Glory and Collapse: A look at the ebb and flow of crypto projects in 2022

原文标题：《 与动荡为伴| 盘点 2022 年那些辉煌与落寞相生的加密项目 》

Source: Babbitt

A look back at the coming past. 2022  How would you sum up this volatile year?

If you want to be   2022  In this year's crypto industry extracts a keyword, "turmoil" is perhaps the best word. This year, we witnessed the collapse of the Luna billion chain. FTX  The breakup of the empire, under the unprecedented Federal Reserve rate hike, felt the crypto market step by step into the winter. At the beginning of the year is still talking about the road to change Crypto, at the end of the year in the biting capital cold wind to support, countless encryption projects are iterating in the wave, evolution, but also dying.

So, let's look back from the perspective of the development of encryption projects. 2022  In the year of the ebb and flow of different encryption projects, which projects are amazing inventory? What projects have suddenly collapsed from the spotlight? How are they doing now?

> > Crypto moment | brilliant with collapse

I. Luna

Luna as   2022  Year crypto industry's first big thunder, triggered a series of chain reactions, even for the later three arrows capital and   FTX  The big debacle also foreshadowed.

2018  Year   In January, South Korean duo Do Kwon and Daniel Shin launched an app called   Terra  Blockchain network, plans to develop e-commerce payment application Chai and Stablecoin to facilitate transactions, followed by the launch of Terra Mainnet and Stablecoin   UST  Development, this initial idea gradually expanded into a large public chain of ecology. But on May 8, 2022, with an event UST  Eg. A wave of selling set off. Luna, no one expected that the 84 million UST sold on Crv turned out to be the last straw that crushed this ten-billion giant. The next day On May 9th, due to panic, a large amount of Terra's on-chain money fled from the interest-bearing Anchor, causing a stampede that originally created the Anchor. The Luna Building. The UST generation mode becomes an acceleration at this point. Luna  The catalyst of death, accompanied by the death spiral of UST and Luna, the market value of Luna evaporated nearly in one day. 400  $100 million, Full ecological Project TVL  It's almost zero.

Once upon a time, all the glory building was covered in feathers, and this once again reminds us that the crypto industry is never too big to fail.

Second, Solana

As   FTX  Solana is the public chain that has the biggest impact on the thunderstorm.

Solana was founded by Anatoly Yakovenko in early 2018 and released an internal beta network and an official white paper at the same time. All the time, SBF  Is Solana's biggest booster. Not only SBF's   Alameda Research  Solana Serum, Raydium, Oxygen, Maps.me  Wait for the crowd. Sol  It's all behind ecological projects. SBF  In addition, many projects in the ecology will take the lead in. FTX  It is for these reasons that Solana has been regarded as a leading trading platform. SBF  A male chain in the halo.

In   SBF  As a result, Solana not only became second only to Ethereum and   BSC  The contract chain is also the largest non-chain. EVM  Public chain, chain   TVL  At one point, it was worth tens of billions of dollars, both in terms of on-chain activity and number of developers. But in nbsp; FTX  After the explosion, Solana chain ecology began to avalanch, DeFi project one liquidity crisis after another, bad debts continue to accumulate. Triggered a wave of selling and so on, a lot of items. TVL  Almost overnight to zero. In addition, the Solana chain has seen a steady loss of active developers over the past year, with the number of core developers and sub-ecosystem developers now lower than at the beginning of the year. 80%  Above.

Source of weekly developer activity data on the Solana chain: gokustats

Solana, in a manner of speaking, becomes a solana. SBF, defeat also SBF, generally speaking, when someone has too much influence on a public chain or a project, it is not a good thing, they may be able to gather together, but they will also leave the "tea" cool, Fantom. So it is.

3. Fantom

The development of public chain Fantom is most directly related to the legendary Andre Cronje (AC).

