After a brutal October sell-off, crypto just staged one of its most dramatic comebacks yet. Here's what the market's resilience signals for what comes next.
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The crypto market just pulled off one of its boldest recoveries in recent memory. What began as a violent sell-off on October 10 has given way to a surprisingly strong rebound. In this piece, we’ll dig into “The Great Recovery” of the crypto market, how Bitcoin’s resilience particularly stands out in this comeback, and what to expect next…
The Crash That Shook It All
On October 10, markets were rattled across the board. Bitcoin fell from around $122,000 down to near $109,000 in a matter of hours. Ethereum dropped into the $3,600 to $3,700 range. The sudden collapse triggered massive liquidations, nearly $19 billion across assets, with $16.7B in long positions wiped out.
That kind of forced selling, often magnified by leverage and thin liquidity, created a sharp vacuum. Some call it a “flash crash”; an overreaction to geopolitical news, margin stress, and cascading liquidations.
What’s remarkable, however, is how quickly the market recovered.
The Great Recovery: Scope and Speed
Within days, many major cryptocurrencies recouped large parts of their losses. Bitcoin climbed back above $115,000, and Ethereum surged more than 8%, reclaiming the $4,100 level and beyond. Altcoins like Cardano and Dogecoin led some of the strongest rebounds.
One narrative gaining traction is that this crash was not a structural breakdown but a “relief rally”, a market reset after overleveraged participants were squeezed out of positions. Analysts highlight that sell pressure has eased, sentiment is stabilizing, and capital is re-entering the market, all signs that the broader uptrend may still be intact.
“What we just saw was a massive emotional reset,” Head of Partnerships at Arctic Digital Justin d’Anethan said.
“I would have another, more positive take: seeing 10B worth of liquidation happen in a flash and pushing BTC prices down 15%+ in less than 24hrs to then see BTC recoup 10% to 110K is a testament to how far we've come and how massive and important BTC has become,” he posted on 𝕏.
Moreover, an important datapoint stands out. Exchange inflows to BTC have shrunk, signaling that fewer holders are moving coins to exchanges for sale. This signals that fewer investors are transferring their Bitcoin from personal wallets to exchanges, which is a common precursor to selling. In layman terms, coins are being held rather than prepared for trade.
Bitcoin’s Backbone: Resilience Under Pressure
Bitcoin’s ability to rebound after extreme volatility has long been one of its defining traits. Friday’s drop admittedly sent shockwaves through the market, triggering billions in liquidations and exposing the fragility of leveraged trading.
Yet, as history has shown, such sharp pullbacks are far from new for the world’s largest cryptocurrency. In its short history, Bitcoin has endured dozens of drawdowns exceeding 10% in a single day (from the infamous “COVID crash” of 2020 to the FTX collapse in 2022) only to recover and set new highs months later.
This latest event, while painful, highlights a maturing market structure. Since the approval of spot Bitcoin ETFs in early 2024, institutional involvement has deepened, creating greater liquidity buffers and stronger institutional confidence. Even as billions in leveraged positions were wiped out, Bitcoin has held firm around the $110,000 zone, a level that has since acted as psychological support.
What to Watch Next
The key question now is whether this rebound marks a short-term relief rally or the start of a renewed uptrend. Analysts are closely watching derivatives funding rates, on-chain flows, and ETF inflows for clues. A sustained increase in ETF demand could provide a steady bid under the market, offsetting the effects of future liquidation cascades. Meanwhile, Bitcoin’s ability to hold above $110,000 (an area of heavy trading volume) may serve as confirmation that investor confidence remains intact.
As the market digests the events of October 10, one lesson stands out. Bitcoin’s recovery isn’t just a matter of luck, it’s a reflection of underlying market structure that can absorb shocks. It is built on a growing base of long-term holders, institutional adoption, and a financial system increasingly intertwined with digital assets. Corrections, however dramatic, are not signs of weakness; they are reminders of a maturing market that is striding towards equilibrium.
Bottom Line
The crash on October 10 was brutal, there’s no denying that. It was one of the deepest and fastest in recent memory. But the recovery has been equally sharp. Rather than exposing faults, the rebound has underscored the market’s adaptability and Bitcoin’s central role.
The market consensus is seemingly leaning towards a reset; not a reversal. The shakeout purged excess leverage, and the comeback underlined demand. If Bitcoin can maintain that strength, and the broader market keeps its footing in the coming days, this could mark a turning point rather than a cave-in.
