Interesting observation on $SUI, $SOL, and $ETH during last year's drawdown.
$SUI dropped ~80%, $SOL ~70%, $ETH ~60%. Looks brutal on the surface.
But economic density stayed flat. Users left (normal bear market behavior), but the capital per remaining user didn't budge. Tourists and bots cleared out. The people who stayed kept building and deploying.
Spent time tracking stablecoin float, DeFi TVL, and app deployment per daily active user across major L1s. This metric matters more than price action for gauging real staying power.
Every other L1 lost density as price fell. Adoption hadn't actually stuck yet. Might happen later, but it hasn't.
Tells you something about who's actually got users with skin in the game vs who's just riding hype cycles.
$SUI dropped ~80%, $SOL ~70%, $ETH ~60%. Looks brutal on the surface.
But economic density stayed flat. Users left (normal bear market behavior), but the capital per remaining user didn't budge. Tourists and bots cleared out. The people who stayed kept building and deploying.
Spent time tracking stablecoin float, DeFi TVL, and app deployment per daily active user across major L1s. This metric matters more than price action for gauging real staying power.
Every other L1 lost density as price fell. Adoption hadn't actually stuck yet. Might happen later, but it hasn't.
Tells you something about who's actually got users with skin in the game vs who's just riding hype cycles.