I dont see a Gemini bankruptcy in the works. They've seperated their loan program via Genesis. When Genesis goes insolvent, Gemini will remain. If I have to guess, they have/will lose the bulk of their customers due to Genesis implosion. I could easily see them racing to the bottom with fees in order to woo back or entice new customers.
Context por favor.
Re: Solana...
of all the alts, this one could make it, as there will be a need for an alternative to ETH. The reality is (this goes for ETH too) is that there still is no true viable use case for smart contracts/ web 3.0. I was once super bullish on web 3 / blockchain / smart contracts, etc. I just dont think anyone has truly laid out a definitive use case over why this is beneficial over existing networks. Both ETH/Sol are heavily centralized via multi-sig.
We're still super early in the use case for these chains, but there still has not been a super definitive web 3 use case. Some of the ones I was high on.
AXS - The OG play to earn game. At one point, people were making a living playing this game. But then the game got slow and buggy, and the cost to enter became too high, and most importantly, the game was fn terrible.
Filecoin- decentralized storage. Great idea, but low adoption
Helium - was supposed to be THE game changer. people were installing antennas, earning helium, use case was supposed to be huge. Big name corporate customers, except... there were no customers. Revenue was near zero. Usage was near zero. All the people running antennas are underwater relative to the electricity cost.
I do think ETH/Sol have some semblance of staying power / use cases, but they simply dont exist now. I think there's still downside to both.
This video made me chuckle
