The Block's 37 analysts' 2023 predictions: What are the new narratives, new trends, new developments?

原文标题：《 37 位 The Block Research 分析师的 2023 年预测：新叙事、新走势、新发展都会有哪些？ 》

Original author: The Block

The DeFi way

37 Research analysts at The Block Research have released their 2023 crypto industry forecasts. They each expressed their outlook for the crypto industry in the coming year, and their views varied.

Here's a summary of their shared predictions:

The overall macro environment will continue to exert downward pressure on riskier assets such as cryptocurrencies. However, a sideways trend is more likely than a severe downturn in the coming year.

Many projects that do not achieve product market fit will slowly be abandoned due to lack of funding and demand.

M&a activity will increase as financially weak companies look to be acquired.

Venture capital investment will slow sharply in 2023, especially in the first half of this year.

Cryptocurrency prices will remain correlated with central banks' monetary policies.

The gap between bitcoin and Ethereum will continue to narrow, but there will be no "flip" in 2023.

The main narrative in 2023 will shift to the Eponymous Layer 2 (L2) extension solution. L2's TVL will increase (at least in terms of ETH value) and zk-rollups outperform optimistic rollups in terms of relative growth. Major L2 such as StarkNet, zkSync and Arbitrum will launch their tokens.

Modular blockchains like Celestia will receive increasing attention and may outperform the alternative monomer blockchains of the last cycle.

The decline of centralized cryptographic entities last year will lead to increased regulation of centralized entities, with Binance in the spotlight. Coinbase will benefit from the FUD surrounding Binance.

DEX will exhibit the strongest fundamental growth metrics compared to other DeFi use cases.

As investment and activity increases, the decentralized social ecosystem on Web3 will experience rapid growth.

Driven by accelerated adoption by traditional brands, more users will join NFT. In addition, NFT will continue to serve as a vehicle for the fusion of cryptocurrency and art and culture.

Opensea's market share will decline further and the market will lose its monopoly position.

Here are the analysts' predictions in detail:

Larry Cermak

通用 zk-rollups 最终将在 2023 年推出，实际上变得像以太坊一样可用。Arbitrum、Starknet、zkSync 和 Scroll 都将在 2023 年发布原生 Token ，并且将反复讨论 L2 Token 相对于 ETH 本身的价值增长，因为 rollup 设法将大部分智能合约活动从基础层吸走。Polygon zkEVM、Starknet、zkSync 和 Scroll 之间将展开激烈的竞争。虽然最初对这些扩展协议缺乏需求，但随着未来下一波零售浪潮的到来，它们将发挥巨大作用。Polygon 取得了巨大的领先优势，因为它成功地将其 PoS 链转换为功能齐全的 zkEVM 链。

While there is still plenty of VC capital on the sidelines waiting to be distributed, due diligence will actually be taken seriously for the first time in years, with an emphasis on product market fit. The seed round will return to a valuation of nearly $10 million. Many projects, especially those built on competitive L1, will simply run out of money and shut down operations. We will see a number of projects switching from L1 to different L2 to improve their chances of getting activity, or simply a better prospect of extending the runway. Developers and operators will no longer automatically be paid more than $300,000, and we continue to see a brain drain of cryptocurrency "visitors."

许多项目将从根本上重建 Token 经济学。当没有大量新需求进来时，支付大量 Token 作为激励将不再有意义。Axie、Stepn 和其他项目将无法再依赖庞氏经济学来提供价值。

以太坊市值不会超越比特币，也没有其他币会超越以太坊。不过，以太坊在 2023 年的表现将优于比特币。加密价格将继续像科技股一样表现，并与中央银行（主要是美联储）的货币政策完全相关。当我们开始看到短期内利率下降的迹象时，加密货币将最猛烈地飙升。但这可能不会在 2023 年发生。在此之前，主要 Token 的价格将大致保持不变，几乎没有波动。一些倍数上涨的 Token 或 NFT 所引发的赌博情绪将会刮伤很多人。

OpenSea will continue to lose its monopoly and its way of abusing royalties will fail. Because of its strong position in spot and futures trading, Binance will become the focus of global regulation, just as Libra once was. Coinbase and other U.S.-regulated trading platforms could benefit. Genesis will file for Chapter 11 bankruptcy, while Gemini will come under pressure over its Earn product plans. GBTC and ETHE products will not be dissolved.

In 2023, SBF will not go to jail for even one day and will continue to plead not guilty. Us regulators will use the FTX debacle to change the way the crypto industry is governed, similar to how Lehman and Enron affected global policy. Lawmakers will draft new legislation similar to Sarbanes-Oxley to avoid FTX-like situations in the future.

Steven Zheng

整体宏观环境将继续对加密货币等高风险资产施加下行压力。但是，如果我能从将加密货币想象为一种不相关的资产类别中获得丰厚的收益，我相信市场将在第二波 NFT 浪潮中看到底部形成，这波浪潮将比 2022 年达到顶峰的浪潮高出数倍。我们将在 2023 年打破最近一次 NFT 历史新高的 50 亿美元交易量。交易量将主要由游戏项目推动，许多一级加密游戏在整个 2021-2022 牛市期间筹集资金并出售 NFT 后最终开放公众访问他们的游戏。加密游戏 Token 将进入市值前 20 名。第二波 NFT PFP 项目将由上一周期的第三 / 低端项目推动，这些项目侧重于入门级奢侈品的吸引力，而不是高调的奢侈品（参见 Seiko 与劳力士）。大众吸引力浪潮的受益者可能是 Polygon，它在上一个牛市中为潜在的新零售用户涌入奠定了基础，并为 zk 扩展技术招聘了优秀的工程师。到 2023 年底，Polygon 将在经济活动和市值方面成为第三大应用程序层（仅次于 BNB 链和以太坊）。我认为人们低估了 dYdX 链的需求和生态系统发展，dydx 也可能会在 Cosmos 上启动。

In terms of negative events, I think L2 rollup will experience the utilization of a centralized sorter. Money may not be lost, but users are given a shocking reminder of the amount of money at risk in a still-centralized solution. Another algorithm stablecoin will fail.

John Dantoni

宏观环境将不利于数字资产等高风险资产。我们可能还没有达到加密货币价格的最终底部。然而，明年的横向走势比严重下滑的可能性更大。2023 年对于开发者和构建来说将是关键的一年，因为炒作、叙事和价格将不再受到关注。L2 将继续受到关注，一些将推出原生 Token ，包括 Arbitrum 和 StarkNet。

The next cycle of new narratives, including the Web3 social network, will begin to take shape. The sub-sector will be watched for investment and activity, with Lens Protocol and Farcaster seeing the fastest early growth.

