The privacy coin sector has seen mixed performance since Monero’s initiation report (available upon request, please contact support). Nevertheless, the coin was able to solidify its status as the number one coin in the segment.
Since privacy coins focus on particular use cases, it is likely that only a few — and maybe even just one — will be needed by the market down the road. As such, the coin that is able to satisfy the use case requirements and achieve a critical level of adoption will likely be the favorite.
Monero has showcased three key factors: sufficient privacy, decentralization, and promising adoption. As a community coin project, it has been able to successfully continue to evolve its technology and maintain usage to support its privacy-by-default stance.
Competing projects have been less fortunate and are dealing with both financial and adoption-based difficulties. As Zcash faces potential restructuring, and the hype around MimbleWimble-based projects simmers down, Monero has become the lone representative of privacy among the altcoin majors.
Assuming that privacy coins continue to see demand, it is reasonable to expect Monero to expand its dominance over the sector.
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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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