In late February of the beginning of the year, "DeFi  "The Father of God." Announced the launch of its new project Solidly at Fantom, which combines   Curve  The project of veTokne voting hosting mechanism and DeFi 2.0 protocol rebase mechanism, once launched, quickly exploded the market, triggered a battle of dozens of protocols competing Solidly Token airdrops, just a few days, Fantom ecology skyrocketed, TVL once reached 8 billion dollars, becoming the fourth largest public chain in TVL.

The drama is that only a few days later, Announced the official exit from the coin circle, a time AC concept currency flash collapse, Fantom on the chain. TVL  It's also down nearly three days. 50%  And lost. AC  Fantom of asylum also began to go downhill in the subsequent development. Currently, only Fantom TVL remains. 4.6 & have spent At $100 million, a fraction of its peak, it has fallen from fourth to eighth place. But here's the interesting thing. AC  Not long ago, he suddenly posted a message hinting at his return, but when he decided to quit, he also made a statement that he would not come back, and even said "cryptocurrency is dead, long live". This is a slap in the face?

In addition to the above large projects in this bear market, there are more applied projects also affected, of course, most of the CeFi projects are Mired in trouble, so next we will take stock of which CeFi projects have fallen in this winter.

Four, StepN

Like many encryption projects, Move-to-Earn app StepN can be divided into two distinct phases of development, with the first half being a glorious narrative and the second a fading prologue.

2021 年 12 月底，StepN 在 Soana 链上正式上线 beta 版，上线后不久迅速引爆了链游圈， 5 个月时间 DAU 突破百万，市值直冲 10 亿美元，更获得了红杉资本、币安等明星机构的青睐，在最狂热的 4-5 月份，到处充斥了 StepN 改变生活、改变 Crypto 行业、重塑链游行业的论调。但在 5 月 27 日伴随着一纸《关于清查中国大陆账户的公告》的发布，迅速击退了市场对 StepN 玩家的信心，治理 Token GMT 直线暴跌 40% ，随之而来的是用户的持续流失，让 StepN 开启了一轮死亡螺旋般的下跌。

According to the statistics on dune, StepN currently has fewer than one daily active user. 5  Thousands, only the peak. 5%  Left and right, where   There are only 100 active users on the Solana chain. If it were not for the base of users on the BNB chain, the X-to-Earn game on the Solana chain would probably be cold already.

StepN Change of daily active users (orange: new users blue: existing users)

An overview of the available GameFi, born with Ponzi gene, seems to have doomed their end. Axie, StepN and other popular projects also prove that Game+Fi may be a false concept, and the future of chain games needs a new idea.

V. Tornado  Cash

8  Month   8  For the first time, the U.S. Treasury's Office of Foreign Assets Control (OFAC) added the cryptocurrency protocol Tornado Cash and its associated cryptowallet addresses to its Specially Designated Nationals (SDN) List today, barring U.S. citizens from interacting with this protocol or any Ethereum address associated with it. DeFi  The agreement faces such a high level of prohibition.

Tornado Cash  Founded in   2019  For years, the decentralized anonymous private money transfer feature, which runs on Ethereum as a tool for users to make private money transfers, has been a mecca for hackers to launder money. This year Stolen from Ronin Network. 6  $100 million and the theft of the Nomad Bridge. 2  Most of the $100 million in assets went to Tornado Cash, which has laundered more than $7 billion worth of virtual currencies through Tornado Cash since 2019.

Tornado Cash 被列入禁令名单后， Token 价格跳水，数天内腰斩，此外，Github、USDC 发行方 Circle、加密行业基础设施机构 Infura、Alchemy 等纷纷制定了各自的制裁手段，一时间 Tornado Cash 可供普通用户操作的前端和相关服务迅速在互联网世界中消失，但在合约端却无法被封禁，这或许也正是区块链行业的价值所在。

> > CeFi  Moment | closure and bankruptcy

1. Closed trading platform

FTX:

Founded in   2019  Year   5  Month, quenching   2022  Year   11  Month   12  Day, deposit renewal   3  Year   6  Given that much has been written about its thunderbolt bankruptcy, I won't go into it here.

