CoinW Spotlight Episode 9 | Following Your Heart and Looking Ahead: ‘Retrospection of the past and contemplation of the future’
The crypto market in 2022 experienced much turmoil and unrest, often characterized by the lamentable and dramatic black swan events that led to the evaporation of a market value of over $2 trillion. As 2023 commences, CoinW has invited 10 esteemed guests, including web3 Chinese community founder and inftnews.com founder — Zi Mu, Tigervcdao core builder — i y.eth, CoinW brand director — Christina Tong, Blockbeat editor-in-chief — Zhang Shouhao, AIGC CHAIN China business director — Vito, UtilityNet Asia-Pacific director — Vince, edenpunk labs founder — Guy T, and Asia Blockchain Industry Research Institute director — Chen Baifei, to discuss around the topic of ‘Retrospection of the past and contemplation of the future”.
Lack of regulation was the primary cause for the widespread market failure in 2022:
In the tumultuous year of 2022, investors suffered heavy losses due to the collapse of Luna, the de-pegging of UST Stablecoin, the internal explosion of Three Arrows Capital and the bankruptcy of FTX. Chen BaoHui, head of the Asian Blockchain Industry Research Institute, believes that the fundamental cause of these events is that the plethora of new concepts in the blockchain industry lacked solid underlying technology and intrinsic value. This, in turn, exacerbated the bursting of the blockchain bubble, leading to frequent collapses.
Vince, head of UtilityNet Asia Pacific, believes that the absence of regulation was the primary reason for the frequent crashes, and moderate regulation will become increasingly prevalent. Christina Tong, head of CoinW brand, further stated that regulation of cryptocurrencies is expected to gradually unfold in 2023, and the future of cryptocurrency will be inextricably linked to the state of regulations.
Zhang ShuHao, editor-in-chief of Blocklaw, commented on the experiences and urged the industry to learn to respect the market. Zimu, founder of web3 Chinese community and inftnews.com, added that everyone should be responsible for the security of their own assets, an optimistic attitude is also a must-have. Christina Tong, head of CoinW brand, remarked that although the frequent crashes and crises have hindered the development of the industry to some extent, they have also continuously incentivized the industry to move towards a better direction. After everything that has happened, crypto and DeFi may continue to grow vigorously, which would be a monumental change for the global.
Survival guide in the bear market
It is undeniable that the crypto industry has entered a new round of bear cycle in 2022. How can new projects survive and develop in such conditions? Vince, the UtilityNet Asia-Pacific Region Manager, believes that in order to survive a bear market, new projects should change the game rules, embrace decentralization, transparency, and risk control. Projects must have application scenarios, application value, and user consensus to build investors’ confidence.
Guy T, founder of edenpunk labs, also highlighted the importance of creating a long-term roadmap for projects, including the economic system and project ecosystems, to truly demonstrate the unique value of blockchain technology. This is key to surviving a bear market and capitalizing on the next bull market.
The crypto market is not expected to recover until 2024’s Bitcoin halving:
The ripple effect from the series of malignant industry incidents is still ongoing. The series of crashes, followed by tightened regulations, and a loss of user and investor confidence, has inevitably led to a pessimistic outlook for 2023. Regarding market development in 2023, iY.eth, co-founder of Tiger VC Dao, said that although there has always been small-scale market movements in Q1 of every year, the overall environment will remain unchanged. It is suggested that investors allocate a low proportion of leading tokens in different areas such as DEX/UNI/DYDX/exchange tokens.
AIGC CHAIN China Business Manager, Vito stated that a restorative market with an increase of 30–50% is expected to appear in the first half of 2023, and a next uptrend will form sometime between Q3 2023 to Q1 2024. He emphasized that AI and blockchain are highly related fields. In September, Sequoia released a report on the topic of generative AI and “a creative new world” they would bring. AI vertical fields are bursting at the moment.
For CoinW’s goals and plans in 2023, its brand manager Christina Tong stated that in 2023, CoinW will continuously carry out global activities based on compliant operations. Series of offline activities will be conducted in countries such as Turkey, Africa, Vietnam, India, Malaysia, Russia, South Korea, etc. At the same time, invitations will be sent to crypto industry builders, project teams, and industry institutions to join the CoinW Charity Alliance, donate materials, and spread the spirit of public welfare. It will hold a stray dog assistance event at the beginning of 2023, looking forward to the participation of all partners.
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About CoinWSpotlight
CoinW Spotlight is a crypto live interview column under CoinW Exchange focusing on the latest global blockchain trends. Together with world-class crypto projects, industry leaders, and technical experts, CoinW Spotlight explores hot topics in the crypto industry such as DeFi, publi c chains, NFTs, GameFi, etc. CoinWSpotlight sincerely invites quality projects, community leaders, and crypto KOLs to be guests on the show and to engage in dialogues about crypto and share insights.
