Blast (BLAST) Founder Pacman Says This Crypto Cycle Hasn't Had Any New Fundamental Innovation to Lead a New Wave of Adoption

founder Tieshun Roquerre, also known as Pacman, said this crypto cycle hasn't had any new fundamental innovation to lead a new wave of adoption.

Tieshun Roquerre, also known as Pacman, is the founder of crypto project Blast and NFT marketplace Blur. Here's what he had to say about the crypto market cycles and his upcoming project.

According to Pacman, this crypto cycle lacks any new fundamental innovation that could spearhead a fresh wave of adoption.

“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,” Pacman said during a virtual Q&A session at Monday's Foresight 2024 event in Hong Kong.

Pacman highlighted some of the industry-shifting changes in previous cycles, which include the launch of Uniswap, the invention of NFTs and initial coin offerings. He added that these “real cycles” usually lead to a fresh rotation of capital around major cryptocurrencies and new asset classes like NFTs.

For the struggling NFT market to find new adoption, someone would need to create a “twist” on existing NFTs, he said — similar to how NFTs put a twist on fungible tokens.

Meanwhile, Blur, which was launched by Pacman in 2022, is preparing for its “biggest project” in history. He said he would hold off on providing more details until the project is closer to launch date.

Ethereum Layer 2 network Blast, which launched in early access mode in November 2023, currently has a total value locked of $840.3 million, lower than its June 6 peak of $2.3 billion, according to DeFiLlama data. Blur’s TVL currently stands at $65.26 million. Following its June airdrop, Blast has faced criticism for not supporting its native projects, with its memecoin Pacmoon now set to leave Blast for the Solana blockchain.

The Block's Disclosures

As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures also invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.

Despite these relationships, The Block maintains complete editorial independence. Our team covers the crypto industry objectively, focusing on providing accurate, impactful, and timely news, analysis, and commentary.

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