Venture capital investment in blockchain will slow sharply in 2023, especially in the first half of this year. In the first half of the year, we will see a month with less than $1 billion invested, which will be the industry's first since February 2021. About $13.5 billion will be invested in blockchain companies by the end of the year, equating to a 58 percent year-on-year drop in private financing.

Projects in the crypto financial services, infrastructure, and trading/brokerage categories were least affected by fluctuations in market conditions. As a result, these categories will still attract interest and investment as investors look for the next foundational companies and projects.

Conversely, categories seen as further along the risk curve, which are more likely to be pre-product and/or at the seed stage level, such as decentralized Finance (DeFi), NFT/Gaming, and Web3, may see the funds and terms they raise continue to reprice into the $10 million to $15 million valuation range, And better for investors.

In the latter stages, the company will need help raising capital on favorable terms. As a result, we may see an influx of companies that may need to raise money down and at lower valuations than before.

Another option for financially weak companies is to look for buyers in the merger and acquisition market. Similar to what happened after the 2017 cycle, we will see increased M&A activity and further consolidation of cryptocurrency companies.

The influence of Alameda Research, FTX, FTX US, Voyager Digital, Celsius, BlockFi and other potential lenders will make 2023 a pivotal year for companies providing institutional infrastructure for digital assets.

New lenders and market makers will compete for market share. We will also see a reversal of the significant trend of 2021, when every cryptocurrency financial firm wanted to build a full prime brokerage business. Rather, 2022 demonstrates the need to isolate certain services and the risks and consequences that can occur when they are provided by a single counterparty.

Lars Hoffmann

On the macro side, cryptocurrencies benefited from China's sudden unwinding of the pandemic, combined with economic stimulus measures and a slower pace of Fed rate hikes, which boosted global macro risk appetite over the summer. Autumn and winter are harder, and attention returns to Europe's unresolved energy crisis. However, the upcoming March 2024 BTC halving has kept industry optimism overall high.

The impact of FTX and Alameda continued to reverberate across the sector for much of the first half. Many smaller projects that kept (some of) their money on FTX will fade away and quietly close. The Bahamas serves primarily as a jurisdiction for encryption companies. In the second half of the year, the focus will return to the coming wave of regulation as Western lawmakers seize on FTX's bankruptcy to push for stricter reporting and de-anonymization requirements without really addressing many of the issues that led to its demise - centralization. In Western jurisdictions, the DeFi would be severely negatively affected.

Privacy remains a topic strongly advocated by many industry participants, but it was eventually abandoned by most over time. Crypto Natives' alternative privacy solutions continue to develop and thrive in their respective niches.

After mostly cautious and tough regulation in 2017/2018, Asia continues to open up more to cryptocurrencies. In terms of proper regulation, South Korea and Japan are starting to take cryptocurrencies seriously. The migration of industry natives to cryptocurrency-friendly jurisdictions continues and takes note of these developments.

Eden Au

Arbitrum 和 StarkNet 将推出他们的原生 Token ，到 2023 年底它们都将进入 TVL 的前 10 名。随着更多传统品牌的加入，Polygon 将增加其 NFT 市场份额。由于多个侧链的开发（例如 dYdX、Berachain）、原生稳定币支持（例如 USDC、IST）以及 Celestia 的推出，Cosmos 生态系统的有机使用率将会增加。至少一个值得注意的 rollup 将实施升级以去中心化其排序过程。

The withdrawal capability of the mortgage ETH will be enabled in the first half of 2023, followed by a doubling of Coinbase's cbETH market share in Ethereum liquidity collateral, and the asset will be widely accepted as collateral by the major DeFi protocol. Structured products will gain momentum as crypto natives increasingly like the term "real yield", which can help guide the liquidity of derivatives on the chain. As regulatory pressure increases, however, privacy-centric apps will fail to gain meaningful traction.

随着欧盟最终确定 MiCA 立法，基于欧元的稳定币的采用将稳步增长。USDC 将超过 USDT，成为市值最大的稳定币，但 Tether 仍将很重要，不会在 2023 年崩溃。虽然非稳定币 Token 化现实世界资产 (RWA) 协议开花还为时过早，但更多 RWA 协议将尝试奠定基础。

比特币与以太坊的市值差距将继续缩小，但 2023 年不会出现「倒挂」，现货比特币 ETF 也不会获批。 Token 的同比回报将为正。一组新的对加密货币友好的第一世界司法管辖区将慢慢出现，包括英国和香港，因为它们将寻求制定更合理的法规来吸引人才。

Andrew Cahill

到年底，BTC 仍将是市值最大的资产，但 ETH 将在价格方面表现出色。SOL 将优于其他替代 L1，但将无法重回历史新高。L2 扩展解决方案将继续看到越来越多的开发人员和用户采用，但它们的原生 Token 相对于 BTC 和 ETH 将表现不佳。

As development teams learn from the 2022 bug, interoperability protocol/bridge hacks will decrease. Adoption of interoperability protocols will remain low due to reduced activity on L1 networks.

While DeFi runs smoothly throughout the market chaos of 2022, growth will remain subdued throughout 2023. DEX will post the strongest underlying growth metrics compared to other DeFi use cases. NFT and gaming will remain the largest industry in terms of venture capital received during the year. Stablecoins are poised for another strong year, with more than $250 billion in circulation. As transparency becomes an increasingly important consideration, USDC will increase its market share.

Greg Lim

With the period of easy money over, the ability to raise equity and debt financing through cryptocurrencies and the broader market makes the outlook for 2023 pretty grim. Companies will need to pay more attention to spending, and we are likely to see continued layoffs. It is worth noting that FTX's post-fraud regulation has been strengthened. As interest rates continue to rise to fight inflation, investors will likely seek to lend to the U.S. government and continue hedging. As established Wall Street firms continue to build their digital asset teams and strategies, the broad spreads of past cycles are likely to decline. The U.S. housing market could see a massive correction in mid-2023, leading to further liquidation, as investors stay away from cryptocurrencies as prices of traditional physical assets fall.

George Calle

Companies with exposure to the cryptocurrency industry will face continued pressure through 2023. More and more miners will declare bankruptcy or restructure as the debt payments they face become more expensive than the machines and/or BTC Treasuries used to secure the loans. Given natural synergies (an oversupplied mining industry) and balance sheets unrelated to the recent downturn in the cryptocurrency market, the big energy providers will be acquirers of these devices.

