I haven't had much time for writing over the last year as I've been focused on trying to help build and grow multiple projects for HIVE, but I've been watching things evolve and I also feel like a bit of a goof that I've never had a reason to test out the new LEO site beyond commenting a couple of times. (Loving it by the way!) So I thought I'd share a few of my market observations and some of the projects that make me most bullish on 2021.
I've spent quite a bit of time exploring ETH alternatives over the last year due to the insane gas fees that are making the platform unusable for most. I do think ETH 2.0 stands a chance to fix this problem, so I hold a bit of ETH, but I'm really starting to like DOT. I remember eyeballing it around $5.00 and not pulling the trigger and the next time I looked it was around $15.00 each and sitting in the top 10 crypto market caps. Quite the leap.
Of course it's easy to think it's overbought when something moves that fast that quickly, but learning about the fundamentals of the chain, what it's actually for, and realizing how it can establish a collaborative network between other chains, it's actually shifted my attention away from LINK and onto DOT. If you follow Polkastarter, you can find a huge variety of much needed projects already building for DOT, but the one that makes me the most bullish is Moonbeam which has the ability to make dApps that are interoperable with ETH. There's even a DEX aggregator that could crush 1inch.
I'm definitely biased on this one, but the PAL team have been building and releasing dApps over the last several months, such as @nftshowroom
@lensy and
@dublup, and with the new economic changes to the token plus burn mechanisms in place, it's hard not to imagine it going up. I think the high inflation faucet was a great way to spread the token around to people that wanted to hold it, but without a strong niche and moderation like we see on LEO, holding tokens to earn more tokens for blogging doesn't hold much economic value. We'll have to see what the future holds, but looking at the order books it seems fairly straightforward to me.
As someone that got burned doing DCA all the way down, I'll fully admit I was losing faith in whether or not the HIVE token would retain any value. I do still think we need intense economic changes for long-term viability. I think blogging rewards need to be entirely second layer tokens, such as LEO, and that the reward pool should be done away with in favor of staking. It's the same net result (assuming you are holding HIVE and not dumping every bit of it you can get), but without expecting investors to deal with the politics of the social platform to earn their interest or circle-jerk voting. This would also take the focus and value proposition of the token away from "blogging for more tokens" and encourage new dApps to hold more tokens and use them for onboarding and delegating to their userbase to make their dApps functional.
All of that being said, I do still think, as I've said since the beginning, that the $0.10 price range is a hard bottom for HIVE, just like it was for STEEM. I think we've also found a pretty firm bottom in the 300-400 satoshi range and have held nicely over the recent months of BTC price action. Of the three projects I've mentioned, this one is the biggest gamble in my opinion, but it also has a huge potential return if we can make the economic changes that we need to make (or get a lucky bull run pump that won't be sustainable without economic changes). What undervalued projects are you most passionate about?