Throughout 2023, Ethereum demonstrated remarkable resilience and innovation, navigating through a challenging bear market with notable achievements! At the end of 2022, the crypto world was grappling with the collapse of FTX and market sentiment was extremely grim. Today, the industry is buzzing with excitement and positivity from crypto users and builders alike. With over 33% increate in TVL and a $20 billion in stablecoin influx, the robustness of the network was sedimented. In addition, the staked ETH supply saw an impressive 82.6% increase with nearly 25% of ALL Ether supply being staked, a growth that is shaping up to be crucial to Ethereum’s future, foundational to further network security and decentralisation!
The L2 scene is ever so flourishing with the number of new rollups more than doubling to 23 live networks amassing a combined TVL of nearly $21 billion! This growth was not just in numbers - the active addresses on these L2s surged dramatically, at times even surpassing the total addresses on Ethereum itself, a clear sign of this infrastructure adoption, underscoring its reliance, efficiency and scalability!
This expansion in L2 adoption, the dominance of DeFi network’s gas usage, and the rise in ETH staking collectively set the stage for what could be a year of significant growth and positive outlook for 2024.
The 2023 journey paints a picture of a robustness and an ever evolving platform poised for future advancements and increased adoption in the broader crypto ecosystem!
Total Crypto Market Cap: $1.773T (+16.64%)
DeFi TVL: $57.18B (+9.25%)
Stablecoins: $133.39B (+3.60%)
Every couple of years, a fresh trend emerges that reshapes the conversation surrounding crypto. Initially, back in 2017, the Initial Coin Offerings (ICOs) was what dominated the scene. Following that and in the midst of the bear market, the spotlight shifted to Decentralised Finance (DeFi), and most recently, Non-Fungible Tokens (NFTs) have captured the public's imagination. Despite their differences, these trends share a common thread - they attract a new audience otherwise unfamiliar with the web3 ecosystem.
Currently, there's growing enthusiasm about a new trend focusing particularly on “points”. What's even more intriguing is that these points exist on the blockchain. In what seems like a sudden shift, these on-chain points have become a pivotal topic in the crypto community where builders are increasingly adopting these points as a novel way to boost user engagement and retention!
Points are akin to familiar systems such as airline miles, credit card rewards, and various loyalty programs that are a common part of everyday life for many people but here, they serve as tools for teams to promote certain user’ behaviours, effectively training them to engage in key activities that contribute to growth.