Tieshun Roquerre, widely recognized as Pacman, the visionary behind Blast, has articulated his perspective on why the current cryptocurrency cycle diverges markedly from its predecessors. According to Pacman, this cycle lacks the transformative technological breakthroughs that previously drove significant waves of adoption.

During a virtual Q&A session at the Foresight 2024 event in Hong Kong, Pacman elucidated that this cycle’s momentum has predominantly stemmed from Exchange-Traded Funds (ETFs) and market pressures, rather than genuine innovations. He asserted:

“This cycle has been predominantly influenced by ETFs and external pressures. Unlike prior cycles, it hasn’t been characterized by substantial technological advancements.”

Pacman highlighted that past cycles were marked by paradigm shifts such as the advent of Initial Coin Offerings (ICOs), the launch of Uniswap, and the conceptualization of Non-Fungible Tokens (NFTs). These transformative events typically initiate a new influx of capital, rejuvenating major cryptocurrencies and introducing novel asset classes, including NFTs.

To reinvigorate the languishing NFT sector, Pacman suggested that a novel approach or “twist” on existing NFT concepts would be essential—much like how NFTs themselves revolutionized the domain of fungible tokens.

Read more: DraftKings Halts NFT Ventures Amid Legal Turmoil

Blur’s Strategic Evolution and Future Prospects

Turning to his own venture, Pacman disclosed that Blur, the NFT marketplace he founded in 2022, is gearing up for its most ambitious project to date. Although specifics remain under wraps until the project nears its official unveiling, Pacman hinted at substantial developments on the horizon.

In addition to this, the Ethereum Layer 2 network, Blast, which commenced early access in November 2023, currently boasts a total value locked (TVL) of $840.3 million. This figure is a significant decline from its peak of $2.3 billion on June 6, according to DeFiLlama data. The TVL of Blur stands at $65.26 million. Post its June airdrop, Blur has faced scrutiny for allegedly neglecting its native projects, including its memecoin Pacmoon, which is now transitioning to the Solana blockchain.

As the cryptocurrency landscape continues to evolve, Pacman’s insights underscore the necessity for innovation to drive future cycles and the strategic maneuvers required to adapt and thrive in a rapidly shifting market.