Cryptocurrency Investment Firm 1confirmation Bullish on DeFi, NFTs, and Prediction Markets, Anticipating Explosive GrowthCryptocurrency investment firm 1confirmation, in its Q2 2024 LP letter, expressed strong optimism about DeFi, NFTs, and prediction markets, forecasting their explosive growth in the coming years.The letter highlights that DeFi and NFTs will become even more robust, while SocialFi and other novel use cases will emerge through application chains, L2s, and L3s
Cryptocurrency Investment Firm 1confirmation Bullish on DeFi, NFTs, and Prediction Markets, Anticipating Explosive Growth
Cryptocurrency investment firm 1confirmation, in its Q2 2024 LP letter, expressed strong optimism about DeFi, NFTs, and prediction markets, forecasting their explosive growth in the coming years.
The letter highlights that DeFi and NFTs will become even more robust, while SocialFi and other novel use cases will emerge through application chains, L2s, and L3s. Non-custodial products, enabling users to trade, borrow, lend, mint, and earn without relying on third parties, will continue to rise. Application chains, L2s like Base, and application chain-specific L3s will bring scalability and improved user experience to crypto, ultimately expanding the market size. L1 tribalism will fade away, with talented developers building on platforms where they can capture the most value and exert the most control.
Prediction markets are considered one of the most groundbreaking use cases in crypto for 2024, projected to see a 100x market size increase in the next few years. Polymarket stands out as a leading product in this space, excelling in tracking elections and other global events.
Recently, Bitcoin surged past $64,000 before retracing below $61,000, causing market volatility. Coinglass data reveals that liquidated positions across the entire network reached $178 million (over 1.2 billion RMB) in the past 24 hours, with $37.25 million in long liquidations and $141 million in short liquidations. From 10 pm to 11 pm last night, the total liquidated positions reached $41.18 million, with both long and short positions being liquidated. Long positions saw $20.32 million liquidated, while short positions saw $19.98 million liquidated.
Despite the market fluctuations, 1confirmation remains bullish on the long-term prospects of cryptocurrency. The firm believes that innovations in areas like DeFi, NFTs, and prediction markets will fuel new growth drivers for the cryptocurrency market, ultimately leading to the flourishing of the entire industry.
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