If a company wants to be successful in the future, it will have to embrace blockchain technology. In this article we look at what data analytics can expect from the blockchain world in 2022 and beyond.
Beginners Guide To Blockchain Technology: The Future Of Money?
The “what’s blockchain” is a technology that has been around for quite some time, but it has only recently taken off. The “Footprint Analytics Annual Report 2021” provides insight into what the future of blockchain will be like.
The year 2021 was a memorable one for the blockchain. Bitcoin’s price reached a record high of $67,674 and blockchain projects’ combined market capitalization exceeded $2 trillion.
Following the London upgrade, the price of Ethereum increased by 5 times, and financing for blockchain projects soared, with total funding for the year exceeding $30 billion.
After the meteoric rise of DeFi 1.0, the multi-chain ecosystem flourished and the stablecoin industry grew quickly.
Biggest Trends for 2021
1. DeFi 2.0
Within eight months, the TVL of DeFi 2.0 projects rose from The TVL of DeFi 2.0 projects soared from zero to $30 billion in 2021 within eight months. to $30 billion in 2021.
Composable DeFi Legos, or parts that can be joined and linked across many platforms and apps, have emerged as some of the essential aspects of blockchain applications.
As the first set of DeFi Legos, DeFi 1.0 produced liquidity, LP tokens, and decentralized stablecoins. DeFi 2.0 emerged in 2021, transforming liquidity into a brand-new Lego portfolio for DeFi.
The TVL of DeFi 2.0 Projects increased from 0 to 30 billion in 2021, according to Footprint Analytics.
In 2021, the TVL of ETH cross-bridge projects exceeded $25 billion.
The movement of assets across chains has become urgently necessary as a result of the thriving multi-chain ecosystem.
Assets may easily interoperate and transfer across chains with the use of cross-chain bridge protocols, which act as bridges to connect assets across chains.
TVL of ETH Cross-bridge Projects Surpassed 25 Billion in 2021, according to Footprint Analytics
In 2021, (Decentralized Autonomous Organizations) transitioned from bitcoin buzzwords to a real-world component of the blockchain sector, with Uniswap DAO being the most significant.
Constitution DAO popularized the idea of DAO, while other initiatives introduced DAOs to the financial, musical, and artistic worlds.
Footprint Analytics: Uniswap DAO Has Grown to Be a Very Powerful DAO.
The monthly trading volume for NFT projects peaked in August at $5.5 billion and reached $21.5 billion overall by year’s end.
NFTs, which decentralize the marking of ownership of digital assets, have greatly increased interest in blockchain technology.
NFTs will alter how we use the web, buy and sell art, consume branded goods, and even produce and experience music, among other things like music and the metaverse.
The trading volume for NFT Projects peaked in August at $5,586 million, according to Footprint Analytics
The GameFi sector blends gaming, finance, and NFTs, and it represents a brand-new category of play-to-earn games.
The biggest single-day revenue for Axie Infinity in July even outpaced the best single-day revenue for Glory of Kings, the game with the highest global earning. Facebook changed its name to Meta, contributing to the growth of the metaverse.
The trading volume of GameFi Projects increased by more than 28X in 2021, according to Footprint Analytics
2021 Trends Anticipated to Persist in 2022
- In 2022, more initiatives will provide common infrastructures for blockchain interoperability.
- DeFi cross-chain
- NFTs, GameFi, and Web 3.0 (blockchain network infrastructure)
- Infrastructure protocols for Web 3.0, such as those for compute, storage, bandwidth, and indexing, are developing and growing.
- NFTs with more usefulness obtain entry to very exclusive communities
- Rhythm NFTs
- Larger firms and brands are expanding their NFT experiments.
- Moving into GameFi are the major gaming firms
- Starting to accept metaverse land as loan collateral on lending platforms
- GameFi + DAO, NFT + DAO
- The metaverse is establishing social tokens, self-sovereign identification, and decentralized identity.
Expected New Trends for 2022
- Ethereum will become more affordable and quicker as more Layer 2 solutions are developed and implemented.
- Financial sector innovations
- Additional innovative apps that use DeFi
- Smart contract networking
- converting physical assets into digital assets and turning written contracts into on-chain contracts
- Bitcoin payment
- rising adoption from organizations and businesses
- The usage of cryptocurrency for payments is anticipated to pick up steam in 2022.
- regulations for stablecoins
Advantages for Readers
Click this link to obtain a free 7-day trial of Footprint Analytics from January 11 through January 25, 2022! exclusively new users.
Footprint Analytics: What is it?
An all-in-one analytical tool to display blockchain data and unearth insights is called Footprint Analytics. Users of any expertise level may rapidly begin exploring tokens, projects, and protocols because to its cleaning and integration of on-chain data. Anyone may create their personalized charts in a matter of minutes thanks to a drag and drop interface and more than a thousand dashboard designs. Discover blockchain data, and use Footprint to make wiser investments.
Date & Author: Jan 14 2022, [email protected]
Footprint Analytics is the data source.
Part of our Year in Review series is this article.
Posted In: Technology, Analysis
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