Volatility in 2023 will also be lower than in 2021-2022, leading to fewer opportunities for traders to make easy profits. This new market paradigm will reward those who carefully track forced sellers or find parts of the ecosystem that are still over-leveraged, creating a potential silver lining for more demand in the crypto options market as traders seek to position or generally hedge their exposure around events. A large portion of the 2021-2022 vintage funds will close due to poor performance, leading to a cascade of liquidations in the first and second half of 2023, although fewer than in 2022. Seemingly "safe" strategies and positions will be tested. For example, due to the amount of money involved in liquidity collateral, the discount to ETH on some liquidity collateral derivatives may fall to below 90%, possibly due to up chain leverage (see Lido's own topic on circular collateral) and the fact that funds usually only need liquidity. Unlike (potentially permanent) closed-end products like GBTC, LSD is expected to arbitrage back to 1:1 as the Ethereum Shanghai upgrade approaches sometime in 2023.

We should also be prepared to see more innovation and dramatic changes in the stablecoin market, but industry development will come from increasingly fragmented fields. Specifically, DeFi developers will create cension-resistant products that are creatively integrated into agreements, while policy-conscious participants will be more eager to explore payment instruments that meet regulatory requirements. Language around a stablecoin backed by Fed reserves or one with deposit insurance will be debated in Congress, but won't even be included in any bill that lands. CBDC researchers will largely abandon the "direct CBDC" model on trial from 2017 to 2022 and come up with more integrated solutions that enable commercial banks to distribute to retail customers. These stablecoins will likely be governed in much the same way as CBDCS, or at least subject to similar oversight. Amid growing concerns about a competitive monetary system (China) and fragmentation of the global economy, regulators will also be more interested in Stablecoin more generally, as it resembles a new digital version of the euro-dollar market. The issue of Tether's reserve back-up will be a major topic on Capitol Hill and could even lead to a short-term mini-decoupling like 2018, but Tether won't collapse. However, the top 10 stablecoins by market cap (both existing and new) will collapse in 2023.

Despite the opportunities in the more regulated crypto dollar market, regulatory pressure will largely be an adverse tailwind. If not strengthened, the current system of "regulation through enforcement only" will not provide clarity or guidance, but will remain in place. As a result, the bank custodian project will be largely shelved (along with any other banking initiatives). However, at least one large traditional market maker is expected to announce the opening of a crypto desk as the market consolidates.

Simon Cousaert

However, in 2021, the competition between the different L1s is intense, after which the user appeal drops dramatically, and most non-Ethereum smart contract chains will continue to decline in terms of user adoption and TVL.

Scalability techniques will increase adoption rates and user interest, similar to what we have already seen with optimistic rollups, Optimism, and Arbitrum. Along with newer zk rollups like zkSync and Starknet, L2 will lead a narrative that reinforces the downward trend of non-Ethereum L1.

An exception to this dynamic may be the upcoming modular blockchain technologies, such as Celestia and Fuel. I'd like to see experiments with rollup technology, not only on Ethereum but also on modular blockchains.

The Ethereum community will begin to consider pledge and repledge mechanisms to improve the security of decentralized services. Eigenlayer is currently at the forefront of these ideas. If all goes well, the Shanghai upgrade of Ethereum will take place in 2023, allowing users to withdraw pledged ETH. The combination of liquidity (pledge) dynamics will force users to think about how pledged assets benefit the ecosystem.

Abraham Eid

By 2023, the focus will shift from infrastructure-driven development to app-based development. In turn, obstacles may be overcome from existing user experience challenges that play a role in the peak of user activity. From a wallet operation perspective, an EIP that supports account abstraction such as EIP 4337 should create a significantly smoother experience for users, which could spur growth over time and help address one of the existing challenges facing dapps from a mainstream adoption perspective.

Due to the expensive block space on L1, there may be a greater focus on use cases that really take advantage of previously incomplete design Spaces, and interoperability solutions between different L2 may improve, in part because the Oracle provides a messaging bus with more risk mitigation capabilities than existing bridging approaches. There has been some experimentation with projects such as LayerZero, but this technical approach will mature further in 2023 to enable truly powerful interoperability solutions.

It is likely that regulators will consider and possibly develop new legislation around certain existing practices in the cryptocurrency space, i.e., the DeFi sub-industry. Given the precedent set by the arrest of Tornado Cash developer Alexey Pertsev in 2022, it is likely that we will see clearer guidance on the use of mixers and the consequences of participating in mixers services. While the U.S. Treasury has sanctioned Tornado Cash as a software agreement and further emphasized the consequences for all addresses it interacts with, there may be a more comprehensive bill to write the set of regulations surrounding mixers. The existing MEV domain is also likely to undergo more investigation and review, which may lead to more DApps considering design features centered around MEV mitigation.

At a higher level, while the 2023 central bank rate hike may pay less attention to quantitative tightening, the second-order effects of this tightening will continue to be felt throughout 2023. This will result in cryptocurrency valuations likely to remain well below previous all-time highs and overall speculative activity likely to remain subdued compared to the period leading up to the second half of 2022. That could spur more attention to long-term design decisions for the space.

Wendy Hirata

Trust in CEX and CeFi lending services is at an all-time low due to various events in 2022. Many market participants are looking for risk management, operational transparency and market expertise that have been overlooked in the bull market. Until appropriate measures are taken and trust is rebuilt, institutional investors will be reluctant to take a more aggressive stance - they will continue to look for defensive/low-risk capital management strategies. Crypto financial services will have to release more structured products with principal protection to meet these needs and maintain their current level of operations. More institutional investors will Staking as a safer source of income, especially as more enterprise-class liquidity Staking agreements are developed and released in 2023. The rapid growth of cbETH and rETH this year demonstrates that there is room for growth in the liquidity-staking business and the potential to see new enterprise-class agreements (e.g. Liquid Collective) take some market share away from Lido.

Kevin Peng

In 2023, the L1 network will continue to adapt to the changing needs of the market. Cross-chain technologies such as Bridges and IBCs will mature further as new application chains gain relevance and use. As teams compete for mainstream attention and organic demand, cryptograph-based applications will become more user-friendly than ever before.

