2023年数字资产展望报告
About The Block Research delivers industry-leading researchand analysis produced on a daily basis, covering anarray of topics within the digital asset space. Our research and insights are trusted by institutionalinvestors, traders, financial service professionals,digital asset and blockchain infrastructure serviceproviders, regulators, policymakers, and cryptoenthusiasts, to help them remain the mostknowledgeable in the market. Click hereto learn more. December 2022 Forward In 2022, The Block Research produced more than 420unique pieces of research for our research members. The 2023 Digital Asset Outlook Report looks at the mostimportant cryptocurrency developments in 2022 andlooks ahead to the future of the space in the comingyears. The report covers the state of the market, investmenttrends, decentralized finance, blockchain gaming, andother cryptocurrency sectors to watch for in 2023. DISCLAIMER This report has been prepared solely for informative purposes and should not be thebasis for making investment decisions or be construed as a recommendation toengage in investment transactions or be taken to suggest an investment strategy inrespect of any financial instruments or the issuers thereof. The Block will not be liablewhatsoever for any direct or consequential loss arising from the use of thispublication/communication or its contents. The Block Research Team About2Forward3The Block Research Team4Table of Contents5Executive Summary8State of the Market13A Look Back at 2022 by the Numbers13Market Performance13Adjusted On-chain Volume14Stablecoins15Spot Volumes16Grayscale17Bitcoin Derivatives18Ethereum Derivatives19Mining Market: 2022 Overview22Public Bitcoin Mining Firms24Miner Revenue25Digital Asset Investment: 2022 Overview28Historical Background of Venture Funding28State of Venture Funding in 202234Crypto Financial Services34Infrastructure35NFTs/Gaming36Trading/Brokerage38Web338Data/Analytics/Information39Future is Multi-chain39Overview of the Largest Raises40Assessment of Crypto Unicorns41Most Active Investors43Mergers & Acquisitions45Historical Overview45M&A Activity by Firm47M&A Landscape in 202247State of Employment in 202249Employment49 Table of Contents Layer-1 Networks: 2022 Overview56State of Layer-1s in 202256Dynamics of Layer-1 Consensus57Proof-of-stake Consensus Dominance57Layer-1 Valuations & Ecosystem Health58Security Through Social Consensus61Security & Decentralization62Economics of Cross-chain Value Capture65Scalability & Execution Environments67Cross-chain Communication in Scaling Solutions68The EVM Dominance70Optimizations Beyond the EVM71 State of Crypto Gaming in 2022158Types of Crypto Games158GameFi Market Overview161Token Sustainability162Other Web3 Gaming Trends in 2022164Pivot of GameFi Guilds164X-to-earn166Free-to-play Web3 Games166On-chain Games166Metaverse167Market Overview168Are We Too Early?170Outlook on Gaming & Metaverse in 2023172Web3 Gaming SuperApp for Mass Adoption172Metaverse Development Remains Slow173Appendix: Timeline Event Related to Gaming &Metaverse in 2022174Macro Perspectives: 2022 Overview176Weathering Macro Uncertainty1762022 Economic Data Summary177Centralized Finance Blowups180Rise & Collapse of Terra181Initial Unraveling of Lenders184Collapse of FTX & Alameda Research191Unpacking the Fallout of the FTX Collapse195Conclusion199 December 2022 Executive Summary legitimate volume index, volume dropped 20% from $841billion in January to $673 billion in November. Yet, Binancemanaged to consolidate its market share from 60% to 75%over the same time period. (pg 16) State of the Market The digital asset derivatives market primarily declinedover the past year.Last-twelve-months, Bitcoin futuresvolume decreased by 52%, more than Ethereum futures’ 28%decline. For the first time, Ethereum futures exceeded Bitcoinfutures volume in August 2022 with a 7% margin, beforecontracting in the subsequent months. (pg 18) 2022 has been a tumultuous year for cryptocurrencies. The total crypto market capitalization in 2022 opened theyear at $2.2 trillion in January and subsequently hit anannual low of $1 trillion in November. (pg 13) Bitcoin’s price fell below its 2017-cycle high in June forthe first time since January 2021.Although bitcoin’spricedropped 64.1% year-to-date, its dominance remains stable at40% of total digital asset market capitalization.(pg 13) Mining Market: 2022 Overview As bitcoin’s price more than halved throughout the year,many miners faced increasing financial distress.Manyminers kept a portion of their mined bitcoins in theirrespective treasuries. 15 publicly-traded bitcoin firms trackedby The Block mined a total of 33,800 bitcoins worth over$550 million. (pg 24) All of the top ten cryptocurrencies by marketcapitalization experienced negative price returns as lowas 81%.Nevertheless, exchange-associated tokens suchasBNB and OKB and memecoins like DOGE performed betterthan BTC and other layer-1 protocols. (pg 13) As the market experie