Layer 2 Blast founder Tieshun Roquerre, also known as Pacman, says this crypto cycle has not seen any fundamental improvements to lead a new wave of adoption.
“A lot of this cycle is driven by ETFs, by pressure, so this cycle really doesn't play out like previous cycles, because it's not really a cycle with fundamental technological changes.”
Pacman said that industry-shifting changes in previous cycles included ICOs in 2017, along with the launch of Uniswap and the invention of NFTs in 2021. He added that these “real cycles” often lead to a new round of capital moving around major cryptocurrencies and new asset classes like NFTs.
For the struggling NFT market to find new adoption, there needs to be a “change” to existing NFTs – similar to how NFTs create a change to fungible tokens.
Meanwhile, Pacman said Blur, the NFT marketplace he’s launching in 2022, is preparing for “the biggest project” in its history. He said he wouldn’t provide further details until the project gets closer to launch.
Ethereum Layer 2 network Blast, which launched in early access in November 2023, now has a total value locked of $840.3 million, down from its peak of $2.3 billion on June 6.
Blur's TVL currently stands at $66 million. Following its airdrop in June, the company has faced criticism for not supporting its native projects, with memecoin Pacmoon in the process of leaving Blast to move to the Solana blockchain.
