that are brewing…

Decentralized Autonomous Organizations (DAO) are very popular, non-fungible tokens (NFT) are very popular, money-making games are very popular, and Metaverse is very popular.

This is where the real head is now-speculation, construction, thinking, networking and doing the really important things. The unique thing about people who really work in the crypto space is that this grassroots approach and bottom-up construction trend is leading some of the most groundbreaking projects in the field.

Take Dom Hofmann’s “robbery“The project is the most recent Good bridging with Bridge Trophy Decline in the avalanche ecosystem.

Instead of putting on a suit, organizing some executive-friendly speeches, and chasing venture capital, Loot is cast for free by interested participants who are willing to pay for gas. The community gives value to NFT through OpenSea sales.

The value of the new idea was agreed in a series of discussions in Discord. Anyone with an idea can freely initiate their own derivative contract, and then Loot holders can copy the casting and listing cycle again.

Will Papper’s airdrop 10,000 Adventure Gold (AGLD) was awarded to Loot NFT holders, and it was soon worth more than 50,000 USD and made the entire project famous and recorded in history. Some people will say that it is essentially the “YFI” of NFT.

A great change is just around the corner

What is unique and interesting about Loot is that it sets a precedent for what is becoming a new drop model in the field. The process involves creating a product (whether it is an NFT or an agreement), mentioning it to interested communities, and allowing them to mint tokens for free in the 7,777 to 10,000 supply range. After that, the creators let the community, speculators, believers and OpenSea do the rest.

Hoffman encouraged the entire family to do what they wanted to do with this project-he basically said, “This is yours! Go build it, my children!” The anonymity behind the Good Bridging (GB) token drop The genius did the same thing, but with less guidance.

Basically, 16,000 early users of Avalanche’s Ethereum-to-Avalanche bridge received a token airdrop of 895 GB, with a maximum price of US$2.60 per GB and a value of approximately US$2,300. Isn’t it too shabby?

In addition, GB holders who are not immediately liquidated are eligible to cast a gasless BridgeLoot NFT as a reward. A few hours later, Snowflake based on Avalanche’s NFT market verified and listed BridgeLoot, and many holders were among them Lists their NFT for 20 to 100 AVAX.

From a market perspective, money chases money. Investors chase liquidity, which is part of the reason that drives market price movements.

We see this happening in all the first-tier incentives, where hundreds of millions of dollars are transferred from ETH to Fantom, or ETH to Arbitrum, or ETH to AVAX, or ETH to LUNA, or ETH and USDC to Web3-based decentralized exchanges like dYdX and GMX.

The point is that encryption is driven by liquidity and trends. The whole Loot phenomenon allowed the cat to come out of the bag and inspired the builders on a feature that has always existed but was only discovered recently.

Bottom-up fundraising, NFTs and DAOs that are practical in Metaverse, and the huge liquidity flowing into the second-tier ecosystem will continue to exist.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.