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TheLonelyJedi@kazi-·Jan 05

#DEFI #ModularBlockchain #TIA #INJ #Ponzi

We are at the dawn of a new bull cycle in crypto and it's evident we've learned nothing from the mistakes of last cycle.

Projects launched literally days ago are moving up the capitalisation ladder above proven projects like AAVE, LINK etc solely based on Ponzi like behaviour from the market and there is no attempt from those project's founders to caution the market.

The prices of Celestia $TIA and Injective Protocol $INJ are being run up to cloud nine because:

  1. FOMO/Airdrop frenzy as TIA/INJ stakers being eligible for other token Airdrops from the ecosystem

  2. Unrealistic staking APIs on the tokens (meaning high inflation). Ppl are paying 300% price on a token to earn a 16% API, how does that make sense?

These price movements has largely nothing to do with the projects, and what they have achieved.

Approx 80+ percent of the CT post are from airdrop farmers and influencers posting nonstop to keep the FOMO going.

How can we blame non-crypto native people for seeing crypto as a scam? How are these tokens any different from manipulated stocks in the fiat economy?

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    SallyNike@63258·Jan 05

    a-r

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      Jeff ◱ ◱@jeffy·Jan 05

      We can't blame them. There has yet to be the killer app that leverages crypto's strengths and values in a way that captures a wide user base. We sort of saw this happen with friend tech, NFTs in general sort of got mainstream traction in 2021...but it could be argued that most of them were just along for the bull market ride.

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        AlicΞ@punkess·Jan 05

        not sure about injective but tia has barely any tokens unlocked yet. And I guess interoperability / modular thesis got some narrative. (It’s not the worst narrative imo) Will the tia price drop dramatically as soon as the tokens are unlocked and we won’t see a super cycle ;-). Probably yes. But I don’t think it’s comparable to ust/luna.

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