The rollercoaster that was 2022 has come to a close. Although defined mainly by the negative news surrounding collapses and crashes, blockchain continued moving forward, growing and evolving. So, as the new year begins, what advancements could help drive a renewed bull market in 2023?
The market leaders
Bitcoin has managed to achieve new levels of development and growth. For example, the Bitcoin Lightning Network, an off-chain scaling solution, boomed after a surge in application development and network support. Additionally, El Salvador deepened its country-wide adoption of the world’s most popular cryptocurrency.
Despite the turbulence in 2022, Bitcoin pushed on, and its growing ecosystem will likely continue to evolve in 2023. Combining Bitcoin’s progress in ease of use and broader acceptance and people turning to crypto as an alternative during economic uncertainty, the future of bitcoin remains bright.
On the Ethereum side, the Merge opened new doors for passive earning on a massive scale. Suppose staking withdrawals are enabled on schedule in 2023. In that case, it could bring in new investors who are currently unwilling to lock up their assets indefinitely. Further, some models put 2023 as the year that ETH could become a deflationary asset, squeezing supply and increasing scarcity.
Decentralized technologies prove resiliency
NFTs experienced a surge in total users worldwide, growing by over 800%, according to some sources. Meanwhile, traders and collectors continued to exchange and mint new and existing collections, exceeding the levels of 2021. Alongside the non-fungible space, GameFi is another area that ballooned this past year, with blockchain games accounting for significant proportions of the total activity in the decentralized application space.
The hugely diverse decentralized finance ecosystem has proven to be a foundational platform for the most promising innovations that will help further adoption going into 2023. The strength of relatively young technologies, such as NFTs and GameFi, during the 2022 bear market shows the potential that could be unleashed again in the new year.
We are heading toward Web3
The 2022 bear market has proven that development continues despite the massive hurdles. As decentralized technologies continue to improve, tools become easier to use, and new use cases are uncovered, we get closer and closer to an internet powered by Web3 technologies integrated into everyday life.
The promising benefits of accessibility, autonomy, and freedom that the concept of Web3 promises is what has pushed Gate.io to accelerate development in the area of decentralized technologies. More than just a crypto exchange, Gate.io is building a decentralized infrastructure that will support core use cases needed for a decentralized world.
Gate.io’s emerging all-rounded Web3 ecosystem includes the security-oriented public blockchain GateChain, supporting trading through GateDeFi and NFTs on GateNFT, and integration into the self-custody wallet Wallet.io and the GatePay digital payments service. Additionally, GateLearn is building pathways for crypto and blockchain education, giving users the knowledge needed to navigate the impending decentralization of the web.
Overall, Gate.io’s Web3 ecosystem is just starting with a foundation of decentralized applications and services to build upon down the road, preparing for further development and innovation in 2023 that will help realize a blockchain-integrated world.