With the lingering effects of the demise of FTX and others in 2022, many projects will be slowly abandoned as the reality of lack of funding and demand eventually catches up with those that cannot achieve product market fit. DeFi trading platforms and lending agreements will have an interesting opportunity to capture more market share while shaking the trust of their centralized counterparties. NFT will continue to serve as a vehicle for the fusion of cryptocurrencies with art and culture, as will games that find compelling and creative use cases for NFT and alternative crypto assets. While blockchain-based games or games that make heavy use of encryption are unlikely to be as popular as the leading video games, the crypto gaming industry as a whole will grow and generate some moderately quality but active gaming audiences.

At the same time, scalable solutions in the form of rollup will begin to be adopted, threatening individual blockchains and their ecosystems. Ethereum will remain the de facto clearing layer for DeFi and NFT, while L1 networks, which are primarily focused on performing optimizations, will need to be heavily incentitized for usage to remain competitive. 2022 is a year of reckoning for the crypto industry, but 2023 will be pivotal as developers turn their attention back to basic expansion and user experience improvements, paving the way for greater acceptance by traditional financial institutions and the eventual revitalization of the industry in 2024.

Erina Azmi

2023 年的四个加密预测。首先，Web3 上的社交生态系统预计将经历快速增长，因此在它们被其他人使用之前保护您最喜欢的名称和域名。一些平台可能会引入 Token 来增强用户体验。

Second, as the regulatory framework around cryptocurrencies becomes more mature, the adoption rate of privacy coins is expected to increase, depending on whether they are seen as progressive or regressive policy.

Third, on-chain games are expected to spur the creation of new genres and revitalize the Web3 market. While the current offerings in the Web3 gaming space may lack innovation (e.g., the same old gameplay and experiences), on-chain games have the potential to attract forward-thinking game developers and drive change in the cryptocurrency and gaming industry.

Finally, keep an eye out for GHO and crvUSD as they may overtake DAI in terms of market cap. Such a shift could have big implications for investors and market participants.

Saurabh Deshpande

The correlation between TradFi and cryptocurrencies will remain high during a downturn because of the growing number of participants in both markets, but cryptocurrencies may bottom out before TradFi. Cryptocurrency prices have more or less held steady, even though stocks could slide again due to a worse than expected earnings cycle. A less hawkish Fed will benefit cryptocurrencies around the first half of 2023.

ETH 不会在 2023 年超越 BTC； 没有其他 L1 会超越 ETH。Arbitrum 和 Starknet 将推出 Token 并跻身前几名 L2（按 TVL）。L2 的总 TVL 将超过 200 亿美元。Solana 生态系统可能会复活。

Binance would gain legitimacy from regulators outside the United States. The DEX/CEX volume ratio is likely to grow to about 25%. OpenSea's market share will fall to about 25%. There will be 1-3 good blockchain-based games (basically games that players like) (playable).

As the account abstraction begins to take shape, Metamask will lose ground to projects like Phantom and Argent.

Rebecca Stevens

By 2023, we'll see Coinbase escape the powerful driver of the FTX crash and gain market share, but still second only to Binance. DEX volumes have also grown significantly, especially before any significant regulatory headwinds. We are unlikely to see anything very meaningful actually rolled out from the US side, but looming threats could still dampen things further this year. The concentration of trading volume in a few CEXs also drives the DEX centric narrative. While this has been historically true, the concerns brought about by FTX will allow it to gain traction as a DEX use case.

As traditional markets have become more accepting of cryptocurrencies, we have seen the ratio of spot to derivatives volumes decline throughout the year, but the risk of trading spot has kept people at bay. Throughout the year, trading volumes and positions in futures and options increased in terms of underlying assets, particularly on more traditional exchanges such as Cmes.

Some of the more well-known brands and celebrities have experimented with NFT, thus attracting some retail users. However, most of these projects will not stick, and more meaningful adoption will come from projects developed by the Cryptographic native team. Well-thought-out projects will appeal to users who are already using cryptocurrencies, but the user experience needs to be excellent and possibly minimize the crypto aspect (such as Reddit NFT) to see retail users explode.

Edvinas Rupkus

The first half of 2023 will not be too volatile, as the effects of FTX will start to spread, forcing some funds to close or restructure. It will also bring a stricter tone to western cryptocurrency legislation; But no major bill will pass.

The main narrative in 2023 will shift to ETH L2 extension solutions. Specifically, one of them attracts a large market share, while the other has major technical shortcomings. However, the effectiveness of L2 applications has not yet been tested, as ETH will be able to handle all of its traffic easily.

Non-btc /ETH chains will continue to lose relevance as markets remain "safe havens" due to global political instability and inflation. That said, I expect both aspects of the story to show signs of life by the second half or end of 2023, leading to a more "exciting" crypto market as customer risk appetite increases.

将会有期待已久的 NFT 游戏，以及其他颇具创新性的 SocialFi 应用进入市场。然而，节俭的宏观时机将使这些项目经历「拉高出货」的情况，不幸的是，应用程序的吸引力仍然受到其基础 Token 价格行为的严重影响。

Afif Bandak

The appchain theory has been strengthened with the release of more applications as Cosmos and Ethereum L2 chains. The ZK chain scales up and starts to gain some traction. Rollups has made significant technical improvements in scalability and performance, but the collator is still centralized.

proto-danksharding and pledged ETH withdrawals will not become realized in 2023.

Macro headwinds persisted but abated in the second half. The industry shakeout continues as funding and momentum for many projects runs out. Coinbase stock COIN outperforms most cryptocurrencies. BTC outperforms most of its peers in 2023; Gold may have a tailwind.

The regulatory response to last year's events brought turbulence, but clarity ultimately tilted bullish as productive dialogue took place. On-chain exchanges have filled the void left by FTX. New institutional players are re-promoting Stablecoin/payouts.

Arnold Toh

Ethereum's market cap will surpass Bitcoin's in 2023 due to increased adoption of Layer 2 and demand for Ethereum's disinflationary model. This can happen even if both ETH and BTC prices fall.

The L2 ecosystem will see growth, led by potential airdrops from Arbitrum, StarkNet, and zkSync. Polygon may also see some relevance in TVL growth, depending on the success of its zkEVM efforts.

GameFi and P2E will phase out games that have practical use cases for blockchain technology. Possible contenders are trading card games, particularly Gods Unchained and its potential mobile version, or Parallel Alpha, which has released a lot of content around its game and its lore.

SocialFi will have a pump-and-dump hype cycle, and agreements will emerge that provide a decentralized alternative to today's existing social media frameworks. Notable deals include Lens and Farcaster, although some much-hyped deals such as So-Col could also end up being strong contenders.

