Cartesi: The virtual machine end-game?

In our beloved crypto ecosystem, skilled developers are as rare as diamonds. Mastering Solidity, the language behind the dApps you interact with daily, is like scaling a steep mountain with few guides. With its relatively short history, Solidity lacks the robust ecosystem of libraries and tools that developers crave.

What if I said there’s a project fixing this problem? It lets developers build dApps using any programming language they like, along with their favorite tools and libraries from the last decades.

Cartesi introduces a revolutionary concept: application-specific rollups paired with a Linux runtime. Essentially, it enables the creation of appchains or rollups dedicated to a single application. Think of recent examples like aevo or dYdX, but with a twist. Instead of relying on the traditional Ethereum Virtual Machine, Cartesi rollups leverage an in-house virtual machine capable of running a full Linux operating system.

This isn’t just a solution; it’s a real game-changer for traditional developers. Now, they can build dApps as effortlessly as crafting the next Shopify or any other visionary company you’ve in mind. No longer do developers need to conform to web3; instead, Cartesi adapts web3 to their preferences.

And here’s the cherry on top: these rollups are modular. Picture a Cartesi rollup seamlessly integrated with Celestia underneath, offering endless possibilities for innovation and customization.

Catalysts

Cartesi recently launched its mainnet support, marking a significant milestone in its roadmap.

Now, and just like other appchains protocol, getting projects and teams to use their technology instead of others is the toughest part.

Cartesi recently hosted an event at ETH Denver, where there was huge demand among developers for their products. Their hackathon was one of the most crowded one, with very interesting submissions. Interestingly, the vast majority of projects were GameFi, which I think Cartesi rollups are ideal for.

Here is a few projects to keep an eye on:

Rives

Sunodo

WinMe

Furthermore, Cartesi started a $1 million USDC grant program. This should also boost the use of Cartesi rollups.

Staking

Cartesi has a staking module with an annual interest rate between 10% and 20%, depending on your chosen pool.

The cool part? You can withdraw your tokens after just 4 days, instead of the usual 21 days.

Here is a guide to learn how to stake your tokens, if you wish to do so: https://docs.cartesi.io/earn-ctsi/staking/

Valuation

The Cartesi token supply is nearly fully distributed, with tokens allocated to advisors and investors being unlocked between 2020 and 2022. Only a some of team tokens remain, with an unlock of 21 million CTSI slated for April 23. Following this unlock, no further tokens will be released for six months.

Sitting only at a $325 million market capitalization currently, this looks like a good contender for a few multiple from here. Consider that Cartesi reached an all-time high of $1.74 in May 2021, representing a sweet 4x from here.

The current low valuation can be attributed to Cartesi’s relative newness and the absence of significant applications utilizing Cartesi Rollups… until now. Partnering with renowned names such as Celestia, Espresso, and Syscoin, Cartesi is now a fully operational product actively pursuing adoption, with several dApps ready to launch anytime soon.

Given these developments, it’s reasonable to anticipate Cartesi reclaiming its previous all-time high during this cycle. Looking further, I wouldn’t be surprised to see it ranked among the top 100-150 projects on Coingecko, which will most likely sit over $2b market capitalization.

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