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Harvest Finance is a decentralised yield farming protocol that automates the process of earning maximum returns on crypto investments. Launched in 2020 on the Ethereum blockchain, it functions as a yield aggregator that automatically moves users' funds between different DeFi protocols to capture the highest available yields. It now operates on additional blockchains such as Binance Smart Chain and Polygon.
The platform was designed to solve one of the biggest challenges in DeFi yield farming: the time and expertise needed to constantly monitor and switch between different protocols to maximise returns. Instead of users having to do this manually, Harvest Finance does it automatically, making yield farming accessible to everyone.
TLDR
Automated yield farming: Harvest Finance is a DeFi protocol that automatically farms the highest yields available from various DeFi protocols and pools, optimising returns using advanced farming techniques.
Yield aggregator: Harvest Finance serves as a yield aggregator where assets are deposited into strategic vaults to maximise their yield.
Vault system: Users deposit their crypto assets into specialised vaults, receiving fTokens in return that represent their share of the vault and accumulated rewards.
Native token (FARM): FARM is the governance token that allows holders to vote on protocol parameters and share in farming revenue. FARM token holders can vote on proposals for the operational treasury and may receive a fee from Harvest operations
What is Harvest Finance (FARM)?
Harvest Finance simplifies the complex world of yield farming by creating an automated system that does the hard work for users. When you deposit your crypto into a Harvest vault, the protocol automatically deploys your funds to various DeFi platforms that offer the best returns at any given time.
Think of it like having a professional fund manager for your crypto, but instead of a human making decisions, smart contracts automatically move your money to wherever it can earn the most. The protocol automatically farms the highest yield by moving funds between farming pools on your behalf, eliminating the need for users to constantly research and switch between different platforms.
The platform supports various types of assets including stablecoins, popular cryptocurrencies, and liquidity pool tokens. When you deposit assets, you receive fTokens (like fUSDC for USDC deposits) that represent your share of the vault and track your earnings over time.
Harvest Finance's goal is to make yield farming more accessible by automating the process and optimising the potential returns using the latest farming techniques, bringing sophisticated DeFi strategies to everyday users.
Who created Harvest Finance?
The founders of Harvest Finance remain anonymous, which was common for many DeFi projects launched in 2020. The team is completely anonymous, though the project succeeded in attracting a relatively sizable community and has been involved in the community by doling out grants.
Despite the anonymous nature of the founding team, Harvest Finance has built a strong reputation in the DeFi community through its transparent operations and community involvement. The token was distributed via fair launch with no token sales to investors, demonstrating the team's commitment to decentralised principles.
The project launched during the height of the 2020 DeFi summer when yield farming became extremely popular, and the anonymous team capitalised on the growing demand for automated yield optimisation tools.
How does Harvest Finance work?
Vault Strategy System
The platform operates through a system of specialised vaults, each designed for different types of assets and risk profiles. When you deposit crypto into a vault, you receive fTokens that represent your share of that vault's total holdings.
The magic happens behind the scenes, where the protocol's strategies automatically deploy your funds to various DeFi protocols like Compound, Curve, Uniswap, and others based on where they can earn the highest yields. The system constantly monitors yield opportunities and automatically rebalances to maximise returns.
Automated Yield Optimisation
Harvest Finance's protocol design automatically farms the highest available yields and distributes the profits to users in the pool. This means users don't need to understand the complexities of different DeFi protocols or spend time managing their positions.
The protocol uses sophisticated algorithms to determine the best allocation of funds across different yield farming opportunities, taking into account factors like APY rates, smart contract risks, and gas costs for rebalancing.
Profit Sharing Model
When the automated strategies generate profits, these are shared among all users in the vault proportional to their deposits. A portion of the profits is also distributed to FARM token holders who stake their tokens in profit-sharing pools, creating an additional incentive layer for the community.
What is FARM?
FARM serves as the governance and profit-sharing token of the Harvest Finance ecosystem:
- Governance Rights: Holders can vote on protocol parameters and propose or veto the introduction of new Vaults, giving the community control over the platform's direction.
- Profit Sharing: FARM, when deposited in Profit Sharing pools, becomes a means of participating in farming revenue, allowing token holders to earn a share of the protocol's success.
- Protocol Incentives: Harvest at launch required a native crypto so as to be able to incentivise yield farmers, and allow Harvest to stake other platforms and collect rewards in return.
