1. The collapse of FTX Group and its cascading effects
The most important event in the industry in 2022 is the collapse of FTX Group. SBF has suddenly degenerated from a huge ecological builder, a star darling in the eyes of regulators and traditional capital, to a crazy, fraudulent and even drug-addicted criminal. Fortunately, it couldn't fool more people; too bad, it wasn't exposed sooner.
2. Ethereum successfully completes POS L2 and flourishes
Ethereum's successful, smooth, and non-sense transition from POW to POS has also opened the shackles that have been shackles on Ethereum. L2s have received huge funding and are thriving. However, with the dominance of Ethereum, the regulatory pressure it faces has become increasingly prominent. The friction between the DeFi field and regulation has intensified.
3. The collapse of Terra Ecology and Three Arrows Capital
Similar to FTX, it may only take 24 hours for Terra to go from being a star public chain to being called by everyone. At the same time, Three Arrows Capital, the leading investor and the industry's top star VC, collapsed. Many people lost their money in the Terra vs Three Arrows drama. And their founders seem to have plans to return.
4. BAYC acquires CryptoPunks and Meebits
Bored Ape acquired the ancient NFT CryptoPunks with a larger market value, and then released ApeCoin. Bored Ape's success and exploration in the NFT field has created a mature business model for latecomers. However, its market value is too concentrated in the NFT field, which has also attracted doubts.
5. Justin Sun acquired Huobi
The Huobi drama finally came to an end. After Justin Sun acquired Huobi, Huobi has entered a new stage. As one of the most powerful people in the Chinese-speaking encryption world, it is worth noting where Justin Sun will take Huobi in 2023. On the other hand, Justin Sun's aggressive marketing style targeting Chinese regions also brings some variables to the relatively flat domestic regulatory situation in 2022.
6. Cryptocurrency is a shining point in the Russia-Ukraine dispute
The biggest geopolitical event in the world this year is the war between Russia and Ukraine. With Vitalik taking the lead, donations from the encrypted world once accounted for 1/2 of global private donations to Ukraine. In addition, global regulatory authorities have begun to impose sanctions on Russia's cryptocurrency sector. Bright and dark, good or bad, the integration of the encrypted world and the real world is also highlighted in the Russia-Ukraine dispute.
7. The explosion and silence of StepN
After Axie, StepN created by the Chinese team became a phenomenal application, bringing a new paradigm to GameFi. For a while, domestic WEB2 entrepreneurs entered the game one after another. However, due to the influence of the team itself and the external environment, StepN did not get out of the Ponzi cycle, and eventually it was short-lived. But more entrepreneurs are improving on its model and trying to launch new projects.
8. The Fed continues to raise interest rates
Cryptocurrencies are increasingly associated with Nasdaq, the Federal Reserve. The Fed's interest rate hike has also led to a sharp downward turn in the overall market this year. It is expected that the Fed may turn around in the middle of next year, and there is also a view that raising interest rates will continue until 2024. Cryptocurrencies used to be dominated by bitcoin halving cycles. However, with the expansion of volume and the increase of institutional holdings, whether it will continue to resonate with Nasdaq and the Fed's policies next year is worthy of attention.
9. Layoffs in bear market, Chinese exchanges run away
According to statistics, in this year's bear market, the encryption industry has laid off more than 10,000 people. In the Chinese world, second and third-tier exchanges or institutions such as AEX Hufu, ZB PayPal, and AAX Bitcoke ran away or went bankrupt, causing losses to investors. However, compared with the thunderstorms of large institutions such as FTX Genesis Blockfi in the western world, large Chinese-speaking institutions have performed relatively calmly in this bear market.
10. Tornado was sanctioned by the United States and other US regulatory actions
U.S. regulation continues to strengthen. The most important regulatory event in 2022 will be the sanction of the currency mixer Tornado by the United States, and its developer was even arrested in the Netherlands, which caused a huge shock. In addition, the United States arrested Coinbase employees suspected of insider trading; the arrest of Bitfinex’s multi-billion dollar hacker has had a considerable impact on the industry.
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