2022 has witnessed crypto investors’ wealth erode, and investors are predictably anxious for the new year. However, a few positive developments came close on the heels of various disasters. So, as we bid adieu to 2022, let’s go over the year’s newsmakers and why they were worthy of the spotlight.
FTX Collapse Was a Milestone
As if 2022 was not tumultuous enough, it was capped by one of the most disruptive events in crypto history – the collapse of the FTX exchange. FTX was one of the industry’s largest exchanges, which saw a dramatic rise in 2019. It only took FTX a few days to crumble under its own weight.
The collapse was arguably triggered by the revelation in an article on Coindesk that asked serious questions about the financials of the massive crypto exchange. Investors panicked and started withdrawing their funds. Binance offered FTX a buyout deal, which did not go through. Then, all that was left was for the house of cards to fall, which it did in a spectacular fashion.
After a centralized exchange as big as FTX went under, investors have started demanding “proof of funds” from exchanges, which will push the industry towards transparency.
Merge Comes to Fruition
Energy consumption has always been a big criticism laid on the crypto industry. The criticism has grown even more severe in recent years, given the extreme climate events the world has started experiencing. In light of these events, Ethereum underwent a major software upgrade this year.
It introduced Merge, a software improvement to its blockchain, making its chain highly energy efficient in terms of coin mining and transactions. After the upgrade, the Ethereum blockchain has completely transformed how new coins are created, and transactions are carried out. The change is not small either.
The Merge upgrade will slash the energy needs of Ethereum by a massive 99.9%. So, it will now consume only 0.1% of the energy it previously used. That’s huge!
A Promising Interoperability Project Attracts Investors
Snowfall Protocol (SNW) has been making waves in the crypto market since it held its presale. Snowfall Protocol(SNW) is an interoperability project that will make it convenient and affordable to transfer crypto assets and holdings from one blockchain to another. This utility will make the crypto market more accessible for crypto users and make the interconnected multiverse a reality for billions of internet users.
Snowfall Protocol (SNW) held one of the most successful presale sessions in 2022. Its stage 2 sale was concluded a day early because the token was sold out. Snowfall Protocol (SNW) has already raised $3 million before its launch on January 3, 2023. It is expected to grow by 1000% following its launch until the end of Q1, 2023. No wonder Snowfall Protocol (SNW) is the new coin to watch on the block.
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
