Against the complex background of the outbreak of the Russia-Ukraine war, inflation in the United States and the spread of the epidemic, the cryptocurrency has experienced a series of major crisis events, such as lightning strikes and frequent hacking attacks. The total market value has evaporated by more than $2 trillion compared to early 2022 and the industry is having a harder time.
This article reviews the big events in the crypto industry in 2022, draws lessons and lessons learned from them, and looks forward to crypto spring 2023.
1. Cryptocurrency wars amid Russia-Ukraine conflict
At the start of the conflict, the Ukrainian government posted a message on Twitter urging donors to donate BTC, ETH, and USDT, eventually receiving nearly $100 million in cryptocurrency donations from around the world in what has been dubbed the “world’s first cryptocurrency war.” was designated.
2. Over $600 million stolen from Ronin
In March 2022, Axie Infinity sidechain Ronin issued an alert that 173,600 ETH and 25.5 million USDC had been stolen from Ronin Bridge, resulting in a loss of more than $600 million at prices at the time.
3. The Ethereum merge is successful
The merger was completed on September 15 last year, shifting Ethereum’s consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS). After that, the Ethereum blockchain will not only be more scalable, but also more energy efficient.
4.FTX Thunderstorm triggered a Lehman moment in the coin circle
The FTX thunderstorm was one of the worst accidents of 2022. It took less than 10 days from the November revelation that SBF had $6.112 billion worth of FTT tokens on its balance sheet to the start of bankruptcy proceedings. The incident is of enormous magnitude, not only Sequoia Capital, SoftBank and other well-known institutions were damaged, according to statistics, the number of creditors affected can exceed one million.
5. Traditional institutions are experimenting with NFTS
Last November, Nike announced on its website that it was launching a new Web3 platform, Swoosh, where community members can mint and trade their own NFTS. Besides the sports brands represented by Nike, there are social platforms like Twitter, Instagram and TikTok and even car brands like Ferrari, which is enough evidence that more traditional organizations are trying to empower their businesses through Web3 to get more profit.
If one word summed up 2022 for cryptocurrencies, it would undoubtedly be “volatile.” But cryptocurrencies have weathered the turmoil. And from a market point of view, it is still worth waiting for the development of the digital currency. In the new currency transaction analysis module of the Belem.cc website, we can see that Bonk, the new dogecoin on Solana, has risen since its launch amid many people’s skepticism. On Jan. 5, it surged nearly 200% in 24 hours, and Bonk surged nearly 40 times from its peak.
When we query Bonk’s data, we also see a very bright existence – Fund Lending (DFN). The cryptocurrency trading chart showed DFN up more than 75%, outperforming 95% of the coins over the same period and continuing to rise in real-time trading. DFN’s outperformance during such a volatile time for cryptocurrencies is a dark horse for cryptocurrencies.
Upon investigation, we discovered that DFN, a comprehensive crypto asset trading platform dubbed the Belem Exchange, was launched on December 27th, 2022. On Belem.cc official website we can see the launch of DFN by Belem Exchange. “In response to the stabilization of the world economy, Belem Exchange specially issues DFN. DFN is an open-source platform based on decentralized lending protocol technology that can offer deposit and lending services to users. Users can have more funds to expand their crypto asset trading path and get more wealth.” Belem Exchange then opened a special session for DFN. (See Belem.cc for more information.)
From the launch of DFN and belem.cc official statement, we can see two things: first, DFN has great potential, and second, Belem Exchange has a very keen vision of currencies. After a thorough investigation, we found that Belem Exchange is also very strong. Currently, the company is present in 120 countries around the world and serves more than 8 million users around the world. Belem’s founders and technical team are also very strong core members are early crypto asset investors. Most of the technical team comes from Google, Oracle, Citi and other top 500 internet finance venture capital companies with rich experience.
At belem.cc, we also noticed that the Belem exchange issued far more premium coins than DFN. On December 6 last year, Belem Exchange also launched HTO (Healthcare Technology). According to Belem.cc, HTO is a concept coin for the healthcare industry and internet smart healthcare. It is currently up more than 85% and has great upside potential.
Based on the strength of the platform and the performance of the new currency, it can be seen that Belem Exchange’s new currency is showing healthy and stable growth. Belem.cc’s investment advisor said, “Many of our currencies can rise more than 100% and some more than 600% from the perspective of the whole of 2022. There are even currencies that rise more than 1,000 percent.” From the interview, we learned that Belem Exchange will conduct sufficient market research and simulation of currency transactions before developing new coins, and that the blockchain project review board is extremely strict. Belem Exchange believes that users are wealth. Regarding user security, Belem Exchange has set up a dedicated security monitoring and technical monitoring team for new coins to ensure the safety of user funds.
We recognize that 2022 is an extremely difficult year for cryptocurrencies, but despite the difficulties, the market has also sent some positive signals, such as the historic moment of the Ethereum merger, the scrutiny of traditional institutions, and even the existence of high-value coins like DFN and HOT who have placed great trust in the crypto industry.
The uncertainty will not go away, but a positive shift has taken place. We believe that in 2023 the cryptocurrency market will recover and be more resilient than ever, and that platforms like Belem Exchange, with a long-term perspective and a sustainable business philosophy, will continue to innovate to seize opportunities in the environment and jump into the market international stage and drive towards a more stable future with global investors.