Jae Oh Song

As a result of recent market events, regulators will strengthen their supervision of centralized entities. This may lead to a continued preference for clients to keep their assets in their own custody until sufficient credibility has been re-established. This trend is likely to facilitate the development of existing decentralized exchanges, such as dYdX and Uniswap. The government may develop regulatory plans for these decentralized entities; However, this attempt will not have an immediate impact because of the lengthy regulatory process and consensus.

Web 3.0 社交网络协议（例如 Lens Protocol、Bluesky Social）将进一步发展，以从现有社交网络服务中获取市场份额。最初，用户将根据对潜在 Token 空投的投机参与这些协议，这可能要到 2023 年第四季度或之后才会发生。这些协议必须开发额外的加密友好功能，以吸引非加密本地人群，因为用户非常愿意转向其他平台。

The options market is likely to see growth due to increased demand to hedge crypto risk in uncertain market conditions. In addition to institutional demand, we are likely to see increased retail demand in the options market as asset volatility decreases. The existing option vault agreement may develop other option strategy vaults in response to retail demand.

Hiroki Kotabe

L2 不断获得关注。Arbitrum 将推出其 Token ，其排名将超过 Optimism 的 Token ，并跑赢整个加密货币市场。L2 的 TVL 通常会增加（至少在 ETH 价值方面），ZK rollups 在相对增长方面优于 optimistic rollups。StarkNet 和 zkSync 等主要 ZK rollups 也将推出 / 出售他们的 Token ，这也将跑赢整体市场。Polygon 将通过关联从所有这些中受益。

People will have more faith in the scalability of Ethereum with L2 technology, which also improves the user experience by making transactions cheaper and faster. Ethereum dapps that integrate L2 technology will see their user base and activity grow. While this may put upward pressure on ETH prices (and away from other L1s), a structural shift in activity from Ethereum to various capacity solutions may put downward pressure on ETH prices (and towards capacity solutions). That is, additional attention to scaling solutions may be accompanied by bad actors who exploit current design weaknesses (e.g., rollup collator centralization), which will hinder their progress.

其他一些预测：以太坊将推迟到 2024 年推出分片，今年将重点关注 MEV 问题。Celestia 推出其 Token ，模块化成为一个热门（更热）的话题。Wintermute 推出了一个衍生品交易所，将客户资金的存储外包给可信赖的保管人。

Hayden Booms

BTC will bottom below $12,000 in the first quarter of 2023 as public sentiment begins to worry about the Fed tightening economic policy too much and the 4-year market cycle continues despite persistent macroeconomic concerns. BTC lows will be retested later in the cycle, with prices retracting at least 75%.

The Ethereum Shanghai upgrade, which enables users to unlock their pledged ETH, will be delayed until the fourth quarter of 2023 and will be sold as a liquidity event by rumor. With the pledged ETH unlocked, public sentiment will worry about ETH selling, causing ETH prices to fall during the Shanghai upgrade. However, after the Shanghai upgrade, ETH prices will start to trend upward as there is no longer any concern of further selling pressure. This liquidity event will mark ETH's retest of the bottom of the cycle.

Fidelity's timely launch of BTC and ETH transactions for retail customers in Q4 2022 will enhance consumer confidence and help Fidelity capture a significant percentage of U.S. BTC and ETH transactions in 2023. Retail investors have seen Bitcoin perform for two cycles, but people who are already not involved in the cryptocurrency market will eventually feel comfortable enough to invest in cryptocurrencies on Fidelity's platform. Gen X investors will feel reassured about their financial security through Fidelity's reputation and enjoy the same simple user interface they are used to managing their legacy portfolios without the anxiety of self-hosting. Fidelity will also enable BTC and ETH withdrawals in the second half of 2023.

Arbitrum Odyssey 的重新启动和 Arbitrum Token 的空投将开启另一个「空投季节」，因为许多一直在等待通过熊市空投其 Token 的项目将最终继续他们被推迟太久的计划。最著名的空投将是 Arbitrum、Celestia、LayerZero、StarkNet、zkSync 和 nftperp。

CoinGecko is starting to allow users to buy airdrop allocations for projects they work with in 2022, such as Access Protocol. CoinGecko will continue to allow users to purchase small airdrop allocations for various projects they work with through 2023. This will cause CoinMarketCap to follow suit and offer airdrop allocations to users who collect CoinMarketCap diamonds. Given that all users must pay attention to and participate in these reward programs, these small distributions will ultimately pay out relatively handily to candy and diamond collectors.

Carlos Guzman

The overall cryptocurrency price level will continue to depend primarily on macro conditions and will continue to be correlated with other risk assets. A potentially weak earnings season could push stocks lower, and cryptocurrencies could follow suit amid recession fears. Crypto-specific market conditions will also put downward pressure on prices throughout the first half of 2023, as bearish sentiment prevails and credit contagion from the FTX/Alameda crash spreads through the ecosystem. On the other hand, if inflation starts to fall in the second half of the year, we could see cryptocurrency prices rise sharply.

Given the more difficult funding environment and lack of product market fit, a significant number of projects funded during the market boom in 2020 and 2021 are likely to close. However, as well-capitalized venture capital funds continue to be deployed, we will continue to see high-quality projects funded. Overall private finance levels in 2023 will be lower than in 2021 and 2022, but higher than in 2020 and previous years.

Driven by global inflation and its particularly pernicious effects on weaker currencies, we are likely to see substantial demand for and adoption of dollar-pegged stablecoins worldwide, especially in developing countries. Programs that offer easy-to-use savings products that allow individuals to buy legal stablecoins should be widely adopted.

Congress is likely to be more aggressive, swift and stringent in passing crypto-related regulations than in previous years, which could result in regulations that are much less industry-friendly than expected.

Driven by shrinking issuance, fee burning and the "ultra-sound money" narrative, ETH is set to overtake BTC in market capitalisation dominance. However, ETH will not flip BTC in 2023. ETH will begin to gain an enhanced "monetary" and currency premium, partly by becoming a de facto reserve asset in L2. Rumors of "ETH killer" will die down in 2023, and L2 competition will be the main focus of attention.

Optimistic rollup will see more users and deals as activity continues to migrate there and away from EVM-compatible L1. The ZK rollups will be slow to gain adoption, but zkEVM will start to gain momentum in the second half of this year as it starts using popular apps. An application-specific rollup running as L2 or L3 will challenge the L1 application chain and will be of concern to institutional participants interested in deploying their own blockchain.

