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Mark Cuban: “Crypto is in a doldrums” like the 2000s internet

 


American billionaire Mark Cuban compared the current crypto market to the Internet of the 2000s on Twitter.


Cuban explained, “Crypto is going through the same doldrums that the internet was going through back then.” The entrepreneur goes on to explain that after the initial wave of dApps , non-fungible tokens ( NFTs ), decentralized finance ( DeFi ) and play-to-earn games ( P2E ), the crypto market saw an "imitation phase in which chains that Subsidized development of applications on their own chains”.


Although Cuban points to a consolidating market of single players, more users are expected to enter the crypto scene.


Can the Growth in New Crypto Users Boost the Market?

We know that comparing cryptos to the internet is nothing new. Previously, on-chain analyst Willy Woo already compared the growth of crypto users to the growth of internet users since its inception. He also predicted that Bitcoin will have 1 billion users by 2025, similar to the internet in 2005.



Although new crypto adopters may bring more liquidity to the system, the virtual asset market has been in the midst of a bloodbath lately.


In the last 24 hours, Bitcoin briefly slipped below $30,000 while the market cap of all crypto assets has already lost $800 billion in this month alone.


Despite the weak market, Bitcoin Foundation chairman Brock Pierce remains bullish. The billionaire also compared cryptocurrencies to the technological revolution of 1999 and 2000. He told Fox Business :

“Many of these projects will go to zero, but some of them will become the Ebays, the Amazons and the PayPals of our time and future. They will probably become even more successful."


Will smart contracts be the new drivers?

According to Cuban, smart contracts will be the next drivers in the crypto ecosystem. He commented, “What we haven't seen yet is the use of smart contracts to improve productivity and business profitability. That has to be the next step."


According to Shark Tank Investor, companies will soon use smart contracts to gain a competitive advantage. And so only unique chains willing to adapt will survive, while the copycats perish. Not every chain needs NFTs, DeFi , or the ability to collaborate with other chains.

After Ethereum led the second generation smart contract revolution, “Ethereum killers” like the Binance Smart Chain, Solana , Algorand and Cardano accelerated their development to keep up.


Ethereum remains the chain with the largest Total Value Locked (the current total value of coins staking on dApps on a chain). The ETH-TVL is currently around 94 billion US dollars. This is followed by Terra at $12 billion and Binance Smart Chain at $10.7 billion. This is shown by data from DefiLlama.


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