Will crypto be worse in 2023? 👀
Read this before buying crypto this year.
GM & Happy New Year folks 🔆
It’s a new dawn, it’s a new day, it’s a new year for us, and we’re feeling good ✨
2023 is here, and we’ve got a lot to forward to! Let’s leave the Bankmans and Do Kwons in 2022 and embrace the new year with hope, builder optimism and a lot more GMs!
Here’s what we have to open the new year:
Quick Numbers and News
What does 2023 hold?
Job opportunities in Web3
Estimated reading time: 03:18 mins
Weekly Wrap: Numbers & News 🗞
Quick Web3 updates curated for you:
Solana’s top NFT projects DeGods and Y00ts to migrate Chains
International Chess Federation Checks Into Web3 with avalanche integration
BitKeep exploiter used phishing sites to lure in users
North Korean hackers stealing NFTs using nearly 500 phishing domains
FTX founder reportedly cashes out $684K after being released on bail..
A glimpse of 2022 for a peek in 2023
If 2022 were a book, it would be a thriller-drama. With every new page, there was an unexpected turn and now here we are, to a fresh page. Will you still be reading? 👀📖
Let’s celebrate some small wins for web3 in 2022, for you and us to keep enthusiasm high and our faith in the core strong.
The most awaited Merge
Ethereum’s Merge, transaction validation mechanism from POW to POS, was probably the second most consequential event for the chain since its launch.
ETH became around 99% more energy-efficient.
We saw growth in layer-2 activity indicating blockchain’s notable ecosystem expansion.
The faith in crypto tech stays alive
The market conditions and cascade of exposed scams did shake the faith of investors but not the believers.
Larry Fink, Blackrock’s longtime chief executive, said the many blockchains that power digital assets will be “very important” in getting the ball rolling on “the next generation of markets.”
Backs of crypto startups poured nearly $20 billion, 40% more than over the same period in 2021, with web3 and DeFi projects being the largest slices.
Goldman Sachs eyed opportunity in distress
In some cases, the collapsing valuations for private crypto startups resulted in bargain-basement valuations which have proven more attractive to institutional investors.
Goldman doubled down on its commitment to the industry by conducting due diligence on taking potential equity stakes in depressed crypto startups — or even purchasing them outright, Reuters reported.
Rightful focus on self-custody
During the FTX debacle, crypto investors started moving their holdings to self-custodial wallets en masse.
Withdrawals from exchanges to self-custody wallets soared in November, with bitcoin owners yanked back their assets at a historic rate of 106,000 bitcoin per month.
“This has resulted in positive balance changes across all wallet cohorts, from shrimp to whales,” Glassnode said.
2022 leaves with informed users
The best thing that came out of 2022? Informed users.
Traders have become significantly more cognizant of to whom they entrust their funds and there’s heightened due diligence on once-prevalent high-return gimmicks.
This also paved the way for policymakers everywhere to start paying attention in terms of appropriate regulations.
Now, it’s time to look a little farther, into the predictions for the next 365 days.
Another year without crypto legislation
With the amount of money on stake & criminals having a field day, the policymakers definitely have their eye on crypto but wen regulations? May not be coming soon.
ETH unlock gets pushed back
After the Merge, the validators receive a 5% yield for their service.
But, validators can’t unstake their ETH until the next network update. Which was supposed to be 6 months after the Merge.
The greens might not be seen soon
Before the market getting better, there might be another low. Just like how Bitcoin dropped 85% in 2017 and Ethereum dropped 93% in 2018, history might repeat itself.
That is it we have for now, but we’d like to know what you think.
Share your crypto predictions on Twitter
Tag @0xTPH & @spacekayak.
Get a chance to win our merch. 🎉
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Aave serves as the foundation of most of DeFi and is one of the most reliable protocols in the ecosystem. Many institutional and retail users can now use DeFi thanks to Aave.
Learn more about the Aave ecosystem 👉HERE👈
Work in Web3 👩💻
Jump into 2023 with a job in web3 👇
Web3 Product Designer 🪄 Tunnel Vision Labs
MERN Stack Developer 🛠 Quickswap
That’s a wrap for This Week in Web3; see you next week! 🚀
If you’re an early-stage web3 builder going from 0 to 1, holler at our creative-capital studio Spacekayak and let’s create something extraordinary through design! ✨
Hope regulation sees the light of day.