Feed ExplorerThe recent AAVE incident has discouraged many believers in DeFi (although every such security event discourages some investors 😹). But this time, the theft happened right when Hong Kong was hosting a Web3 conference, which might have been intentional by the hackers??? And DeFi, as well as these L2 chains, are closely tied to ETH. Whether these L2s are truly DeFi is currently debatable. So, just as Uncle Yaren said, without a particularly strong narrative, it's difficult for ETH to reverse and surpass BTC. Therefore, based on this, BMNR's current performance is likely inferior to MSTR's.
I've also been researching MSTR recently, and the conclusion is that MSTR is a company with better fundamentals than BMNR, which is reflected in several aspects.
1. Leadership capability. Saylor's focus and deep understanding of BTC financing tools are stronger than Tom Lee's.
2. MSTR has a better and more diversified financing toolkit. This isn't achieved overnight; it requires product iteration and time to be validated before gaining recognition from institutional investors. BMNR is still very rudimentary.
3. In a downtrend cycle, BTC outperforms ETH, and capital flows to BTC first.
When will BMNR outperform MSTR? This depends on when the narrative of the ETH ecosystem can gain more consensus, and when ETH/BTC breaks out of the sideways trend and starts an uptrend, but this is somewhat difficult in a downtrend cycle.
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