- Community Participation: The token creates alignment between users and the protocol's long-term success, as both benefit from higher yields and more efficient farming strategies.
FARM operates as an ERC-20 token on Ethereum, making it compatible with the broader DeFi ecosystem and easily tradeable on decentralised exchanges. While FARM is originally an ERC-20 token, it also exists on other blockchain platforms such as Polygon and Binance Smart Chain, expanding to multiple blockchains to offer yield farming opportunities across different ecosystems
How can I buy and sell FARM?
For those looking to participate in automated yield farming, FARM tokens are readily available through the Tap app. You can purchase, sell, and store FARM tokens securely while managing them alongside your broader crypto portfolio.
Numeraire is a groundbreaking crypto project that powers the world's first AI-driven, crowd-sourced hedge fund. Founded by South African technologist Richard Craib in October 2015, Numerai represents a revolutionary approach to financial markets where thousands of data scientists compete to build the best machine learning models for stock market predictions.
This is reportedly the first crypto to be created and released by a hedge fund, making it a unique player in both the crypto and traditional finance spaces. The platform has gained significant attention for its innovative approach to combining artificial intelligence, blockchain technology, and collective intelligence to create investment strategies.
TLDR
AI-powered hedge fund: Numeraire (NMR) is an Ethereum token that powers Numerai, a hedge fund based in San Francisco that uses artificial intelligence for decision-making and trades without human emotion.
Data science tournament: Numerai hosts the world's hardest data science tournament, rewarding participants with NMR tokens for creating models that enhance the fund's investment returns, with over $200,000 paid out every month.
Crowd-sourced predictions: Participants use Numerai's encrypted data to create machine learning models and submit predictions for evaluation, with successful models earning NMR rewards.
Staking mechanism: Users must hold NMR to participate in Numeraire features, stake NMR on outcomes, and conduct payments within the ecosystem.
What is Numeraire (NMR)?
Numeraire creates a unique ecosystem where data science meets finance through blockchain technology. Instead of relying on traditional investment analysts, Numerai crowdsources its investment decisions by running continuous tournaments where data scientists from around the world compete to build the best prediction models.
Here's how it works: Numerai provides encrypted financial data to participants, who then use machine learning and artificial intelligence to create models that predict stock market movements. The best-performing models are used to guide the hedge fund's actual trading decisions, and their creators are rewarded with NMR tokens.
What makes this approach special is that it combines the collective intelligence of thousands of data scientists with the transparency and incentive structure of blockchain technology. This creates a hedge fund that is theoretically more robust and less prone to the biases and emotional decisions that can affect traditional fund managers.
The platform has attracted some of the world's brightest data scientists, who compete not just for financial rewards but also for the intellectual challenge of building models that can consistently outperform financial markets.
Who created Numeraire?
Numeraire was founded by Richard Craib, a South African technologist who established the company in October 2015. Craib attended the University of Cape Town in 2007, where he studied Mathematics and Economics, later transferring to the University of California, Berkeley as an exchange student.
Before founding Numerai, Richard gained experience in global equity markets and worked at Prudential (M&G). His background in both mathematics and finance gave him the unique perspective needed to envision how machine learning could revolutionise hedge fund management.
Based in San Francisco, Craib has built Numerai into what he describes as "a new kind of hedge fund built by a network of data scientists". His vision was to create a hedge fund that could harness the collective intelligence of data scientists worldwide while using blockchain technology to create proper incentives and transparency.
How does Numeraire work?
The Tournament System
The heart of Numeraire is its ongoing data science tournament. Every week, Numerai releases new encrypted financial data to participants. This data includes information about thousands of stocks, but it's anonymised and encrypted so that participants can't identify specific companies or engage in insider trading.
Data scientists download this data and use it to train machine learning models that predict which stocks will outperform others. They then submit their predictions, and Numerai evaluates how accurate these predictions were against actual market outcomes.
Staking and Rewards
To participate meaningfully in the tournament, data scientists must stake NMR tokens on their predictions. This creates "skin in the game" - if their models perform well, they earn more NMR tokens. If their models perform poorly, they lose some of their staked tokens.
This staking mechanism ensures that participants are incentivised to submit their best models rather than random predictions. It also creates a self-regulating system where the most successful data scientists accumulate more tokens and thus have more influence on the fund's decisions.