2023 will mark the beginning of a Cambrian explosion of ZK-related apps in terms of privacy, identity, and bridging. As privacy-related applications come under regulatory scrutiny, the industry as a whole will focus on developing reliable forms of zk compliance.

We will see substantial growth in the "real world assets" (RWA) segment of DeFi throughout the year. With crypto native DeFi yields still depressed by falling prices, declining interest in liquidity mining and the demise of large market makers, RWA would be an attractive source of yield given the high interest rate environment for traditional fixed income assets.

Thomas Bialek

Driven by accelerated adoption by traditional brands, more people will join NFT in 2023 than in all previous years combined. To that end, NFT will disguise itself as a seamlessly integrated digital collectible to overcome the technology's image crisis.

Despite the increasing adoption rate of NFT, major bull markets will not materialize, even if individual sub-industries will experience isolated revivals. The art of dynamic encryption in particular will flourish as artists create more and more works of art that would not be possible without the unique properties of blockchain technology.

The Holy grail of generative art will decouple from the rest of the NFT market in terms of price performance. In the blue-chip PFP sector, many of the remaining survivors will disappear, and market power is increasingly monopolized.

As the gaming landscape accelerates and the convergence of games and NFT, the gaming vertical will accelerate again as new stories are fleshing out, thereby reigniting interest.

NFT 项目和市场将探索吸引和留住用户的新系统，因为千篇一律的 Token 激励的短暂性变得显而易见。正在进行的关于创作者版税的战争将引发大量关于 NFT 项目新（和旧）收入流的实验。

NFT Native Brands will expand their efforts by facilitating more brand activation in the physical world to bridge the gap between the physical and digital realms. The web3 social sphere will reach its critical mass and gain wider adoption.

Mohamed Ayadi

With the US entering a mild recession and Europe experiencing an even deeper one, the winter for cryptocurrencies (and traditional markets) will last until the first half of 2023.

Until one of the larger exchanges is properly audited by a major auditing firm, fear and uncertainty around cryptocurrencies on centralized exchanges will remain high. This will lead to continued adoption of DEX and Perpetual l/option protocols (e.g. GMX), with new protocols introducing innovative features. However, trading futures in DeFi will always be a matter for "advanced" users.

In the second half of 2023, Ethereum L2 will compete for market share with the launch of L2 zk-rollups. This draws attention away from Ethereum, especially ETHER, which will cause Ethereum to lose value compared to Bitcoin (ETH/BTC pair), especially if it is close to unlocking the pledged ETH.

L2 的战斗将随着 Arbitrum Token 的发布和许多吸引用户采用的新事件而升温，并最终揭示一些 L2 在开发方面如何比其他的遥遥领先，尤其是在去中心化方面。这将是决定市场份额之战获胜者的关键因素（至少在中心化的 layer-2 更加关注去中心化之前）。从这个时候开始，业界就会意识到，未来一定是多链，有多个 L2，甚至 L3，未来任何 L1 的上线都不会被采用。

In the second half of 2023, markets will begin to recover of some sort, inflation will fall sharply (though not close to 2%), and the Fed will pause and decide to keep rates at around 5% until 2024.

As U.S. courts do not hesitate to pursue encryption-related crimes, there will be more crackdowns on DeFi crimes. This ultimately benefits the industry as a whole and leads to a reduction in DEFI-related activity. In the long run, however, this will come at the cost of tighter regulation and less privacy. New privacy-related projects will emerge in the second half of 2023, designed to demonstrate to regulators that Crypto OG is willing to push back against strict or unfair regulations and censorship regimes and measures that significantly reduce privacy.

By the end of the year, the SEC will file another litigation case against another popular crypto program, such as XRP, and require undecentralized programs to register as securities so they can be traded on U.S. exchanges. This leads the protocol to do its best and be creative in achieving higher levels of decentralization. However, the SEC still doesn't know which items are securities and which are commodities.

Last but not least, by the end of the year, there will be new use cases for NFT and more traditional brands will continue to join the NFT game. Polygon will benefit the most from this and end up among the TOP 10 projects by market cap. However, the focus will be more on the NFT as part of the overall ecosystem, rather than the ecosystem established after the launch of the NFT series.

Michael McNelly

There are a number of factors holding back widespread adoption and interest in cryptocurrencies. With LUNA's collapse and FTX's bankruptcy, the reputation of the entire cryptocurrency market has taken a huge hit. On top of this, global macroeconomic conditions have been tightening in response to excessive levels of inflation. These situations cannot be resolved quickly. The time it will take to restore confidence in the cryptocurrency market is uncertain, but those responsible for theft, fraud and hacking need to be brought to justice and regulations put in place to prevent such incidents from happening again.

That being said, I do believe we will see continued innovation in the industry in terms of scaling, NFT, user experience, hosting, and other unique use cases. Ethereum rollup, particularly Polygon, Arbitrum, StarkNet, and Optimism, has seen continued use with the launch of new innovative products and solutions. These platforms will host DApps with new user-friendly improvements and simple user experiences. A recent example is the rise of GMX, the popular Arbitrum trading platform. In addition to incremental improvements at DeFi, agency adoption will continue to focus on data management. Many companies like Home Depot, Walmart, and Coca-Cola have been experimenting with using blockchain to accurately track their supply chains. This is only going to get stronger over time.

The energy sector in particular is and will be a hotbed of further experimentation and adoption. Players like GM are intrigued by the concept of virtual power plants that use blockchain to track and manage power grids, especially green energy. This has led to the creation of a peer-to-peer energy market, in which everyone is both an energy supplier and a consumer. The concept is still in the early stages of development. However, some pilot projects have been successfully launched in smaller cities. Combining electric vehicles with solar power will usher in a new era of energy management and supply, with every home becoming a power plant with batteries connected to the grid.

At the same time, oil and gas companies like ExxonMobil are repurporting natural gas to generate electricity to power bitcoin mining equipment. This further bolsters the argument that Bitcoin is backed by energy itself, giving it more perceived value. As resources become more limited in our ever-consuming society, the energy and resources used to mine Bitcoins will be increasingly respected. So as projects like this continue, confidence in Bitcoin as a currency will rise over time.

All in all, I believe we will not see a bull market in 2023, but rather institutional experimentation and adoption using private blockchains for internal infrastructure purposes. DeFi will proceed steadily and NFT will be implemented more creatively while keeping regulatory pressure in check. Regardless of any innovation, I don't see any surge in activity or adoption until regulatory clarity and confidence is re-injected into the market.

