Cointime

Cointime

Download App
iOS & Android

Web3 Trends 2023

Validated Media

Web3.0 Brings a Revolutionary Shift in Internet Infrastructure.

The primary market investment AUM for Web3.0 has surpassed $50 billion, and the NFT market has grown to over $20 billion with more than 3 million holders. We are seeing significant potential for value capture across all layers of applications, middleware, and infrastructure.

ZK Layer2 Will Scale Ethereum in Long-Term While ZKP Has Endless Possibilities

ZK Layer 2 solutions, such as Scroll, StarkNet, and zkSync, will enable scalability for Ethereum in the long term.

ZKP technology has endless possibilities beyond just scaling, including connecting various blockchains and reducing barriers for developers.

These solutions will be widely available by 2023 and will coexist to meet diverse needs.

Parallel Computing, Modular Design and Application-Specific Blockchain

The utilization of parallel computing technology offers the optimal performance for maximizing blockchain computation capabilities. Additionally, the modular design has emerged as the leading approach for unlocking the full potential of blockchain technology.

In addition to finance and money, many applications in various industries such as gaming and social media are seeking to utilize blockchain technology, which is putting pressure on the underlying infrastructure.

An application-specific blockchain is a good fit for high performance, customizability, and value capture.

AA Vs EOA Wallet

As the gateway to Web3, wallets today face challenges in terms of security and user experience. AA and EOA wallets are gaining popularity as they aim to achieve Web2.0-level security and user experience while making different trade-offs.

The Increasing Significance of the MEV Market

Access to the MEV market can significantly increase validator revenues. As of December 31, 2022, the average value of MEV Boost blocks is more than three times that of vanilla blocks.

Block builder has paid over 70,000 ETH to validators within three months of the Ethereum Merge, and the MEV in total is projected to continue rising.

Trends in Exchanges: Transparency and Decentralization

Exchanges are becoming more transparent by publishing Proof of Reserves and this trend is likely to continue to grow in 2023. Additionally, hybrid exchanges that separate themselves from custody and clearing functions are expected to become more prevalent in the market.

Lessons From FTX’s Failure and the Market’s Decline

FTX's fall highlights the importance of proper risk management, transparency, and regulatory compliance. Additionally, it also shows the risks of using customer funds for internal purposes and the dangers of over-leveraging.

As the crypto market continues to evolve, it's important for players in the industry to learn from the mistakes of the past and strive for better practices in the future.

Read more: https://tokeninsight.com/en/research/reports/web3-trends-2023

Wallet
Comments

All Comments

Recommended for you

  • The Russian Central Bank supports the use of cryptocurrencies for international settlements and plans to promote the formulation of relevant bills

    According to Bitcoin.com, Russia supports expanding the types of currencies and payment methods for international settlements. Last week, the Governor of the Central Bank of Russia, Elvira Nabiullina, stated that the bank will support the acceleration of a bill that supports the use of cryptocurrencies for international payments. However, Nabiullina emphasized that these payments should be introduced under an experimental sandbox legal framework.It is reported that the institution has always opposed the circulation and use of cryptocurrencies for national payments because these assets are not controlled by national regulatory agencies. However, the country's central bank is open to its use for foreign settlements. In contrast, the use of national digital assets (also known as CBDC) for payments has been explored without any exploratory sandbox.

  • Tether issued $500 million in USDT yesterday and redeemed $181 million in USDT

    According to the latest data from ChainArgos, Tether (USDT) conducted a large-scale issuance and redemption activity on April 15th. A total of $500 million USDT was issued that day, while $181 million USDT was redeemed.

  • Hong Kong Securities and Futures Commission: We believe that fund companies applying for virtual asset ETFs will submit applications to the Hong Kong Stock Exchange next

    Some fund companies have expressed that they have received conditional and principle approval from the Hong Kong Securities and Futures Commission for virtual asset spot ETFs. When queried by Hong Kong media, the Hong Kong Securities and Futures Commission stated that investment products recognized by the Commission will be listed on the list of publicly available investment products on its website. The Hong Kong Securities and Futures Commission further pointed out that if the applied ETF product roughly meets the Commission's requirements, a conditional authorization will be issued, but various conditions must still be followed, including paying relevant fees, submitting documents, and obtaining approval from the Hong Kong Stock Exchange for listing. It is believed that the fund companies that have applied will submit their applications to the Hong Kong Stock Exchange for the next step.