Model Aggregation
Numerai doesn't just use one winning model. Instead, it combines the predictions from many high-performing models to create a "meta-model" that guides the hedge fund's actual trading decisions. This ensemble approach is typically more robust than relying on any single prediction model.
What Is NMR?
NMR is the native token of the Numerai ecosystem. It also facilitates:
- Tournament Participation: Data scientists must stake NMR tokens to participate in the prediction tournaments and earn rewards for successful models.
- Incentive Alignment: The staking mechanism ensures that participants are motivated to submit their best work, as poor performance results in token loss.
- Governance Rights: NMR holders can participate in decisions about the platform's future development and rule changes.
- Value Accrual: As the hedge fund grows and more data scientists participate, the demand for NMR tokens increases, potentially driving up their value.
- Reward Distribution: Numerai pays out over $200,000 every month to successful participants, making NMR a direct way to earn from machine learning expertise.
The token operates on Ethereum as an ERC-20 token, making it easily tradable and compatible with the broader DeFi ecosystem.
How can I buy and sell NMR?
NMR tokens can be easily bought and managed through the Tap app, which provides a simple interface for buying, selling, and securely storing NMR along with your other crypto holdings.
It's worth noting that NMR's performance is directly linked to Numerai's hedge fund success and the expansion of its global data science network.
Livepeer is a decentralised video streaming network that aims to make video content more accessible and affordable for everyone. Launched in 2017, it was the first fully decentralised live video streaming network protocol, offering an alternative to traditional centralised streaming services like YouTube and Twitch.
The platform works by connecting video creators who need their content processed with computer operators who provide the computing power. This peer-to-peer approach can reduce streaming costs by up to 50-90% compared to traditional cloud providers while maintaining high quality and reliability.
TLDR
Decentralised video infrastructure: Livepeer is a decentralised network for limitless video computing, enabling AI processing and transcoding jobs to power the future of video.
Cost-effective streaming: Designed to make streaming more reliable while reducing costs, Livepeer acts as a decentralised marketplace for developers building applications that integrate live video and transcoding providers.
Ethereum-based protocol: Built on Ethereum, it aims to provide a blockchain-based alternative to centralised streaming services, giving developers freedom to innovate and creators independence from big platforms.
Native token (LPT): The Livepeer Token (LPT) is the protocol token of the Livepeer network, used for staking and network governance rather than direct payments.
What is Livepeer (LPT)?
Livepeer creates a global network where anyone can contribute computing power to help process video content. When someone wants to stream a video, instead of using expensive centralised servers, the content gets distributed across this network of independent computers.
The magic happens through video transcoding: the process of converting video files into different formats and quality levels so they can be watched on different devices and internet speeds. Traditional streaming services handle this with massive, expensive data centres. Livepeer does it through thousands of smaller computers around the world.
This approach benefits everyone involved. Content creators get cheaper streaming costs, computer operators earn money for contributing their resources, and viewers get the same high-quality experience they expect from streaming platforms.
The network is particularly valuable for developers building video applications, as they can tap into Livepeer's infrastructure without setting up their own expensive video processing systems.
Who created Livepeer?
Livepeer was founded in 2017 by Doug Petkanics and Eric Tang, both entrepreneurial software engineers who had been long-time collaborators before starting the project.
Doug Petkanics serves as CEO and brings over 10 years of experience as an entrepreneur and software developer. Before Livepeer, he was a co-founder and VP of Engineering at Wildcard and attended the University of Pennsylvania.
Eric Tang, who serves as CTO, co-founded Livepeer to utilise blockchain technology to reduce costs and increase efficiency in video streaming. The platform has grown significantly under their leadership, now featuring more than 70,000 GPUs that encode videos for large platforms.
The founding team recognised that video streaming was becoming increasingly expensive and centralised, with a few big companies controlling most of the infrastructure. They set out to democratise video streaming by creating a decentralised alternative that could compete on both cost and performance.
How does Livepeer work?
Video transcoding network
The core of Livepeer is its video transcoding network. When someone uploads a video, it needs to be converted into multiple formats and quality levels (like 1080p, 720p, 480p) so it can be watched on different devices and internet connections.
Instead of using one large data centre, Livepeer distributes this work across thousands of computers worldwide. These computers, called "orchestrators," compete to provide the best service at the lowest cost.
Staking and network security
Computer operators who want to join the network must stake LPT tokens as a form of security deposit. This ensures they'll do good work; if they provide poor service or try to cheat, they can lose their staked tokens.
