2022 was a transformative year for the crypto industry, marked by significant events and evolving trends. This report highlights the top ten crypto developments of 2022 and offers a forward-looking perspective for 2023.
Key Events & Trends of 2022
Macroeconomic Challenges
- Global GDP growth dropped to 3.2% (from ~6% in 2021) due to inflation, geopolitical conflicts, and supply chain disruptions.
- Crypto markets faced additional turbulence from the Terra (UST) collapse and FTX bankruptcy, eroding sector confidence but reinforcing cyclical market nature.
👉 Explore crypto bear market dynamics
Ethereum’s Merge
- Successfully transitioned to Proof-of-Stake (PoS) on 15 September 2022, slashing energy consumption by 99.95%.
- PoS Ethereum now uses ~1% of PayPal’s energy, setting a sustainability benchmark.
Rise of Decentralized Exchanges (DEXs)
- DEXs captured 14% of spot trading volume post-FTX, up from 9% in October 2022.
- Non-custodial wallets like Crypto.com DeFi Wallet gained traction, emphasizing user control.
Layer-1 Blockchains & Innovations
- Aptos and Sui (ex-Meta Diem projects) debuted, leveraging parallel engines and Move language.
- Cronos expanded its ecosystem with tools like Cronos Play for blockchain gaming.
Liquid Staking Growth
- Solutions like Lido Finance (78% market share) enabled yield without liquidity loss, with ETH as the top staked asset.
NFT Market Dynamics
- Peak daily volume of $544M on OpenSea (May 2022), driven by Yuga Labs’ Otherdeed.
- Partnerships (e.g., Crypto.com Ă— Extraordinary Attorney Woo NFT series) bridged entertainment and Web3.
Blockchain Gaming
- 1M+ daily gamers sustained activity; Wax led with 315K users (Splinterlands, Farmers World).
- Cronos’ Loaded Lions: Mane City introduced tycoon-style NFT gameplay.
Social dApps & Funding Trends
- Social decentralized apps (dApps) surged in adoption.
- **$29B raised in H1 2022**, outpacing 2021’s total ($30.2B). Infrastructure/Web3 dominated funding.
Security Concerns
- $3.7B lost to hacks (down 63% YoY), with bridge vulnerabilities accounting for 35%.
2023 Predictions
Adoption & Ownership
- Global crypto owners hit 402M in 2022; projected to reach 600–800M by 2023.
Gaming & AAA Titles
- Anticipated AAA blockchain games will merge high-performance gameplay with on-chain mechanics.
Soulbound Tokens (SBTs)
- Non-transferable NFTs for digital identities may drive decentralized society (DeSoc) models.
Developer Shift to Web3
- 10x growth in Ethers.js/Web3.js downloads since 2018 signals rising Web2-to-Web3 migration.
👉 Learn about Web3 developer tools
Security & Education Focus
- Post-hack emphasis on audits and user education (e.g., Crypto.com’s app-based University).
Emerging Technologies
- Watch for ZK-proof adoption, Ethereum’s Shanghai upgrade, and institutional DeFi.
FAQs
1. What caused the crypto market downturn in 2022?
Macro pressures (inflation, geopolitical strife) and sector-specific events like Terra/FTX collapses triggered the "Crypto Winter."
2. How did Ethereum’s Merge impact energy use?
PoS reduced Ethereum’s energy consumption by 99.95%, making it greener than traditional payment systems.
3. What are Soulbound Tokens (SBTs)?
Non-tradeable NFTs representing social identities (e.g., credentials, affiliations), pivotal for DeSoc frameworks.
4. Which sectors attracted the most funding in 2022?
Infrastructure/Web3 (NFTs, gaming, metaverse) secured over 60% of the $29B raised in H1 2022.
5. How can users enhance crypto security?
Use non-custodial wallets, enable 2FA, and complete platform education modules (e.g., Crypto.com University).
👉 Stay updated with market insights
Crypto.com Research and Insights Team
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