Marcel Bluhm

Privacy will be a big topic. Full privacy coins will have a tough time because of regulatory scrutiny. But solutions like zk.money, which explore the middle ground between privacy, censorship resistance and regulatory realities, may find products that fit the market.

The United States will introduce a national legal framework for Stablecoin. If carefully designed, this will result in a substantial increase in the market value of stablecoins over time and perpetuate the dollarization of the digital asset space. Globally, some CBDCS are likely to become available. But unless they work on public railways or encourage their use, they will only see limited adoption.

Blockchain will become more "mobile" : Most use cases (and many blockchain users) are in developing countries, which largely use mobile access in their daily lives.

In relation to the market, cryptocurrencies will continue to trade sideways/lower unless the central banks reverse course.

Jason Michelson

随着美国和欧洲经济衰退的展开，2023 年上半年的市场状况仍基本看跌。疲软的收益可能会推动股市进一步下跌，加密市场也会跟随。在此期间，波动性将随着对数字资产的兴趣而降低，加密市场将大多横盘整理。在 FTX 的欺诈行为发生后，恢复公众对加密货币的信任需要数年时间，并且许多机构将继续与数字资产保持距离，直到公众忘记并且宏观经济状况改善并使风险资产更加对胃口。尽管如此，分布式账本技术提供更有效的价值转移和无需信任的金融轨道的价值主张仍然存在。一些将继续试验机构用例，例如 Project Guardian，这是新加坡金融管理局与摩根大通和汇丰银行等公司合作创建的一项举措，旨在进一步推进资产 Token 化和机构级 DeFi 协议。这个领域的新用例将继续出现。

ETH will not replace BTC in 2023, but will make significant progress in terms of market capitalization. Most existing EVM-incompatible L1 will underperform compared to ETH and begin to fade slowly in terms of thought share. With the introduction of Polygon zkEVM and its continued product marketability in retail and asset markup use cases, Polygon may be an exception. Cross-subnet communication via Avalanche Warp Messaging will make bridging between subnets more efficient and may drive more projects and developers to try using Avalanche. GMX will continue to grow, but as long as it continues to provide minimal spread and price impact on transactions, it will eventually be utilized again. The general decline in trust in centralized trading venues among crypto natives will also continue to drive traffic and volume in decentralized options/perpetuals agreements.

与 2020 年和 2021 年相比，融资将大幅减少，但有部署授权的风险投资基金将继续这样做。在下一个牛市周期中，将会出现一批新的项目和 Token ，以超越现有的项目和 Token 。像 Celestia 这样的模块化区块链将受到越来越多的关注，并且可能会胜过上一个周期的替代单体区块链。Arbitrum 可能会在 2023 年上半年或下半年发布 Token ，这可能会导致其生态系统内的 Token 出现迷你山寨币季节。锁定在以太坊 L2 中的总价值将在非以太坊 L1 的 TVL 上获得显着优势，甚至可能超过它。zk-rollup 技术将取得重大进展，但大多数不会在 2023 年推出或看到显着的牵引力。

Atharv Deshpande

With cryptocurrency market capitalization hovering between $0.65 trillion and $1 trillion, the bearish market structure will create more uncertainty for users over the next three quarters. More companies will become insolvent and more bad actors will be weeded out. The collapse of cryptocurrency exchange FTX and the FUD surrounding Binance have sparked more demand for better regulation, but we're unlikely to see any breakthroughs. However, the decline of centralized entities and the drawbacks of centralized power in 2022 will increase DEX adoption more than ever before.

ETH 市值将更接近 BTC，但不会立即翻转。随着 Starknet 和 Arbitrum 的推出，L2 的采用率将增加，越来越多的 NFT 游戏项目将桥接到 L2。Polygon 将继续与非加密传统品牌建立合作伙伴关系，并加强其在 NFT 领域的地位。这些合作伙伴关系引起的用户入职将在整个行业引起连锁反应，因为我们将观察到与往年相比最高的 NFT 用户采用率和交易量。大多数靠 P2E 的游戏将逐渐消失，因为我们不再处于「只玩」市场阶段，更重要的是，缺乏「娱乐」元素。去中心化的社交网络将会增长，并且来自该类别的协议原生 Token 将比其他阻碍交易所的去中心化实体表现更好。

Given that fundraising activity is often a lagging indicator of the sector's health, venture capital will slow in the first three quarters in response to events in the second half of 2022. Infrastructure and cryptocurrency financial services companies were the least affected by the pullback.

Ian Devendorf

去中心化身份解决方案的重要性将继续增长，因为它们为自主身份建立基础设施，并在监管清晰度确立后实现机构资本的合规入职。随着市场等待更明确的监管指导，市场份额将继续集中在优先考虑透明度并拥有良好业绩记录的现有企业，这让新进入者难以应对。在中心化交易所能够提供由第三方一致审计的可靠储备证明，并且几乎不依赖交易所 Token 作为抵押品之前，更大比例的用户将倾向于自我托管。随着 Optimistic 和零知识 rollup 开始扩展功能，与 EVM 兼容的链将继续主导 TVL。

Dipankar Dutta

到 2023 年，我们将看到人们对保护隐私和增强抗审查性的区块链技术重新产生兴趣。其他一般预测包括以太坊质押 Token 提取将在 2023 年下半年启用，并且 2023 年将没有现货比特币 ETF。此外，更多的监管挑战将是由美国证券交易委员会发起，将 Token 标记为证券，以便在 2024 年或之后制定判例法。美国国会还将出台更多立法法案，其中一些法案无疑将考验加密社区的团结、游说努力和决心。

The healthy adoption of L2 and side-chain-based scaling solutions will continue until 2023 - alleviating issues related to the scarcity of block space, but also potentially revealing issues related to its complexity and (general) lack of decentralization. User adoption and investment patterns in the blockchain ecosystem will also meaningfully shift toward the innovative applications built on top of it, rather than the technical merits of the underlying Layer 1 blockchain (e.g., TPS, finalization time, etc.). Monetization platforms will be an important vertical. Application-specific blockchains and interoperable ecosystems will continue to emerge in development activities (e.g. Cosmos, etc.)

The app-centric growth of the ecosystem will mean that the L1 Foundation and the Ecosystem Growth Fund will cater more to the needs of app developers, so they build specific blockchain ecosystems rather than their competitors.

