Between the banking crisis and the collapse of large crypto firms, the industry is going through a difficult period. These circumstances have had a positive effect on the sector. The latter seems to have succeeded in adapting by finding solutions to continue to progress.
The Ever-Evolving Crypto Market Despite Challenges
A16z, a venture capital company from Silicon Valley pro crypto industry, published a report on this sector on Tuesday, April 11. The study titled “State of Crypto 2023” highlights the progress of the sector despite price fluctuations.
According to A16z, the crypto market would be technologically better off than financial circumstances would suggest. Its report reveals that significant progress has been made in the crypto sector.
Constantly increasing evolutions, marked by the launch of new products and services reinforcing technological innovation. This is the case of the operation The merge, a progress that went unnoticed.
Yet it is unquestionably a major infrastructure achievement. This is because experts know that The merge profoundly changes the method used to validate crypto transactions.
And this advance is not the only one that the sector’s financial setbacks have stifled. For example, the report shows a clear increase in user activity. Thus, the number of active addresses reached a record level of 15 million at the end of March. This figure, which is double the cumulative total for the past two years, reflects an increase in user engagement.
The circumstances are almost the same with regard to the American hegemony on the web 3.0 market for example. Data shows that the grip of US crypto developers on this segment has dropped by 26% since 2018. A situation that calls for the adoption of regulations to support the growth of web 3.0 in the United States.
More generally, the analysis of the data of the progress of the crypto industry over the long term is also quite evocative. In particular, it shows a constant increase in the market capitalization of financing and development activities. This is clearly a sign that new ideas are emerging, favored as they are by a sustained price-innovation cycle. This, despite the volatility that the crypto market is experiencing.
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