Tieshun Roquerre, known in the crypto world as Pacman and the founder of Blast, has shared insights into why the current cryptocurrency cycle diverges from previous ones. Speaking during a virtual Q&A session at the Foresight 2024 event in Hong Kong, Pacman noted that the current cycle lacks the fundamental innovation that has historically driven the sector forward.
A Cycle Driven by ETFs Rather Than Innovation
Pacman pointed out that unlike past cycles, which were marked by groundbreaking developments such as initial coin offerings (ICOs), the launch of Uniswap, and the advent of non-fungible tokens (NFTs), the current cycle has been predominantly influenced by exchange-traded funds (ETFs) and market pressure. “A lot of this cycle has been driven by ETFs, by pressure, so this cycle hasn’t really played out like [previous] cycles, because it hasn’t really been a real cycle in the sense of fundamental technology changes,” he explained.
He emphasized that past “real cycles” often resulted in a new rotation of capital towards major cryptocurrencies and emerging asset classes like NFTs. To revitalize the struggling NFT market, Pacman suggested that a novel twist on existing NFTs is needed—similar to how NFTs innovated beyond fungible tokens.
Blur’s Upcoming Project
Looking ahead, Pacman revealed that Blur, the NFT marketplace he launched in 2022, is gearing up for its “biggest project” yet. However, he declined to provide further details until the project is closer to its launch date.
Blast’s Current Status
Pacman also discussed the performance of Blast, the Ethereum Layer 2 network that debuted in early access mode in November 2023. According to DeFiLlama data, Blast currently has a total value locked (TVL) of $840.3 million, down from its peak of $2.3 billion on June 6. Blur’s TVL stands at $65.26 million. Following its June airdrop, Blur has faced criticism for not supporting its native projects adequately, including the upcoming transition of its memecoin Pacmoon to the Solana blockchain.
Pacman’s remarks highlight a critical evaluation of the current crypto landscape and underscore the need for new innovations to drive the sector forward.
