As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Read on to find out what we have to say.Ībout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. Over H2 2022, deal flow had generally decreased.įinally, we wrapped up the report with a summary of key themes in 2023 amongst the different sectors in crypto. It had been a front-loaded year with funds raising high amounts of capital that they’re now looking to deploy. While regulation brings much-wanted clarity, it is essential to make informed decisions.Ģ022 marked a year of record-breaking VC investment and fundraising activities. Numerous market events across 2022 have fuelled the policy debate. Interest in the metaverse has also waned. Hype behind X-to-Earn games also fizzled out as user growth slowed down and the spotlight was cast on the quality of gameplay, as well as the tokenomics of X-to-Earn games. The number of blockchain gaming projects has continued to rise but there are signs of slowing growth. However, the NFT market witnessed a relatively quiet second half as overall sentiment turned negative and traders exited the market following a series of market events. This is primarily contributed by strong sales in the first half of 2022. NFTs recorded US$21.9B in sales in 2022, an increase of 10.6% YoY. More and more users have engaged in the “flight to quality”. TVL stands at around US$40B, or close to 25% of what it was at the start of 2022. The DeFi sector experienced a sharp drop in TVL following exogenous market events and a challenging macro environment. While USD-denominated TVL was down around 28%, this is significantly lower than the ~76% USD-denominated drawdown in the whole DeFi market and is arguably largely a factor of dropping crypto prices. TVL rose 119% (denominated in ETH) across 2022. L2s had a breakout year with strong inflows across 2022. Ethereum transitioned to Proof-of-Stake, BNB Chain and Polygon gained market share in the vacuum left by Terra’s collapse, and new L1s such as Aptos and Sui made their first forays into the market. This is not something new for the crypto industry, and we remain cautiously optimistic looking into 2023. Nonetheless, volatility is part and parcel of market cycles. Overall, 2022 served as a wake-up call and juxtaposed the highs of 2021.
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