  • Hong Kong citizens can directly use their securities accounts to purchase spot BTC and ETH without opening an account on an exchange

    The Hong Kong Securities and Futures Commission has approved at least three fund companies to collaborate with licensed exchanges, allowing citizens to purchase spot Bitcoin and Ethereum with securities accounts. Currently, investors who want to buy virtual currencies need to open an account at a virtual currency exchange. Multiple fund companies have announced that they have obtained licenses from the Hong Kong Securities and Futures Commission and are collaborating with two licensed exchanges on the market to launch virtual asset fund products, which means that citizens can directly use securities accounts to purchase spot Bitcoin and Ethereum without the need to open an account at an exchange. Some industry insiders believe that this measure will help promote the development of virtual asset trading and increase tax revenue.

  • CZ will be sentenced in the U.S. District Court for the Western District of Washington on April 30

    On April 16th, it was reported that former CEO of Binance, CZ, will receive a sentence on April 30th at the federal district court in the Western District of Washington, USA. Judge Richard Jones will hear statements from the prosecutor and CZ's lawyers. In November 2023, he pleaded guilty to violating the Bank Secrecy Act by failing to maintain effective anti-money laundering procedures.

  • Grayscale GBTC assets under management fall below $20 billion

    Official data from Grayscale shows that as of April 15th, GBTC holds 311,621.1013 BTC, and its asset management scale (non-GAAP) has fallen below $20 billion, reaching $19,747,454,120.96, with circulating shares dropping to 349,830,100.

  • In the past 24 hours, the entire network has liquidated $276 million

    According to Coinglass data, Golden Finance reported that there were liquidations of 276 million US dollars in the past 24 hours, including 202 million US dollars in long positions and approximately 73.83 million US dollars in short positions. Among them, Bitcoin liquidated approximately 79.1762 million US dollars and Ethereum liquidated approximately 67.9918 million US dollars.

  • Bloomberg: This Bitcoin halving may have an impact of about tens of billions of dollars on cryptocurrency miners

    Bloomberg stated that the next Bitcoin "halving" is expected to occur around April 20th. This will result in a 50% reduction in the amount of Bitcoin that miners can earn through verifying transactions each day. The upcoming Bitcoin halving could cause a loss of billions of dollars for cryptocurrency miners. In addition, competition for discounted electricity among artificial intelligence companies is becoming increasingly fierce, which will also lead to a decrease in revenue for Bitcoin mining companies after costs soar.

  • Avalon, an Orlando-based game studio, secures $10m funding for debut multiplayer online game with web2 and web3 appeal.

    Orlando-based game studio Avalon has secured $10m in funding from investors including Bitkraft Ventures, Hashed, Coinbase Ventures, Spartan Capital, Foresight Ventures, LiquidX, and Momentum6. The funds will be used to develop Avalon's debut title, a multiplayer online game that allows for interoperability of assets and progression between worlds for both web2 and web3 gamers. The game is designed to allow players to create, share, play, and take ownership of their experiences, with characters that interact in real-time through a partnership with artificial intelligence pioneers Didimo and Inworld AI. The game is currently being developed for PC and cloud streaming.

  • Uniswap daily trading volume climbs and exceeds $3 billion mark

    According to The Block shows that despite receiving a Wells notice from the SEC on April 10th, Uniswap's daily trading volume continued to rise over the weekend, breaking the $3 billion mark. Uniswap founder Hayden Adams posted on X that he was not surprised by the Wells notice and is "ready to fight." It is reported that the US cryptocurrency exchange Coinbase received a Wells notice in March 2023, but there has been no progress so far.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company