One of the biggest questions most founders have in whats seems like a bull-market is often “ Am I doing something wrong”. It looks as though money is falling out of the sky on everyone with a dot finance domain and many founders building on sound economics often get lost in the hubris. There is also a data-problem when it comes to reporting on blockchain financing. A large chunk of the figures reported for total funding is over-represented due to ICOs, and then there are deals involving large enterprises that use blockchains as a small part of their tech-stack. Keeping…


I wanted to see how traditional credit scores are coming to DeFi today. The challenge with DeFi today is that almost nobody outside the ecosystem can use it. Individuals without tokens cannot deposit collateral and thus cannot get a line of credit. Similarly, those without digital assets cannot offer it on platforms like Curve to generate yield even when the returns are in multiples of what a bank offers. People have to care about the industry if we are anticipating a generation of large firms from the industry. Lowering the barrier to entry has been a common tactic in financial…


I dug into stablecoins for the first time in December 2019. If you had told me then that the market-supply of tokens in the space would cross $10 billion and user-count could be close to 100,000, I might have written you off as an optimist. And yet, here we are in June 2020 looking precisely at that at the late stages of a pandemic. As of writing this, combined stablecoin market-cap of the seven most significant projects is at $10.5 billion (across chains).

In writing this piece, there are a few considerations I made

  1. You will often see me offer…

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March 2020 may have been the worst month to be in blockchain-related ventures since February 2014. The last time I had observed so much fear and pain, Mt Gox was going down after months of reported insolvency. Ironically, six years later, another exchange (Bitmex) played just as crucial a role in the price of Bitcoin swaying drastically. We will not be looking at token prices in this piece. We stand at an odd juncture, where there are reasons to be bullish on Bitcoin’s price given that halving is round the corner. But the macro-economic backdrop could not possibly look uglier…


Bitcoin’s rising price has often been both a boon and a bane. A boon because it incentivises individuals to connect to the network. A bane because it inevitably forces individuals to look at a single metric when it is far more than “number go up, number go down”. It reduces a complex financial ecosystem to a bubble economy where speculation looks like the most significant use-case. This post isn’t an argument for a better comparison of digital assets against traditional ones based on the growth stage of the asset. It merely looks at the numbers we ignore when we discuss…


Note : If I were to be idealistic, I’d likely have only DAI in this data-set. However, markets don’t really care about my idealism. As much as there is controversy around USDT today — fact remains that it is a crucial component of the stablecoin ecosystem. I would appreciate it if conversations that stem from this piece does not go into “is tether a stable coin”. My honest stance on the matter is that in the absence of verifiable audits, it is not.

Stable coins are what happens when crypto finds product-market fit. A pro-longed winter in 2018 combined with…


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Photo by Craig Sybert / Unsplash

Decentralised applications are hailed as the pathway to massive adoption. It seems the hype around much of them has been slowly dying out. The present status of DApps are very similar to the state of the internet before the launch of Netscape and sadly enough, Brave’s rapid growth may not be compensating in terms of bringing onboard new users to the broader DApp ecosystem. I have been wondering whether DApps are dying a slow but definitive death much like other trends like ICOs. As the token ecosystem transitions focus to new trends like DeFi, staking and DAOs, it may be…


Blockchain Founders Raise over $822 million by Q2

Despite several strong indicators in both network activity and user growth price continues to lag well behind the highs of 2017–18. The ecosystem is more robust and becoming increasingly professionalised with several new institutional participants

All on-chain indicators hint at what is about to come

Markets and the weather hold one common attribute — they function in cycles. The token economy has suffered a prolonged winter throughout 2018 to Spring 2019. However, things have been looking increasingly positive throughout the second quarter of 2019. Whilst the price of tokens are already up roughly 3 times, analysis of on-chain activity indicates that a full recovery may be imminent. Metrics such as…


Peer-to-peer electronic financial instruments

Bitcoin is a peer-to-peer electronic cash system. DeFi is a peer-to-peer electronic financial instrument system and refers to projects that are using cryptographic tokens and blockchains enabling anyone to issue, transfer and own financial instruments. The maturity of the Ethereum network has resulted in a slew of projects that are issuing not just ERC20 tokens but all types of financial instruments. Bitcoin emerged as an alternative to the financial system but the lack of features (which is a feature in itself) — has made it difficult to create complex financial instruments on it. But the smart contract functionality on Ethereum…


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If you were born after 1995 and grew up in a developing economy, odds are high that Facebook has encompassed the vast majority of your digital life. The platform hit a billion users right around the time you were 13 (2008), leveraged network effects of Mobwars and Farmville to keep a younger demographic hooked and converted to ownership of Whatsapp and Instagram as they grew older. For many of us — Facebook provided the means to connect to friends far and wide, hold conversations that’d otherwise be impossible and easily connect to influencers that were continents apart. In a pre-4G…

Joel John

Senior Analyst at LedgerPrime. Board advisor, sporadic writer, bibliophile.

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