A third approach emphasizes economic and game-theoretic risk. This involves analyzing whether the protocol’s incentive structures unintentionally encourage adversarial behavior, such as manipulation through flash loans or oracle attacks. Investors examine capital efficiency, attack profitability, and whether defensive mechanisms meaningfully raise the cost of exploitation relative to potential rewards.
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Chainlink remains unshakable for now, as its CRE turns it into a Web3 orchestration layer. But rivals gain traction: NEST uses on-chain bilateral asset quotes and reverse verification, solving Chainlink’s indirect data validation flaw. It’s more anti-attack, catering to high-stakes financial scenarios Chainlink struggles with.
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Governments may frame CBDCs as the "official" and "safe" digital currency, attempting to co-opt the digital money narrative. This could force the crypto community to more aggressively and clearly articulate Bitcoin's unique value as apolitical, hard money. The contrast strengthens, rather than weakens, the "digital gold" thesis, carving out a clearer mental market category for BTC.
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