AEX:

Founded in   2013  Years, quenching   2022  Year   7  Month   17  Day, deposit renewal   9  Years. AEX  Also known as Anyin (formerly known as Bit Times) and founded by Huang Tianwei, AEX is one of the oldest trading platforms. Due to Luna's collapse, the liquidity of its assets plummeted. 6  Month   16  Daily suspension of mainstream currency withdrawals,   7  Month   14  The withdrawal function is closed on the day. 7  Month   17  This has been going on for nearly two days, since all services on the platform were suspended. 9  Years, through the two rounds of bear trading platform also fell in this round of cold wave.

The symbol of a tiger:

Founded in   2018  Year   6  Month, quenching   2022  Year   8  Month   1  Day, deposit renewal   4  Years. Tiger Sign, founded by Wang Ruixi, ran into a liquidity crisis after Luna. 2022  Year   7  Month   15  Employees of Japan Tiger Fu revealed that the founder had transferred most of his assets out and that the company was in arrears on wages; 8  Month   1  Cease all trading services as of today; 12  Month   7  On Sunday, the official website of Hufu was stripped of all content except for a notice that revealed the information of the actual controller of Hufu, and there was no follow-up. The assets retained by users on the platform were also unknown.

Bitfront:

Founded in   2020  Years, quenching   2022  Year   11  Month, deposit renewal for two years. Bitfront is a Japanese social media giant. One of the trading platforms supported by LINE, LINE was first established in   2018   Launched BITBOX in Singapore in July, then closed BitBox   And founded Bitfront in the United States. 1  Month   It was officially announced on Tuesday that it would shut down the service and stop new users from registering.

ZB:

Founded in   2013  Year   12  Month, quenching   2022  Year   8  Month, deposit renewal 9  Years. Although China currency official has not released any bankruptcy announcement, but platform withdrawals have been suspended for several months, and the platform. U  Price only   3.2 & have spent Yuan yuan, in addition to the suspension of currency withdrawal also disbanded a large number of communities, has been identified by community users as running state.

Nuri:

Founded in   2015  Years, quenching   2022  Year   8  Month, deposit renewal 7  Years. It is a trading platform based in Germany, formerly known as   Bitwala, due to its association with former well-known lenders   Celsius  In a deep partnership, Nuri assets have been implicated as Celsius went bankrupt. 8  The month formally filed for bankruptcy in a Berlin court.

Digital Surge:

Founded in   2017  Years, quenching   2022  Year   11  Month, existence   5  More than a year. Digital Surge is an Australian crypto trading platform affected by FTX mine. 11  Month   16  All deposit and withdrawal services were suspended on Tuesday. 12  Month   9  The move into "voluntary conservatorship" on Tuesday means Digital Surge has virtually confirmed that it is insolvent and will face liquidation.

AAX:

Founded in   2018  At the beginning of the year, cataplexy 2022  Year   11  Month, deposit renewal 5  Years. It's a trading platform based in Hong Kong. FTX  The impact of the collapse. 2022  Year   11  Month   AAX abruptly suspended its withdrawal service and remained closed, shortly before news broke that partners had absconded with their money. It's worth mentioning this year. 10  At Hong Kong Fintech Week in January, AAX Vice President   Ben Caselin also attended and gave a speech.

2. The bankrupt; CeFi  Applied enterprises and capital institutions

Three Arrow Capital:

Founded in   2012  Years, quenching   2022  Year   6  Month, deposit renewal 10  Years. Before its collapse, Three Arrow Capital, as the leading original crypto capital in the industry, had a great influence in the venture capital circle, and its net asset value under management was once as high as 18 billion dollars. However, due to the aggressive operation mode and Luna thunder, many of its assets went to zero and caused a major default. The highly leveraged Three Arrows capital quickly collapsed. 2022   6  Month   27  The two founders, Kyle Davies and Su Zhu, are still missing after being ordered to liquidate by Japan, leaving them with $3.5 billion in foreign debt.

