The hyper-financialization of the crypto space and extreme emphasis on “number go up” only hurt the space in 2022. Next year, it’s time to try a different approach, writes andrewrchow
Since then, crypto has embarked on a long and brutal fall in terms of market value and public perception. Following the collapse of Bankman-Fried’s crypto exchange FTX, many people now consider the technology nearly synonymous with scams. The saga has threatened the mettle of even the most devoted members of the space. NFT trading volume isat the end of last December, and about $2 trillion—that’s with a “T”— has been lost from the crypto market since peaking near $3 trillion.
Here are some of the biggest lessons that the crypto world learned in 2022, to take into the new year.Get-rich-quick schemes thrived in crypto in the beginning of the year. In particular, many companies offered financial products with interest rates significantly higher than you’d get at a traditional bank. Celsius, a major lender, offered yields of up to 18%. Anchor, a program that was part of the Terra-Luna ecosystem, offered 20%.
When Kwon’s Terra-Luna ecosystem fell apart, a vicious contagion hit crypto markets, in turn felling Su Zhu’s Three Arrows Capital and then. Crypto was supposed to be about code, not people—but three men were able to accrue enough power to wipe out trillions in value. But crypto communities also failed to sniff out bad actors in their midst before it was far too late. First, investors of the decentralized finance project Wonderland failed to notice for months that its co-founder was, a long-time scammer who had led a Canadian crypto exchange that had defrauded customers $190 million.
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