2023 Predictions for the Crypto Market: Prediction #1
There’s no doubt that the crypto market is similar to a living-breathing creature, constantly growing and changing. Part one of the blog examines several predictions for the crypto market as we head further into this new year.
Prediction #1: Centralized Finance Declines While DeFi Steadily Grows
Last year proved challenging for central finance (CeFi), primarily because only large, wealthy companies can access this space. In contrast, decentralized finance (DeFi) is going strong and showing no signs of slowing down. The recent collapse and troubles with FTX, a centralized exchange, have only spurred more users to migrate to DeFi.
As of late 2022, DeFi transactions saw a whopping increase of 68% between October to November. As luck would have it, the demise of FTX was a massive win for DeFi and its followers. The fact is that DeFi offers a wide array of benefits, with help from smart contracts, making it a top choice for governing cryptocurrencies. Furthermore, DeFi also allows for better oversight when handling assets, with a clear line of sight regarding liquidity flows.
Hungry for more? Join me each week, where I’ll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.