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The jury is still out, but one could argue Beethoven X is on the path to becoming the best-decentralized exchange in Defi. There are many reasons for this. To keep it more high level for those that are unfamiliar and just getting their feet wet, the most important ones that come to mind are their multichain approach and the emphasis on developing an engaged community.
It’s perhaps safe to say that Defi is still in its infancy. Therefore, it’s too early to call winners in the blockchain race. To survive protocols must expand beyond their origins to diversify their dependence on their respective underlying blockchains as well as tap into other rich and up-and-coming ecosystems. This has been one of Beethoven’s major strengths. The team recognized this very fact early on and quickly pivoted to Optimism (Ethereum Layer 2) to gain market share in an ecosystem that is quickly becoming one of the main narratives of 2023. Based on their most recent financial update, one can see that the health of the protocol has not only improved but is starting to recover much faster due to their diversification to multiple chains.
It’s hard to say whether this bet will ultimately pay off, but as the entire crypto ecosystem emerges from the crypto winter it was in in 2022, it will be interesting to watch how things develop over the next 6–12 months. There are plenty of headwinds both from a macroeconomics perspective outside of crypto as well as the regulatory environment that is currently overwhelming the crypto community. Those that are going down the crypto rabbit hole should get the popcorn ready.
The other crucial reason for Beethoven becoming the best Dex is their clear emphasis to build a vibrant and engaged community. From the inception of the protocol, Beethoven has made a valiant effort to keep the community engaged, starting from meetup breathing sessions, nft engagement/giveaways, and now with what I think is the most important one of all, “THE unBEETables” This new engagement initiative seems like a very good way to not only continue engagement with the current community but even more importantly a brilliant way to bring in more eyeballs from outside the community. In crypto, especially in DEFI, everyone knows the term “mercenary capital”. Without getting into the financial side of it, the other side is that investors do not have any connection with the underlying mission of the protocol they are engaging. To add that element is probably the hardest part in crypto. How do you make someone stick around for reasons outside of financial gain? It must be something that a person can relate to. Something that they can truly resonate with. It will be interesting to see how this initiative will unfold over time, but I’m cautiously optimistic.
To sum it all up, I highly encourage anyone that is interested in DEFI to check Beethoven X out. Join their Discord and follow them on Twitter. The community is amazing and extremely helpful to answer all questions.
As a freelance Creative Director, I come across many people who don’t believe they are creative. They think it needs to be part of their title—emblazoned on their business cards and prominent in…