对效用代币及借贷市场的一个观点

Although we believe that specifically-defined (Other Utility) cryptoassets will further penetrate larger markets (such as IT spend,gambling, and gaming), the high velocity of these applications combined with a lack of value-retaining construct will result in them either: 1) being not used and sinking in value, or 2) having high use, and in turn lower value as a result of the high velocity.

We believe an exception to this will be networks targeted at larger markets with lower velocity (such as the loan market), although early entrants have work to do in order to develop network structures to take advantage of this. In-line with the excitement in early stages of market trading, many “utility” cryptoassets reflect valuations that assume value will be captured at the application level. By breaking out not only the targeted market but also important variables in value capture, such as the velocity of the cryptoassets, our valuation metrics suggest most application-specific networks will ultimately hold very little value. For example, even with our conservative assumptions of only needing compute services 2x times per day, the actual value held in the asset will remain low if the frequency of use is high.As a result, the cryptoassets with exposure to the largest market opportunities with the lowest velocity will capture the most value.Not only do we believe Currency cryptoassets will have substantial exposure here, but also Privacy networks and to a lesser extent Platform networks.

来自：https://research.bloomberg.com/pub/res/d37g1Q1hEhBkiRCu_ruMdMsbc0A  by satis group