Users can also "delegate" their LPT tokens to trusted orchestrators, earning a share of the rewards while helping secure the network without running their own hardware.
Economic incentives
The network creates a marketplace where video processing jobs go to the orchestrators offering the best combination of price, quality, and reliability. This competition naturally drives down costs while maintaining high standards.
Payments for video processing are typically made in ETH or other cryptocurrencies, while LPT tokens are used for staking and governance rather than direct transactions.
What Is LPT?
LPT is a staking token in the Livepeer Network that helps reduce costs for video broadcasters. Unlike many crypto tokens, LPT isn't primarily used for payments, it also provides:
- Network security: Orchestrators must stake LPT tokens to participate in the network, ensuring they provide reliable service.
- Governance rights: LPT holders can vote on important network decisions and protocol upgrades.
- Delegation rewards: Token holders can delegate their LPT to orchestrators and earn a portion of the fees those orchestrators collect.
- Work token: LPT represents the right to perform work on the network and earn fees from video processing jobs.
The token follows an inflationary model where new LPT is created to reward network participants, but this inflation is balanced by the value created through network usage and growth.
How can I buy and sell LPT?
If you're interested in exploring LPT, you can do so easily through the Tap app. The app supports buying, selling, trading, and storing LPT tokens, allowing verified users to manage LPT alongside other digital assets.
When considering LPT investment, it's important to understand that the token's value is closely tied to the network's adoption and usage. As more developers and content creators use Livepeer's infrastructure, the demand for LPT staking and the overall network value should increase accordingly.
Polkastarter represents one of the leading decentralised launchpad platforms in the blockchain ecosystem, focused on empowering early-stage crypto projects to raise funds and launch tokens. First launched in December 2020, it has established itself as a prominent player in the Initial DEX Offering (IDO) space, providing a secure and efficient environment for project launches.
The platform has facilitated the launch of over 100 projects, demonstrating its significant impact on the crypto funding landscape. Polkastarter also features a dedicated marketing team, including video production and design, providing support beyond just the technical infrastructure.
TLDR
Multi-chain launchpad: Polkastarter is a decentralised platform that enables crypto projects to conduct token sales and fundraising campaigns across multiple blockchain networks.
Fixed-price swaps: The platform's main offering is its fixed-swap smart contract, which allows projects to easily launch liquidity pools that execute orders at a fixed price, rather than using traditional AMM models.
Cross-chain support: Polkastarter currently supports Ethereum, BNB Chain, Polygon, Celo, and Avalanche, providing flexibility for projects across different ecosystems.
Native token (POLS): POLS serves as the platform's utility token, providing access to IDO participation, governance rights, and various platform benefits.
What is Polkastarter (POLS)?
Polkastarter is a decentralised launchpad platform designed to democratise access to early-stage crypto investments through Initial DEX Offerings (IDOs). The platform serves as a bridge between innovative blockchain projects seeking funding and investors looking for early access to promising tokens.
The platform's core innovation lies in its fixed-swap mechanism, which provides predictable pricing for token sales rather than the variable pricing models used by automated market makers. This approach offers greater transparency and certainty for both projects and investors during token launch events.
Beyond the launchpad functionality, Polkastarter runs an internal incubation and advisory program, bringing together experience and lessons learned from 100+ project launches to nurture and grow Web3 projects, helping to ensure that projects launched on the platform receive proper guidance and support.
The platform takes security seriously by carefully reviewing each project before allowing it to launch. This screening process helps ensure that only legitimate, high-quality projects reach investors, protecting users from scams and poorly developed tokens.
Who created Polkastarter?
Polkastarter was founded in 2020 by Daniel Stockhaus, Tiago Martins, and Miguel Leite. The founding team brought together diverse expertise in business development, technology, and product management to address the growing need for reliable fundraising infrastructure in the decentralised finance space.
Daniel Stockhaus serves as CEO and Co-founder, leading the platform's strategic direction and business development efforts. Under his leadership, the platform has grown from a startup concept to one of the most recognised launchpad platforms in the crypto industry.
The founding team recognised the challenges faced by early-stage crypto projects in accessing capital and the difficulties investors encountered in finding legitimate investment opportunities. Their solution was to create a platform that could serve both sides of this equation while maintaining high standards for security and project quality.
How does Polkastarter work?
