The year 2022 was one of the most turbulent for all financial markets. In addition to the continued hikes in interest rates by the US Federal Reserve, central banks around the world began to follow the example of what was happening in the US, raising their own rates to try to slow down inflation and reduce economic volatility.

The rapid expansion of the cryptocurrency market also brought new horizons to TruBit: the name change from Mexo to TruBit, the launch of the TruBit app, support for buying and selling by credit/debit card, the introduction of our Reward Center, etc. NFT Development company As we head into 2023, the TruBit team reviewed some of the most notable market events of the past year and provided insight into what to expect in the coming year.

ETH 2.0 The ‘The Merge’ upgrade is the long-awaited migration of Ethereum from its current “Proof-of-work” mechanism to a “Proof-of-stake” system. The merger actually occurs through a two-step process, which has been dubbed ‘the Bellatrix & Paris updates’.

NFTs. NFTs have become an integral part of the crypto world, and now NFT has evolved from a pure PFP project to a much more advanced one, combining gaming and meta-universe, all to form a new NFT+ decentralized funding model.

Regulations :

Faced with the plummeting prices of digital assets that the bankruptcy of FTX is causing, the sector itself is trying to find solutions, even acknowledging the need for regulatory formulas. Regulations are going to be the name of the game in 2023. With this context, I believe that it will no longer even be optional whether or not the regulator should take intervention measures in the industry.

From the very beginning, we have prioritized the security of our clients’ assets, as all user funds stored in Trubit & Trubit Pro are held 1:1 and are available for withdrawal at any time. We have never refused nor will we refuse on that point. As the crypto ecosystem emerges from infancy to adolescence, we are more confident that it will continue to be the central pillar of how we run our exchange business.

In the year 2022, the industry exposed many problems with Centralized Finance (CeFi). This will set the cryptocurrency industry back for some time. We will definitely expect more regulations in the crypto market and we believe that this is not a bad thing as it will bring a healthier environment for users in the long run.

Layer2 . The biggest event in Layer2 in 2022 was the issuance of OP by the main Optimistic Rollup protocol, Optimism, driving growth along with the Layer2 segment against general market conditions. The total number of Optimism addresses increased by 7%, from 327,000 to 350,000.

GameFi . With 1 million active users and 4.72 million registered users with up to $122.5 million in earnings in a quarter, STEPN was one of the most notable projects of GameFi and Play To Earn. But STEPN eventually bottlenecked, and fell into a death spiral, burying the Play to Earn boom in 2022.

Multiple chain : Cosmos, Polkadot, BNB Chain, Avalanche and Octopus are currently on the network, with Polygon possibly joining the multi-chain in the future as well. This trend is inevitable. NFT Development services All of these blockchains can provide established modularization tools for their subnets/zones/parallel chains, but they differ in terms of shared security and cross-chain capability.

The advantages of a multi-chain network are:

Cross-Chain security, fast confirmation and greater composability;
Each sub chain performs specialized execution and application, forming a Dapp-specific chain that provides unbiased performance.
Therefore, Multi Chain is an open source blockchain platform that allows users to build and deploy private blockchain applications that work within or between companies.

Metaverse :The Internet is currently an oligopoly. Most of the social media giants make huge profits by monopolizing user data. They can also change the rules of the game at any time, which denies the original spirit of the Internet, where transparency and sharing were the main principles. When it comes to building Web 3.0 and developing a large-scale creator economy in the Metaverse, we need a new social infrastructure that incorporates the original elements of the Internet.

Outlook 2023 — Where are we going?
For the next 2023, where are we going? We listed a few things we should pay attention to in the coming year.

Crypto-native neobanks: Most banks do not seamlessly bridge the worlds of traditional banking and cryptocurrencies. In particular, many people living in LATAM find it difficult to even have their own bank accounts. Crypto-native banks should be able to allow users to manage their money seamlessly with the union of the traditional and the crypto world.

Cryptocurrency payments: Cryptocurrency payments naturally solve certain difficult scenarios in the global economy. Today, users still do not expect transparency and timely payment flows. We expect that in the next few years some new crypto-based creator monetization tools will break out, so we will see more cases of crypto-enabled payments.

Zero-Knowledge: We will see significant cases of adoption and use of Zero-Knowledge technology, which essentially uses testers, verifiers, and mathematical algorithms. Since blockchains are inherently transparent, ZK (Zero-Knowledge) technology can be very useful for blockchains, allowing for more on-chain interaction in a private way. It would be great to see more zk tests that fill in the gaps in the multidimensional space of these tradeoffs.

Real-World Assets: Cryptocurrencies symbolically represent Real World Assets (RWA) and will allow for a great deal of liquidity and utility. Stablecoins are by far the most popular application of RWA in crypto markets such as USDC and DAI, remaining blue-chip stablecoins with low volatility throughout the bear market. Therefore, 2023 will bring growth in Real World Assets applications such as loans and real estate transactions.