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Towards the end of 2020, after the Covid shock and in line with the first emerging use cases on the blockchain infrastructure, a new crypto bull market was born. Like the previous market cycles, this one lasted around two years and ended in a period of excessive euphoria, thousands of new projects, along with the implosion of various incumbents. A comprehensive review of the third market cycle of the field, institutional adoption, as well as an outlook on the future of digital assets.
The potential insolvency of what was once the largest crypto fund, Three Arrows Capital, brought even more turmoil and loss of confidence to the markets. What started as a rumor a little over a week ago revealed itself as a deeply networked debacle. Several crypto firms reported under-collateralized loans in the hundreds of millions of dollars to the hedge fund, which were lost over the course of the past few months due to over-leveraged bets. It shows once again that even so-called professionals can get their fingers burned on leverage.
Adoption of cryptocurrencies has grown rapidly thanks to innovations in DeFi and NFTs. Nevertheless, infrastructure shortcomings, especially for mobile devices, remain a hurdle for the average citizen. Reliable crypto wallets are scarce and secure custody solutions for smartphones are few and far between. The development team behind the Solana blockchain wants to put an end to this.
In addition: Blockchain technology offers some advantages for cross-border payments due to its decentralized and global nature. The Russian government group Rostec Group wants to take advantage of this to facilitate international settlements in rubles instead of dollars. But it quickly found that public blockchains like Bitcoin, with their unprecedented transparency, would not be suitable for this. Instead, the company is developing its own platform based on distributed ledger technology (DLT).