Voyager Digital:

Founded in   2018  Years, quenching   2022  Year   7  Month, deposit renewal 4  Years. Voyager, a cryptocurrency broker, defaulted on a massive loan of nearly $666 million due to a Three Arrow Capital mine. 2022  Year   7  Month   5  Japan officially filed for bankruptcy protection. In   9  Was bid for assets in bankruptcy last month. FTX  Shot, and then. FTX  Voyage had to reopen the bidding process after the bankruptcy. Voyager continues to suffer.

Celsius:

Founded in   2017  Years, quenching   2022  Year   7  Month, deposit renewal 5  Years. Celsius is a centralized cryptoasset lending company specializing in Celsius. 2021  Year   10  It was valued at $3 billion in a funding round last month and at one point owned. 1.7 million customers and   120  Hundreds of millions of dollars in assets. But in nbsp; 2022  Year   6  The cause of a month; Luna  The platform suspended all money transfers and withdrawals indefinitely for a month after the storm. 7  Month   Celsius filed for bankruptcy protection on the 13th and will disclose a balance sheet containing Celsius. A $1.2 billion deficit.

Alameda Research:

Founded in   2017  Year   9  Month, quenching   2022  Year   11  Month, deposit renewal 5  Years. As a leading Crypto investment fund, Alameda was once one of the representatives of the Crypto venture capital space, founded with fellow FTX trading platform founder SBF. Because   FTX  Impact of Thunder Events,   11  Month   9  The Japanese Alameda website was shut down, and soon after Alameda Research, along with FTX and more than 130 affiliated entities, formally filed for bankruptcy protection, bringing it to an end.

BlockFi:

Founded in   2017  Years, quenching   2022  Year   11  Month   28  Day, deposit renewal   5  Years. As Celsius company above, we are also a cryptogenic lending institution and have been rated as Celsius. 40  Hundreds of millions of dollars, but in 11  Month   FTX  After the bankruptcy declaration, BlockFi stopped all withdrawals from the platform because of its investment in Blockfi. FTX  With huge exposure and high debt. 10  Hundreds of millions of dollars in... 11  Month   28  Japan officially filed for bankruptcy.

Receive   FTX  Bankruptcy impact, more fallout impact will be further spread, not long ago encryption lending platform. Salt  We have stopped depositing and withdrawing money, and most likely we are one of the fallen members. Witnessing the collapse of so many trading platforms and CeFi institutions, countless users cannot recover their funds, we need to remember a cliche: NO your keys, No your money!

3. Closed mining enterprises

With bitcoin prices rising from the start of the year. 47000  More dollar all the way down now. 17000  Near the dollar, as well as rising electricity costs and the computing power of bitcoin's entire network, mining companies have been hit, with a number of well-known miners among those caught in the cold wave.

Compute North:

Founded in   2017  Years, quenching   2022  Year   7  Month, deposit renewal 5  Years. As the second largest bitcoin mining hosting service in the United States, Compute North has locations in Texas, South Dakota, and elsewhere. 4  A large mine, still this year. 2  Month gained   $380 million in funding, but with costs soaring and the crypto market plummeting, the corporate funding chain broke. 9  Month   23  Formally filed for bankruptcy protection in a Texas court on Tuesday, which it also owes at least. 200  Name creditor   5  Hundreds of millions of dollars of foreign debt.

Core Scientifi:

Founded in   2017  Years, quenching   2022  Year   12  Month, deposit renewal 6  Years. Core Scientifi, North America's largest bitcoin mining and blockchain hosting service provider and a publicly traded mining company, launched last year. 7  Monthly valuation is reached. 43  $100 million, Core expanded wildly during the bull market, and had planned to invest in By the end of 2022, more than 320,000 mining machines were deployed. However, the fund chain was broken due to the sudden decrease of fund liquidity in the entire market, the increase of mine operating costs and the failure of Celsius as a partner. 10  Its stock is down nearly since the start of the year after it filed a filing with the U.S. Securities and Exchange Commission last month saying it could go bankrupt in the future and won't make debt payments due. 96%  , only   0.43 & have spent The dollar.