Launchpad mechanism
To participate in token launches, users need to hold POLS tokens, with different amounts unlocking various access levels. The more POLS you hold, the better your chances of getting into popular launches and the more you can invest.
Projects set fixed prices for their tokens rather than using changing market prices. This means investors know exactly what they're paying and how many tokens they'll get before they invest.
Multi-chain infrastructure
Polkastarter works across several different blockchains, so projects can pick the one that best fits their needs. Some chains have lower fees, others are faster, and some have different user communities.
Project curation and support
As mentioned above, before any project can launch on Polkastarter, it goes through a thorough review process. The team checks the technology, verifies who's behind the project, and evaluates whether the business makes sense.
Projects also get help with marketing, strategy advice, and technical support to give them the best chance of success both during their launch and afterwards.
What Is POLS?
POLS is the native utility token of the Polkastarter ecosystem, serving a range of functions within the ecosystem:
- Tier access: Users must hold and stake POLS tokens to access different participation tiers in IDO launches, with higher holdings providing better benefits and guaranteed allocations.
- Governance rights: POLS holders can participate in platform governance decisions, voting on proposals that affect the platform's future development and policies.
- Staking rewards: Token holders can stake their POLS to earn rewards while maintaining their tier status for IDO participation.
- Platform fees: POLS can be used to pay for various platform services and may provide discounts on transaction fees.
How can I buy and sell POLS?
POLS tokens are available on Tap, allowing verified users to easily buy, sell, and trade the token. Before investing in POLS, we encourage you to consider how useful the token is on the Polkastarter platform and how much the launchpad space is growing. The token’s value depends largely on the platform’s success and how widely IDO fundraising is adopted.
Anyone who’s been here long enough can tell you that the crypto space has long been dominated by headlines about dramatic price swings, viral meme coins, and speculative trading frenzies. While these stories grab public attention, they overshadow a far more significant development: the steady construction of digital infrastructure that's quietly reshaping how we think about money, ownership, and global coordination.
This infrastructure (comprising protocols, networks, and platforms) represents the foundational layer upon which the future digital economy will be built. Understanding its importance requires looking beyond the noise of market speculation to examine the technological bedrock that makes decentralised applications, global finance, and new forms of digital cooperation possible.
Some will argue that the journey from surface-level crypto awareness to deep appreciation of its infrastructure parallels the early internet's evolution. Just as few people in the 1990s understood TCP/IP protocols while browsing the web, today's crypto users often interact with sophisticated infrastructure without recognising its complexity or potential. So, let’s go there.
Understanding crypto infrastructure
Crypto infrastructure encompasses the foundational systems that enable decentralised networks to function. At its core, this includes Layer 1 blockchains like Bitcoin and Ethereum, which serve as base settlement layers. Layer 2 solutions build on top of these foundations, provide faster transactions and reduced costs while still maintaining the security of the underlying chain.
Stay with me; beyond the blockchain layers themselves, crypto infrastructure encompasses decentralised storage networks, oracle systems that connect blockchains to real-world data, cross-chain bridges, and smart contract platforms that enable programmable money and automated agreements.
Here, the comparison to internet infrastructure development resurfaces. Just as the internet required foundational protocols like TCP/IP for data transmission and HTTP for web browsing, crypto requires its own stack of interoperable protocols. Ethereum's introduction of smart contracts in 2015 paralleled the web's evolution from static pages to dynamic applications, enabling what we now call Web3.
This infrastructure exhibits composability, allowing different protocols and applications to interact seamlessly, thereby creating network effects where each new component enhances the utility of existing ones.
For example, a decentralised exchange can integrate with a lending protocol, which connects to an insurance platform, all running on shared infrastructure and speaking the same digital language.
The role of infrastructure in real-world use cases
Let's take a look at perhaps the most mature application of crypto infrastructure: Decentralised finance (DeFi). Platforms like Uniswap have processed hundreds of billions in trading volume without traditional intermediaries, while lending protocols enable global credit markets operating 24/7 without geographic restrictions. Let the record state that these are not theoretical experiments: they're functioning financial systems serving millions of users.
Non-fungible tokens (NFTs), despite their heavy association with speculative art markets, demonstrate infrastructure capabilities for digital ownership and provenance. The underlying technology enables everything from supply chain tracking to digital identity verification, with applications extending far beyond collectables.
