Market Recap — Jan 24, 22

Nasdaq and BTC, indexed to 100
Funding rates have barely turned negative

Trade Idea:

SOL had a massive rally in 2021 driven in part by massive marketing and grant programs. Network adoption and development activity paced the group late in the year. However, chronic technical issues are starting to have an effect on the narrative, and other L1’s are gaining traction. Fantom, which also promises extremely fast transaction speeds, is gaining significant developer attention, especially recently as Daniele Sestagalli and Andre Cronje are actively building on FTM, bringing a significant user base (and Twitter following) along with them. FTM is also growing more organically than SOL with limited marketing and a clear embrace of the grassroots culture that typified the early Ethereum days. Perhaps most importantly, MCAP / TVL on Fantom is only 0.44 as of Jan 24, while SOL MCAP / TVL is 3.72, according to DefiLlama. This is compared to 2.48 for Ethereum, which is also about average for other EVM compatible chains.

https://defillama.com/chains

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