Why we need app to exit from bear market

By NeoTokyoUnicorn | Neo Tokyo Unicorn | 22 Feb 2022

In these last weeks, we have watched the continuos and firm decay of price quotations of many crypto. Projects which were considered cool and disruptive are now running towards the bottom, losing support after support.

Well, as we all know the Bitcoin situation isn't encouraging, but I don't think that is the whole story.

Many blockchains are really innovative and have impressive technical specs, but what are they used for?

Let's consider, for exmaple, one of the most popoular alternative blockchain: Fantom.

Fantom has a quite histeric graph on the weekly time range.

Fantom weekly

Fantom has followed two rallies of Bitcoin starting late, after the uptrend was consolidated, and the falling violently on the first signals of retracing.

This shows that the market considers Fantom as a highly speculative crypto, which is strange, because Fantom has solid fundamentals, and surely is not a meme token. So, what's wrong with it?

Let's check another blockchain similar to Fantom, at least for intents: Near.

Near weekly

Do they look similar? Yes, quite enough. Always on the weekly chart, we can see that also Near have suffered of an alternance of hyped and depressed period, tipical of specultaive assets. Which, also here, is strange, because Near is not a Meme coin but rather a real solid project.

So, again, what is the problem? Why the market doesn't seem to be able to keep its interest ongoing costantly?

We have said that both blockchain are technically awesome: this is true. And it is righe also for other projects, like for example Velas or One, which seem to suffer the same problem.

But, if we dig depper and go check the real applications, something strange come to our eyes: well, we don't find so many applications.

Fantom has a lot of cool DeFi. Fine, ok. But DeFi is mostly for insiders. It doesn't appeal casual users neither has application in the real world, a part from enhance gains or dusting them. Also we can find that Near scene is quite poor. We have some NFT stuff going on, but nothing that has reached the importance of Magic Eden or Opensea.

So, I think that the real answer to bear market is: APP. As Satya Nadella stressed in one of his most famous Microsoft speech: "Develop, develop, develop... develop". DeFi is not enough: if crypto wants to recover its high, it needs developers able to make apps with real impact on the world in which we live.

Apps are the key for exiting the bear market. Until there are no useful or engagin apps ona a blockchain, it may be excellent from a technical standpoint, but it will fail to impress the market.

This is not financial advising. The author is invested in the assets quoted.


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