Celsius Mining:

Founded in   2017  Years, quenching   2022  Year   7  Month, deposit renewal 5  Years. As a subsidiary of Celsius mentioned above, Celsius Mining is aligned with the fortunes of its parent company. As early as last year, Celsius Mining invested in a Bitcoin mining business in North America. 5  A billion dollars, and this year. 3  For a time the moon opened. IPO  But with the bankruptcy of the parent company, these mining assets are turned into debt assets to be disposed of.

Argo Blockchain:

Founded in   2017  It is now Mired in bankruptcy. Argo Blockchain is a UK-based mining company with shares listed on the London Stock Exchange and Nasdaq, making it the first mining company to list on the London Stock Exchange. A recent filing with the London Stock Exchange showed that the company did not have enough money to survive. 1  It has been in continuous operation for a few months, and is currently conducting financing and selling some assets. If it cannot raise enough funds, bankruptcy will become a probability event, and the current stock price is at   3.65 & have spent The penny pound, which has fallen near the start of the year. 96%  .

As the number of miners in crisis continues to increase, such as Canadian mining company Bitfarms, which recently reported operating difficulties, and as the price of bitcoin fell below the shutdown price of many mining machines before the overall market sentiment improved significantly, we can expect more crypto mining companies to collapse in the coming winter.

> > NFT moment | jing and inversion

First, Azuki

2022  Year   1  Month   12  The Chiru Labs team launched today through a Dutch auction. 10000  A few weeks after the launch of a PFP project called Azuki, which draws on the high quality of its products, its unique storytelling style, and the cultural attributes of the Asian community, the project was launched. NFT  Volumes are up in the secondary market. 3  $100 million, quickly becoming a phenomenon; A few months from the floor price. 1  ETH  Rise to   30  ETH, the transaction volume is   for a long time; Top 10 on the NFT chart, even surpassing   Student: BAYC.

Inversion occurs in a way that self-explodes. 5  Month   10  ETH founder ZAGABOND. eth released an inspirational article titled "A Builder" s Journey, reflecting on his career experience, including the company he led and ran. CryptoPhunks (unknown   NFT CryptoPunks, Tendies  And   CryptoZunks  Immediately ZAGABOND.ETH was questioned by the community, saying that these are Rug Pulls projects, ZAGABOND.ETH is a cheat who betrayed the community, Azuki project fell into a crisis of confidence for a time, the floor price was cut in half, and the number of holders decreased significantly.

But in terms of the end result, the self-imploding crisis didn't seem to have much of a substantial impact on Azuki's development. Azuki still retains its blue-chip aura. At the time of writing, Azuki's price was low. 12.7 & have spent ETH, cumulative transaction volume   27.1 & have spent V  ETH, ranked # nbsp in transaction volume; 5  position

2. SudoSwap

SudoSwap, to sum it up, was a surprise, but a curse.

As   NFT  A star of innovation in the exchange market, SudoSwap. AMM  Trading patterns have given the NFT market a long-lost manna. Simple to understand, in SudoSwap  Previously, the circulation of NFT was mainly through the peer-to-peer transaction, in this case. NFT  Sudoswap is more like an NFT  based on the AMM transaction protocol. The DEX, like the better known DEX, is a liquidity provider that can generate income by injecting assets, which can address the long tail. NFT  Liquidity of assets.

8  The month before sudoswap's founder. While xmons was detailing the vision for sudoswap, OpenSea  News of the planned IPO spread widely in the community, and the community was generally unhappy, but SudoSwap made it clear that it would launch. Token  And airdrop, a time quickly attracted a large number of users and wool party. Daily trading volume from an initial shortfall. 5  Ten thousand dollars, half a month time rose to super. 230  Ten thousand dollars, there is a dark horse potential.

