How TechCrunch+ adopted the roller-coaster crypto market in 2022 • TechCrunch


In 2022, the crypto group rose to new heights — after which it crashed. We famous this as early as June 2022, earlier than the FTX fiasco (which we’re utilizing because the catchall time period for the crash, alleged fraud, bankruptcy, congressional hearing, Sam Bankman-Fried‘s arrest in the Bahamas, the decision for his extradition, and so forth.).

Nonetheless, this isn’t imagined to be an article chronicling FTX’s downfall from the past year — it’s a recap of our 2022 crypto protection, which may be seen as a Jacquelyn Melinek highlights reel with a function from Alex Wilhelm.

Right here’s a few of our prime 2022 crypto protection:

Terra community passes proposal to revive LUNA cryptocurrency following stablecoin-led implosion

In Might, LUNA nosedived, and the market adopted go well with. Terraform Labs founder Do Kwon shared a plan to revive the Terra Ecosystem, together with the formation of a brand new blockchain. Jacquelyn famous: “The launch of LUNA 2.0 will likely be a take a look at of whether or not the group is as sturdy because it says it’s. However many are cautious of trusting Kwon and the Terra crew once more after the LUNA and UST downfall.”

Ethereum drops more than 17% after ‘way overhyped’ Merge

In early to mid-September, whispers of “the Merge” had been in all places we turned an ear. A fast refresher: The Merge was a extremely anticipated occasion the place Ethereum shifted from proof-of-work to proof-of-stake. It could have been overhyped.

Blue-chip NFT owners explore alternative uses as sales decline

Throughout the newest crypto bull market, the NFT subsector additionally rose to new heights. As NFT gross sales slowed, blue-chip NFT holders started searching for new methods to revenue. For the uninitiated: The time period “blue-chip NFTs” derives from “blue-chip shares,” which frequently consult with probably the most beneficial corporations available on the market. On this case, they’re probably the most fascinating or high-value NFTs. What are they value amid crypto winter?

Terra’s UST crash will make life harder for crypto as regulation looms

In Might 2022, Terra UST crashed, which led to a push for crypto regulation. “UST is an algorithmic stablecoin primarily backed by its sister cryptocurrency, LUNA, however was additionally backed by bitcoin. Founder Do Kwon beforehand informed TechCrunch that plans had been in place to again it with different cryptocurrencies over time. It’s unclear if that highway map continues to be in place for UST because it tries to get better from its downfall,” Jacquelyn wrote. To regain the belief of merchants and holders, the following transfer can be regulation … proper?

Making sense of OpenSea at a $13B valuation

In the beginning of 2022, OpenSea raised a $300 million round at a $13.3 billion valuation. Alex did a deep dive to determine how the brand new (in January 2022) OpenSea valuation squared up with its revenues. You possibly can comply with together with Alex’s assortment of information and computations to find out whether or not the corporate is underpriced or overpriced.





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