 | I read the '2023 State of Crypto Report' so you don't have to. Here are the 7 key points of the report: 1. We’re seeing more monthly active addresses – unique addresses transacting on-chain each month – than ever. 2. DeFi and NFT activity appears to be rising again "Activity across DeFi and NFTs, meanwhile, seems to be on the rise again after falling from the fizzy highs of 2021. As speculation cooled, more organic uses seem to have emerged, across lending, remittances, art, collectibles, on-chain gaming, and more." 3. The number of active developers in the crypto industry has held steady (image: 3.1) + verified smart contracts are at an ATH (image: 3.2) 4. Blockchains are scaling through promising new paths Blockchain scaling welcomes more people, more transactions, and more complex applications into the fold. Now we’re seeing many promising new paths (image: scaling solutions) 5. New technologies, once practically impossible, are becoming very real "Over the last year we have seen rapid progress in the field of “zero knowledge” systems — powerful, foundational technologies that unlock blockchain scalability, along with a proliferation of new use cases including privacy-preserving applications and verifiable compute that could enable decentralized machine learning/AI. These systems (including zero knowledge proofs) involve cryptographic methods for proving or verifying a set of facts is true without revealing any information about those facts." 6. The U.S. is losing its lead in web3 "As a set of emerging technologies, crypto needs thoughtful policy and regulatory guardrails to safely grow and meet its economic potential for the U.S. economy. There has been much debate, but little regulatory clarity, which has hindered web3’s growth. As a result, America’s edge may be slipping. Between 2018 and 2022, the proportion of crypto developers based in the U.S. vs. the rest of the world fell 26%." 7. Zooming out shows progress "We’re still early in web3, but we’re no longer at the beginning. Stepping back from short-term volatility reveals a more predictable pattern: a steady product cycle that is distinctly different from the financial cycles that saturate media attention. " Download the full report (PDF) TL;DR New builders are entering web 3 at record pace. Academic research is accelerating. Ambitious products are launching regularly. Key infrastructure is improving. [link] [comments] |
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