the crypto casino and tech ark dichotomy
Crypto’s landscape is a tale of two distinct realms: the casino and the tech ark. The casino dwellers focus on perps, price cycles, and prevailing narratives. They are less concerned with the technical specifics, such as whether a rollup is in its initial stages or uses working validity proofs. In fact, some might not differentiate between a rollup and a smart contract with a 3/5 multi-sig.
In contrast, the people of the tech ark prioritize decentralization, user adoption and technological innovation. These are usually optimistic builders are committed to developing tools that facilitate global crypto adoption.
Most people/protocols/companies in the crypto world can be categorized as a blend of these two domains, with varying percentages (e.g., 80% casino and 20% tech ark, or vice versa).
This framework helps us dissect the recent controversy surrounding Blast, a future-to-be rollup in development. Announced with the objective of revolutionizing NFT trading markets, Blast swiftly attracted an astounding $230 million in its contract within 48 hours, with the promise of Blast points (i.e. classical yield farming). However, it turns out that this future rollup-to-be is currently just a 3/5 multi-signature smart contract. This annoyed tech enthusiasts, including the CEO of Arbitrum , who are diligently working to define and standardize rollups.
Bartek Kiepuszewski, founder of L2BEAT, which tracks rollup progress, also expressed frustration over Blast’s rollup claims.
Yet, the rapid capture of significant liquidity cannot be overlooked. So, who is truly right in this scenario? It depends on your perspective. In the framework of the casino and tech ark, Blast currently leans heavily towards the casino ethos (>90%). Its deviation from rollup standards and its ambition to become a perpetual marketplace for NFTs clearly align it with casino interests. This has incensed the tech rollups builders, as they view Blast’s approach as a deviation from the foundational principles of technological integrity and innovation. However, the allure of quick success and liquidity in the casino realm is undeniable.
Ultimately, the Blast saga underscores once again the difference between the casino and the tech ark.
As crypto builders, users and investors we choose where do we get to live. So, what will it be, the casino or the tech ark?