Backed projects have recently become popular again. In fact, it is very similar to the SNX project that was shut down in 2021, both of which are focused on synthetic asset trading. Back then, SNX was shut down due to policy issues, and now Backed is making a comeback, probably because there is some good news on the policy front.

In the long run, the track that such projects are on has been proven to be not very effective by the market. Just like during the previous DeFi craze, many people were able to raise a lot of money just with PPTs, but in the end, they all failed.

What Backed is doing now is almost identical to what SNX did back then. In fact, SNX back then could also trade U.S. stocks, precious metals, and foreign exchange, which made it very powerful. But now it seems that such projects are more like reheating leftovers, lacking any freshness.

➤ Recently, the entire cryptocurrency market has been very poor. For example, Binance has recently dealt with two projects, GPS and Shell. After these two projects were launched, prices plummeted, likely because the market makers ran off.

The popular projects in the market are mainly concentrated in the Meme and RWA tracks, but the hype is not high. For instance, projects on the SOL chain and GMN chain were previously very popular but have now cooled down. The overall market is very quiet, with no highlights.

With the market being so bad, it is not the time to bottom-fish or buy in. Everyone should stop thinking about making quick money; preserving the principal is the most important thing. Although some projects may look good, the overall track has already been disproven and lacks attractiveness.

First, preserve the principal, and talk about it when the market improves. 😌