Introduction

Former Vice President of Binance Xin Jiang argues that the next encryption market course is likely to be driven by decentralized applications on the current social Meme-based platforms and cryptocurrencies.

Infrastructure No Longer a Barrier

In a blog post published on September 4th, Xinjiang, who previously held the position of Vice President of Binance strategic investments and mergers and acquisitions argued that the cryptocurrency market no longer needs additional infrastructure improvements.

He believes that current infrastructure like Solana (SOL) and Ethereum (ETH) layer 2 blockchains and interoperability protocols like Cosmos (ATOM) and Polkadot (DOT) can sustain this industry at least until the end of the next market summit.

Creative Dapp Projects on Social Media

Instead, he called for more creative dapp projects to take advantage of existing large projects’ social media user base. For example, he cited Friends with Benefits (FWB), a token system built on top of Twitter, Unibots, and Telegram trading Android user, which saw rapid growth.

Decentralized Applications (DApps)

DApps are decentralized applications built on blockchain networks. Dapps aim to motivate users and community growth by integrating blockchain tokens and decentralized elements. FWB issues tokens to Twitter users to spend on exclusive content and services. Unibots use a native token to collect fees for their own encryption trading features.

Meme-Based Cryptocurrencies

Jiang also believes that cryptocurrencies built on memes will continue to drive crypto culture and community. Thanks to viral online momentum and meme currencies like Dogecoin (DOGE) and Shiba Inu (SHIB), they took off in the last crypto bull market. However, Jiang noticed that Meme Coins currently lack associated products and services.

Integration of Social Media Users

The former Binance CEO advised potential cryptocurrency miners to focus on integrating users from Twitter and Telegram at the launch of a sound token economy and benefit from their experiences in community-building. According to Jiang, proper token allocation and distribution mechanisms can help align stimuli and facilitate smooth growth.

An Ideal Investment Opportunity

Jiang said the market now presents an ideal investment opportunity, as venture capital has been rotated out of cryptographic infrastructure into other sectors. He remains optimistic about the long-term growth prospects for decentralized applications.