Before the outbreak of DeFi, most people had not encountered the biggest narrative of the last bull market.
I remember that Chainlink token LINK, which was the infrastructure of smart contract DeFi, rose from 0.4 to 5 US dollars, and then fell from nearly 5 US dollars to zero on March 12, 2020. Then came the familiar DeFi Summer, when LINK rose all the way to 50 US dollars, and at its peak, its market value ranked fifth.
On July 16, 2020, when LINK rose to nearly $9, asset management company Zeus Capital released a 60-page Chainlink short report and shorted $17 million of LINK. One month later, LINK broke through $20, and Zeus Capital's $17 million short position on LINK was liquidated. This short position liquidation once again shows that many institutions did not foresee the bull market brought about by the outbreak of DeFi, and ordinary retail investors could not foresee it even more.
In November 2018, Hayden Adams created Uniswap on the Ethereum blockchain and open-sourced the code on GitHub. In May 2019, Uniswap V1 was launched, becoming the first version of the Uniswap protocol.
In June 2020, Compound launched the COMP token and incentivized users to participate in the protocol through liquidity mining. DeFi Summer officially began.
Uniswap launched the UNI token in July 2020 and airdropped it to early users and liquidity providers. This led to the rise of liquidity mining, with many projects launching their own tokens and attracting users to participate by rewarding liquidity providers. The vigorous IDO ignited the fuse of the bull market in the entire crypto market.
The seeds of the next bull market have been quietly planted and are developing, but most people cannot predict who will be the real leader. Such a narrative gradually forms and spreads, and the truth can only be seen when it is revealed in the future.
Currently added to the next round of narrative list: Bitcoin Layer 2, BTC DeFi, Ethereum L2, RWAs, abstract contract wallets, EDU HOOK Web3 traffic entrance under Binance IEO! Welcome to add!
