In 2022, the crypto group rose to new heights — after which it crashed. We famous this as early as June 2022, earlier than the FTX fiasco (which we’re utilizing because the catchall time period for the crash, alleged fraud, chapter, congressional listening to, Sam Bankman-Fried‘s arrest within the Bahamas, the decision for his extradition, and many others.).
Nevertheless, this isn’t purported to be an article chronicling FTX’s downfall from the previous yr — it’s a recap of our 2022 crypto protection, which is also seen as a Jacquelyn Melinek highlights reel with a function from Alex Wilhelm.
Right here’s a few of our high 2022 crypto protection:
Terra group passes proposal to revive LUNA cryptocurrency following stablecoin-led implosion
In Might, LUNA nosedived, and the market adopted go well with. Terraform Labs founder Do Kwon shared a plan to revive the Terra Ecosystem, together with the formation of a brand new blockchain. Jacquelyn famous: “The launch of LUNA 2.0 can be a take a look at of whether or not the group is as sturdy because it says it’s. However many are cautious of trusting Kwon and the Terra crew once more after the LUNA and UST downfall.”
Ethereum drops greater than 17% after ‘means overhyped’ Merge
In early to mid-September, whispers of “the Merge” had been in all places we turned an ear. A fast refresher: The Merge was a extremely anticipated occasion the place Ethereum shifted from proof-of-work to proof-of-stake. It could have been overhyped.
Blue-chip NFT house owners discover different makes use of as gross sales decline
Throughout the newest crypto bull market, the NFT subsector additionally rose to new heights. As NFT gross sales slowed, blue-chip NFT holders started searching for new methods to revenue. For the uninitiated: The time period “blue-chip NFTs” derives from “blue-chip shares,” which regularly discuss with essentially the most useful corporations in the marketplace. On this case, they’re essentially the most fascinating or high-value NFTs. What are they price amid crypto winter?
Terra’s UST crash will make life more durable for crypto as regulation looms
In Might 2022, Terra UST crashed, which led to a push for crypto regulation. “UST is an algorithmic stablecoin primarily backed by its sister cryptocurrency, LUNA, however was additionally backed by bitcoin. Founder Do Kwon beforehand instructed TechCrunch that plans had been in place to again it with different cryptocurrencies over time. It’s unclear if that street map continues to be in place for UST because it tries to get well from its downfall,” Jacquelyn wrote. To regain the belief of merchants and holders, the subsequent transfer could be regulation … proper?
Making sense of OpenSea at a $13B valuation
At first of 2022, OpenSea raised a $300 million spherical at a $13.3 billion valuation. Alex did a deep dive to determine how the brand new (in January 2022) OpenSea valuation squared up with its revenues. You’ll be able to observe together with Alex’s assortment of knowledge and computations to find out whether or not the corporate is underpriced or overpriced.