但伴随着具体空投规则的公布，情况急转直下。9 月 2 上，Sudoswap 公告宣布 Sudo  Token 分配模型，不仅将大量的交易用户排除在外，还将占比 41.9% Token 分配给创始人前一个项目的持有者，如此操作之下，Sudoswap 的用户和羊毛党集体撤退，落得骂声一片。

Cut-off   12  Month   19  Day, Sudoswap 7  Average daily trading volume is about 20  Around $10,000, with less than 100 daily active users, SudoSwap's growth curve could have been even better if it had done better on the biggest attraction point of the bears' expectations.

SudoSwap  dune/sudoamm Data source Daily Activity curve

Three, A Li

Top of the domestic. NFT  The name of the light, the result of hard play into a farce.

As a popular original cartoon image in China, Ahri this. IP  The appeal of... NFT  Industry, especially in the Chinese-speaking circle influence is not small. Before the project went live, users were all over the place trying to get a white list, and one of the largest and most active Chinese Discord groups was formed. During the launch phase of the project, people started to get excited about it, and many of them became blue chip. NFT  The expectation of

But at the door, there are a lot of ironic operations, causing a group of laughter. February 15, Ali's "Ali&His Friends" series. Officially online, immediately broke out the technical vulnerability. Background code logic is exposed directly, users can access the corresponding metadata and pictures without opening the blind box; Moreover, the Connect word of the linked wallet was spelled "Collect". Later, there were incidents such as the removal of Opensea and the call of Mod for shipment, which made the reputation of the project completely lost.

At the time of writing, Ali NFT  Floor price only   0.005 & have spent ETH, and the official Twitter account has now become one for others. NFT  Project drainage lottery account. And domestic   NFT  After a year of development still failed to break into the mainstream, no matter once famous little ghost or backed by Jay Chou. Phanta Bear has failed to become a blue chip recognized by global users. Student: NFT.

4. DeGods and Gods; 00  ts

DeGods is a deflationary NFT project launched in 2021 by the FrankDeGods team. 00  ts is the founder Frank who followed DeGods this year. 9  Another project launched this month, both of which were released on Solana.

This year On October 9th, Frank announced the cancellation of the deal royalties for his NFT, DeGods and Degods. 00  ts quickly rose to prominence, with DeGods, the core project, soaring in trading volume and briefly surpassing Doodles and Doodles in market value. And other well-known blue chip projects on Ethereum, DeGods project floor price once reached nearly. 600  D  Sol (then near   2  $10,000), is Solana NFT  One of the largest in the ecosystem. NFT project, while y  00  ts since the release of volume has been stable in the top three.

But with nbsp; FTX  The collapse of the building. Ecology is also affected. DeGods and Gods 00  ts floor prices fell by more than 60% at one point. Not long ago, founder Frank said he was considering transferring the NFT collection to Ethereum, but he met with opposition from the Solana community, and the idea was also rejected.

In my opinion, The field is also a cultivation field, you can see all kinds of exquisite, gorgeous, difficult to understand the picture, feel a variety of red grand, exciting vision, may be in the end of the sale period back to the original form, run away examples are more common, such as: roll away   270  Ten thousand dollars ETH  Evolved c) Evolved Apes C) evolved apes Two million dollars Sol  Baller Ape Club, Roll Away   $1.3 million in Frosties and so on, very low cost of doing evil. NFT  Fraud facilitates, and in the past, these thousands of little pictures. 99%  Will inevitably go back to zero.

Look at the whole thing. 2022  ", the word "turbulence" throughout the year, no matter the big market or small projects, everyone in the ups and downs to feel the bear market coming menacingly.

Looking back at the people, projects and organizations that dominated the mainstream this year, you'll see that nothing was ever too big to fail, that nothing turned to gold, and that nothing was born of genius. Some are just the rising tide of capital, and some people, some projects just stand on the top of the tide, but from the tide of glory, to the collapse of the tide may be just a moment.

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