Looking at another example, Decentralised Autonomous Organisations (DAOs) showcase how crypto infrastructure can enable new forms of governance and coordination. Organisations like MakerDAO govern multi-billion-dollar protocols through token-based voting, while smaller DAOs coordinate everything from research funding to community management without traditional corporate structures.
Global remittances showcase the infrastructure's practical impact. Traditional international transfers often take days and attract significant fees, especially for users in developing nations. However, crypto infrastructure enables near-instant, low-cost transfers that bypass legacy banking systems, providing financial inclusion for underserved populations.
Looking further, storage networks like Filecoin and IPFS show us how crypto principles apply beyond finance. These systems create decentralised alternatives to centralised cloud storage, with cryptoeconomic incentives ensuring data persistence and availability without relying on corporate guarantees.
Finally (for now), oracle networks like Chainlink bridge the gap between blockchain systems and external data, enabling smart contracts to respond to real-world events. This infrastructure component is essential for applications ranging from crop insurance to prediction markets.
Why infrastructure trumps hype
Unfortunately, hype cycles are inevitable in emerging technologies. Let’s look at the internet again, which experienced multiple boom-bust cycles, from the dot-com bubble to social media speculation, yet the underlying infrastructure continued evolving throughout these times.
Crypto follows a similar pattern: speculative excess grabs headlines, but fundamental infrastructure development goes on regardless of market sentiment.
→ Layer 1 blockchain innovation continues advancing despite price volatility.
→ Ethereum's transition to proof-of-stake reduced energy consumption by over 99% while maintaining security.
→ New consensus mechanisms and scaling solutions emerge regularly, addressing earlier limitations through technological iteration rather than marketing promises.
Take Layer 2 scaling solutions for instance, these have matured significantly, with platforms like Arbitrum and Polygon processing thousands of transactions per second at fraction-of-a-penny costs without making front page news. These developments solve practical problems that enable broader adoption, creating value through utility rather than speculation.
Infrastructure ensures long-term utility by focusing on fundamental capabilities rather than short-term price appreciation. A robust smart contract platform retains value whether tokens cost $10 or $10,000, because its utility derives from enabling new applications and business models, not from speculative trading.
Public blockchains: root access for everyone
Now, for public blockchains. These provide something unprecedented in digital systems: root access for ordinary users. In traditional computing, root access gives complete control over a system, typically reserved for administrators. Public blockchains extend analogous privileges to anyone with an internet connection, enabling direct interaction with global financial infrastructure without permission from intermediaries.
This represents a fundamental shift in digital sovereignty. Users can hold assets, execute contracts, and participate in governance without relying on banks, corporations, or governments to maintain accounts or process transactions. The infrastructure operates according to transparent rules encoded in software rather than opaque policies subject to change.
Shared governance emerges naturally from this design, as protocol changes require community consensus, enabling systems to evolve through democratic participation rather than top-down corporate decision-making. Now, token holders can vote on upgrades, fee structures, and resource allocation, participating in economic governance at a scale previously impossible.
On top of this, interoperability benefits from shared standards and open protocols. This allows applications built on public infrastructure to integrate seamlessly, creating network effects that strengthen the entire ecosystem. Or a wallet application that works across multiple platforms, a lending protocol that can source liquidity from various exchanges, and identity systems that can port credentials between services.
This also means that censorship resistance can become a practical reality rather than a theoretical ideal. Transactions can now execute according to protocol rules rather than institutional policies, providing financial access to users regardless of political status, geographic location, or social standing. This infrastructure has proven particularly valuable for individuals in countries with capital controls or political instability.
Limitations and criticisms
We cannot celebrate the highs without addressing the lows. Firstly, scalability remains a significant challenge for blockchain infrastructure. Bitcoin processes roughly seven transactions per second, while Ethereum handles about fifteen, far below Visa's theoretical capacity of 65,000 transactions per second.
Of course, this comparison oversimplifies the trade-offs involved, as Layer 2 solutions and alternative consensus mechanisms continue improving throughput while maintaining decentralisation and security properties.
Another media-preferred limitation is energy consumption, particularly for proof-of-work systems like Bitcoin. What the media don’t reveal is that the narrative of excessive energy use often ignores several factors: Bitcoin mining increasingly uses renewable energy sources, proof-of-stake systems like Ethereum consume negligible energy, and the current financial system's energy footprint includes bank branches, data centers, and cash transportation networks rarely counted in comparisons.
