Author: Blockchain Insights
1. Has the Bitcoin ecosystem recently cooled down because funds have been diverted to speculate on the Ethereum ecosystem?
I believe the main reason for the cooling down of the Bitcoin ecosystem is not due to funds being diverted to other ecosystems, but rather the fact that Bitcoin has not yet developed a strong and innovative application ecosystem. This application ecosystem needs to be innovative and not simply imitate the old applications of Ethereum.
Currently, the Bitcoin ecosystem is still in its early stages and there are not too few applications within it. However, the majority of these applications are basically imitations of the Ethereum ecosystem. This kind of imitation can attract funds in the initial stage and give people hope. However, over time, if there is no innovation, funds will gradually lose interest and attention will fade away.
Whether the Bitcoin ecosystem can thrive still depends on whether the developers in the Bitcoin community can build innovative new applications.
2. How is the AI track doing?
I have written several articles before specifically discussing the AI track, sharing both an overall view of this track and my opinions on some popular projects within it.
Overall, except for a few projects that I think are somewhat related to AI, I do not like the majority of them.
3. Are there any recommended sections to follow in Farcaster?
I can’t make recommendations, as I don’t recommend any specific sections. However, the sections I follow are base, degen, gaming, memes, zk, and zora.
4. Atomical has released the AVM whitepaper, does this mean that the Bitcoin network has implemented smart contracts? How do you view this protocol? And what about the STAMP protocol?
I took a brief look and it still has limitations. Due to the technical limitations of the mainnet, Bitcoin cannot achieve the same level of security and functionality as Ethereum, which is Turing complete. In the short term, I don’t see any possibility of a breakthrough in this aspect.
This means that Bitcoin cannot achieve the same level of perfection in terms of functionality as Ethereum. It needs to find its own positioning in terms of application ecosystem.
In addition, I want to emphasize my point again: the focus and priority of the development of the Bitcoin ecosystem should now shift towards applications. If there is no breakthrough in applications, it may miss out on this hard-earned momentum.
I used to have high hopes for the STAMP protocol. Theoretically, its security is better than the plaintext. However, its problem lies in the lag in the development of the application ecosystem. It is far behind the community of plaintext and has missed out on a great opportunity and momentum. Apart from a small group of players in the community who entertain themselves, this protocol has not received wider attention so far.
5. How is ONDO?
If I understand correctly, this is a project in the RWA track. I am not very interested in this track and have not paid much attention to this token.
6. How is Metis?
In terms of market value, this project is not low. But I really like this project. It is a unique Layer 2 expansion.
The main reason is that it is dedicated to decentralizing the sequencer. I believe this is an important step for the long-term and healthy development of the Ethereum Layer 2 system, and it is also a means to empower and benefit tokens. This matter has no harm to the ecosystem and the only impact is on the small interests of the project itself.
Currently, it seems that apart from Metis, none of the other well-known Layer 2 expansions have taken any action in this regard. Some may only make empty promises without any actual actions.
7. Is USDT risk-free for using stablecoins for financial management?
I am not sure which kind of “financial management” is being referred to here. If it is centralized exchanges, I would not go for it. If it is decentralized lending applications on the blockchain, I think it is possible.
I never hold a large amount of USDT as I have never believed in it.