Edvin Memet

DeFi TVL, standardized by total cryptocurrency market cap, grew at least 50 percent from the beginning of the year to the end of the year. ETH will end the year with another net deflation (the second half will make up for still sluggish activity in the first half), reinforcing the "super-sound money" narrative and increasingly eating into BTC's market dominance (although not yet reversing BTC).

未来仍然是多链的，因此备受诟病的 Solana 开始稳步缩减至前 13 名。第 4 季度将至少推出一个 L2 Token 。与 2022 年相比，与跨链桥相关的攻击损失的总金额将大幅下降，不会超过 5 亿美元。

With the rise of new use cases, the re-emergence of old use cases, and the continued slow improvement in user experience, NFT transactions will increase at least fourfold from the beginning of the year to the end of the year. Twitter's departure will see more brands turn their attention to metacomes and web3 customer loyalty programs. Web3 social networks are gaining in popularity. The meta-universe becomes more interconnected/easier to navigate, and land prices increase at least 2-3 times.

Incentive schemes to attract more loyal capital/users will increasingly be explored and adopted by quality builders - in DeFi and GameFi - consciously moving away from the highly reflexive character of inflation rewards towards slower, more organic growth. At least one blockchain game will once again reach 400,000 monthly active users (MAUs), but won't surpass its peak Axie MAUs (2.8 million) until 2024.

A DAO will make a sale for more than $100 million, possibly buying a third-tier team. Venture capital will continue to flow in at a respectable rate; Capital will be less than in 2021 or 2022, but it will still reach the $15 billion mark. The GBTC discount will narrow sharply to no more than 15 per cent by year end.

Florence Kuria

Adoption of Ethereum L2 solutions aimed at addressing Ethereum scalability issues, such as Optimism, will continue to increase steadily through 2023. We are also likely to see fewer interest rate hikes and lower inflation. This could lead to increased interest in risky assets such as cryptocurrencies and a return of retail investors to the sector.

As investor confidence in CEX continues to decline, decentralized exchanges such as DYDX will begin to outperform centralized exchanges. We may also see DeFi agreements backed by real assets becoming more popular among investors.

Jaiden Percheson

2023 will continue to be another challenging year for market participants. Because of current macroeconomic conditions, we are unlikely to get a significant influx of new market participants this year, so it is difficult to find volatility across the crypto space. The market will continue to be volatile this year, short-term volatility, and bitcoin will not make any new highs. Bitcoin and Ethereum will continue to gain overall dominance as market participants sell their other holdings and seek to return to "value." NFT will continue to be one of the leaders in overall adoption by traditional companies, as total trading volume multiplies throughout the year as people look for volatility in the cryptocurrency space. As the sector continues to gain legitimacy among market participants, the bulk of this year's NFT volumes will be in a handful of projects.

全年将有少数 Token 表现优于 ETH 和 BTC。我相信 Binance 将继续增加其在该领域的交易所主导地位，而 BNB 将在全年继续保持强势。Arbitrum 将于 2023 年年中推出其 Token ，这也将是市场表现突出的领域之一。 Token 的发布将推动基于 Arbitrum 构建的 dApp 的猜测，并且持续时间将比大多数人认为该链的 TVL 将超过 40 亿美元的时间更长。Shibarium 将在 2023 年第二季度的某个时候推出其链，并将超过 Dogechain 的数量并吸引更多的市场参与者。

将对 DeFi、NFT 和其他特定于加密货币的应用程序采取进一步的监管行动。此外，有关当局将对有影响力的人（和其他特定于加密货币的参与者）进行进一步的逮捕和指控。尽管我预计监管会加强，但如果监管行动在 2023 年获得显着牵引力，我预计今年除了 Monero 和其他相关隐私 Token 的小部分表现出色外，不会出现重大的隐私问题。

Imran Khan

With the launch of many new DeFi + privacy projects, construction activity on ZK rollups such as Starknet and Aztec will increase, while DeFi's TVL as a whole remains low as yields remain unattractive compared to yields elsewhere.

Web3 applications built for mobile devices will improve upon current UX. USDC will also allow the creation of Cash App-style applications where encryption integration is more subtle.

随着加息步伐放缓，我们将看到风险偏好情绪，加密市场将迎来属于自己的时代。然而，我认为这一次，随着市场变得更加以价值为导向， Token 数量将显着减少。

Zak Abdi

2023 digital asset markets overall bearish; It will always be subject to macro policy constraints, and it makes no sense to buy risky and complex assets at relatively high risk-free returns.

作为治理权的 DeFi Token 将继续下跌，尽管 DeFi 与现实世界资产 (RWA) 的叙述将获得牵引力，因为大多数 DeFi 是循环的，市场参与者开始接受这一点。尽管如此，像 Centrifuge 这样的网络不会受到欢迎，因为剩余的资源集中在像以太坊这样更杰出的网络上； 将 RWA 引入以太坊的 Aave 或 Maker 等协议将从中受益。

Binance will face a lot of challenges and scrutiny, but it will be fine. NFT volumes will remain low. BTC will retain its dominant position.

Brandon Kae

The market will remain bearish and is unlikely to return to ATH until the Fed turns real. Most market participants will initially oppose a pronounced bear market rally, pushing it above expectations (but still far from ATH) until it reaches "mini high" levels before more downward pain or lateral boredom.

Most L1s will not recover to their peak in terms of valuation, TVL or usage, and 90% of new L1s launched will be DOAs. Optimistic rollups will continue to thrive, while the zk-rollups will remain relatively subdued until at least the second half of 2023. L3 will take some attention away from the Cosmos application chain. Validation is starting to get more attention.

ETH does not reverse the BTC. CBDC test/trial begins.

Shamel Tejani

美联储在年底附近转向导致比特币形成低点，开始复苏过程。大多数 NFT 项目和币随着流动性的进一步枯竭而继续流失，因为人们意识到一个好的项目并不意味着 Token 的良好价值增长。以太坊在市值上翻转比特币，尽管时间很短。由于 FTX 和 3AC 的影响蔓延，更多的法规被提出，更多的加密货币公司进行大规模裁员和 / 或倒闭。某些具有强烈叙述性的 Token 会在其行业内引起回声泡沫，可能是 AI 和 Game-Fi。我们在以太坊上看到了一个新的 NFT 项目，可以与 Bored Apes 和 Punks 争夺榜首。一个新的区块链驱动的体育博彩平台，具有良好的交易量、低佣金和经过审计的智能合约，占据了很大一部分市场份额。

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