Looking at governance, challenges can arise from the tension between decentralisation and coordination. Protocol forks like Bitcoin Cash and Ethereum Classic demonstrate how communities sometimes split over technical or philosophical disagreements. While these events can be disruptive, they also illustrate the system's ability to accommodate different visions rather than forcing consensus.
The Bank for International Settlements (BIS) has raised concerns about trust, scalability, and institutional integration in crypto systems. Their perspective highlights important considerations: public blockchains require users to trust cryptography and consensus mechanisms rather than institutional guarantees, scalability improvements often involve trade-offs in decentralisation, and integration with existing financial infrastructure remains complex.
However, many criticisms reflect misunderstandings about ongoing development. "Crypto is too slow" ignores Layer 2 innovations that achieve traditional payment system speeds while maintaining blockchain security guarantees. "Bitcoin uses too much energy" doesn't account for proof-of-stake alternatives or renewable energy adoption in mining operations.
Enter a new paradigm: the crypto economy
The crypto economy fundamentally shifts how digital systems create value. Traditional platforms extract wealth through data collection while users provide free content and attention. Crypto infrastructure flips this model: users own platform stakes, earn tokens for contributions, and participate in governance decisions.
This infrastructure operates without geographic boundaries. A Nigerian developer receives payment from a Swedish client through the same system enabling a Singapore DAO to fund global research. Smart contracts automate complex relationships: insurance pays out based on weather data, funds rebalance algorithmically, and revenue is distributed to thousands of contributors simultaneously.
The notion that "crypto will eat the digital economy" reflects the infrastructure's potential to reorganise systems around user ownership rather than platform extraction. This is proven by the fast rate at which decentralised alternatives are appearing, institutional blockchain adoption, and government exploration of digital currencies built on similar technologies.
Concluding thoughts
While speculation captures headlines, crypto infrastructure represents a quiet revolution in digital coordination and value transfer. Like the internet's lasting value came from enabling new applications rather than domain name speculation, crypto's impact will stem from infrastructure capabilities, not token prices.
This new infrastructure reshapes how we think about ownership, governance, and economic coordination in digital systems. It provides early examples of how future digital economies might grant users greater control and participation in the systems they use.
As this infrastructure matures, its influence will extend into areas we're only beginning to imagine. The quiet revolution of crypto infrastructure may ultimately prove more transformative than any speculative bubble, creating lasting change in how societies coordinate and create value in an increasingly digital world.
Welcome to Tap’s weekly crypto market recap.
Here are the biggest stories from last week (8 - 14 July).
💥 Bitcoin breaks new ATH
Bitcoin officially hit above $122,000 marking its first record since May and pushing total 2025 gains to around +20% YTD. The rally was driven by heavy inflows into U.S. spot ETFs, over $218m into BTC and $211m into ETH in a single day, while nearly all top 100 coins turned green.
📌 Trump Media files for “Crypto Blue‑Chip ETF”
Trump Media & Technology Group has submitted an S‑1 to the SEC for a new “Crypto Blue Chip ETF” focused primarily on BTC (70%), ETH (15%), SOL (8%), XRP (5%), and CRO (2%), marking its third crypto ETF push this year.
A major political/media player launching a multi-asset crypto fund signals growing mainstream and institutional acceptance, and sparks fresh conflict-of-interest questions. We’ll keep you updated.
🌍 Pakistan launches CBDC pilot & virtual‑asset regulation
The State Bank of Pakistan has initiated a pilot for a central bank digital currency and is finalising virtual-asset laws, with Binance CEO CZ advising government efforts. With inflation at just 3.2% and rising foreign reserves (~$14.5b), Pakistan is embracing fintech ahead of emerging-market peers like India.
🛫 Emirates Airline to accept crypto payments
Dubai’s Emirates signed a preliminary partnership with Crypto.com to enable crypto payments starting in 2026, deepening the Gulf’s commitment to crypto-friendly infrastructure.
*Not to take away from the adoption excitement, but you can book Emirates flights with your Tap card, using whichever crypto you like.
🏛️ U.S. declares next week “Crypto Week”
House Republicans have designated 14-18 July as “Crypto Week,” aiming for votes on GENIUS (stablecoin oversight), CLARITY (jurisdiction clarity), and Anti‑CBDC bills. The idea is that these bills could reshape how U.S. defines crypto regulation and limit federal CBDC initiatives under Trump-aligned priorities.
Stay tuned for next week’s instalment, delivered on Monday mornings.