Krypto

Whilst crypto mcap is near an ATH, the perp dex space (excluding hyperliquid) is still near its ATL. Here's the combined fully diluted market cap of $DYDX, $ARKM, $GMX, $AEVO, $VRTX, $PERP, $APEX and $SNX. $1.8 Billion, down from $15 Billion just over a year ago. There's one other than $HYPE bucking this trend. $GNS is up 14% whilst this group of tokens went down 66% since the $GNS burn (burning almost 5M tokens or 15% of supply) started. That's a 238% outperformance when you divide GNS by their market cap.

If you think $HYPE is worth 44 Billion dollars fully dilluted and see it as the Binance of decentralized perps, surely somewhere there must be a Coinbase or Kraken equivalent out there. But the 2nd in line only has $620M FDV and fading. Which one will become the challenger? The market is already showing you. This is the token performance of all the top competitors that were trading at the time $GNS started its burn 10 months ago. $DYDX: -49% $ARKM: -76% $GMX: -46% $WOO: -70% $AEVO: -73% $APEX:-80% $GNS: +7% It's a no brainer really. Burn it all.

There's no token as deflationary as $GNS. We burned 420,000 tokens in just 8 days. That's 1.3% of fully diluted supply. $HYPE doesn't come close. $JUP doesn't come close. $RLB doesn't come close. $CAKE doesn't come close. $GNS is the #1 hyperdeflationary asset in the world.

Alright, time for some good ole $GNS shilling. If you aren't aware. $GNS has moved towards a deflationary "burn" model almost three months ago. The results? 1,445,243 $GNS have been burn in just 90 days or 4.33% of the supply or 17.56% per year. Sounds a lot? Well, almost half of that was burnt in just the last 30 days. Yes, 702,302 $GNS was burnt in just a month. That's a rate of 26.2% per year. Sounds a lot? Well, almost 2/3rds of that was burnt in just the last 2 weeks. Yes, 441,303 $GNS was burnt in just 2 weeks. That's a rate of 35.6% per year. Sounds a lot? Well, 60% of that got burnt in just the last week. Yes, 260,856 $GNS was burnt in just one week. That's a rate of 42.3% per year. Sounds a lot? Well, one fifth of that got burnt today. Yes, 51,886 $GNS got burnt just today. And that is just in the first 13 hours of the day. That's a rate of 109.4% per year. We're on some weird timeline where the burn just keeps going exponentially upward and i'm just sitting here, waiting till everybody else figures out what's about to happen next. These extreme burn rates highlight a clear detachment between the price and the underlying fundamentals of the project. Thanks to enabling the burn, @gains_trade is finally taking advantage from this market irrationality by implementing a mass buyback the likes of which is unrivalled by any project, DeFi or TradFi. The rapid reduction in supply is causing a supply shock and it's already starting to show up (ever so slightly) in the charts. In the absence of any news or developments, market makers tend to throw perp dex coins from last cycle into the same pot and arbitrage out any divergence in the price action between the different tokens. You can see this when you look at the price chart below and see how $GNS' price action mirrored that of $GMX and $DYDX until basically last week. Now $GNS has always been undervalued compared to these other tokens in terms of actual revenues compared to the market cap. Diverting the revenue into buybacks that never can be sold back into the market instead of handing them out as dividends to investors is forcing market makers to re-rate $GNS at a higher multiple because keeping it tethered to the price action of its peers is simply becoming untenable in the face of the current supply shock. $GNS is finally diverging upward and this will make it the first token to print higher lows followed by higher highs which will then draw in momentum traders and elevate the token back towards its ATH. It was a very cold winter for $GNS holders, but it looks like from now on the burn will keep us warm. And to add fuel to the fire, the founder, Seb, turned bullish and started to purchase tokens (214k $GNS) on the open market. Are you fading the $GNS renaissance, anon? I would think twice.