A look at the biggest winners and losers in the cryptocurrency world in 2023
Written by: Francesco
Compiled by: Sharon, BlockBeats
Editor’s Note:
As the year draws to a close, crypto industry researcher Francesco looks back on 2023cryptocurrencyHe summarized the major events in the field and summarized what he thought were the biggest winners and losers. Among them, he believed that SBF, SEC Chairman Gary Gensler, US Senator Elisabeth Warren, former Binance CEO CZ and maximalists were the biggest losers of the year, while the United Statescryptocurrencyexchange Coinbase, Tron founder Justin Sun, Tether current CTO Paolo Ardoino,L2 Track, Solana, and friend.tech are the biggest winners of the year. At the same time, he predicted that friend.tech is likely to make a comeback in 2024. BlockBeats translated the original text as follows:
In this post, I decided to try something different and look back at the past year and come up with two lists: 2023’s winners and losers.
Let's start with those who are hoping for a better year.
The losers of 2023
SBF
Mentioning SBF here may represent a larger category of those clever people who think they can cheat and cover up their sins with bribes and large sums of money. However, SBF is now a first-person example that proves that this is not always the case.
之前的熊市周期已经展示了那些裸泳的人，最经典的旋转门变成了cryptocurrency公司和监狱之间的旋转门。美国正在试图证明，通过欺骗上位的任何人最终都会受到法律制裁。
However, SBF also demonstrates the problem in our system, that protection from the media and government can be bought, and that for enough money, everyone can turn a blind eye to the problems.
As mentioned above, the SBF category includes virtually all the other scammers who acted cool and arrogant (I see you, Do Kwon) and ended up being completely thrown in jail for their crimes.
Gary Gensler
I feel sorry for this guy and I can only think of very few examples of politicians who are as embarrassing as he is. He is clearly acting out of malice, which has been proven by his past statements. His persecution of cryptocurrencies is a blood sacrifice for his promotion, to show his ruthless masters that he is a good boy and will do whatever it takes to preserve the status quo.
I really feel for this guy and I'm pretty sure he's going to cry his eyes out when he gets home. To me, this guy is the biggest loser.
Elisabeth Warren
Imagine being against both banks and cryptocurrencies. Imagine you spent your entire career as an anti-bank Democrat who was against helpingXiaobai NavigationThe biggest tool to help banks decentralize their business and possibly provide them with the only real competition.
Yet, by selling your soul, you can become that person.
Anything else to say? If possible, someone in the know please explain to her how cryptocurrencies work. She has no idea, but she has been advocating for crypto solutions for years until they were developed and now is back to the status quo.
What a loser……
CZ
It only makes sense to put CZ at number 4 on this list.
CZ, who has long been a vocal voice in the crypto industry, has pleaded guilty and reached an agreement with Binance for a multi-billion dollar fine. And it’s not over yet, CZ is set to go to trial in the first quarter of 2024 and is currently banned from leaving the United States.
In retrospect, this may be taken for granted or perhaps unthinkable, depending on where you stand on the sympathy scale for Binance. For the cryptocurrency industry as a whole, this means removing a systemic risk of a company that might be considered too big to fail.exchange.
尽管如此，我还是不能不同情 CZ。像 Binance 这样的exchange很难跨越多种法规来运营。这里的信息很明确：你也许能够在短期内抵制，但如果他们愿意，美国当局就会抓住你，即使你是在美国运营的离岸实体。
Maximalism
The biggest loser in 2023 could be maximalism.
The continuation of Ethereum’s scaling roadmap, with L2, Optimistic and ZK Rollup development and deployment, new data availability solutions, Retaking, and a new L1 focused on gaming and parallelization (Monad, Blast, Neon),BlockchainA clear path has been mapped out for its evolution.
This path is built through modularity and interoperability, not isolated ecosystems. Those who bet on closed systems and failed to fully exploit the network effects across protocols and networks are now facing trouble; those who have made a living from the technical superiority of their own network now worry about the survival of their arguments in the cross-chain ecosystem.
On the other hand, those who bet on cooperation and coordination benefit the most, taking a win-win approach that is not always centered on self-interest. In 2024, it will be awkward to be a maximalist.
Next, let’s take a look at the biggest winners of 2023.
The winners of 2023
Coinbase
Brian is by far our favorite tech bald guy.
We don’t have enough space in this article to highlight every positive development for Coinbase this year. Still, in my opinion, Coinbase is the largest company that still lives up to the spirit of cryptocurrency, and we’ve seen multiple times how they’ve challenged SEC decisions and taken them to court.
In addition to being a CEX that cares about its business, Coinbase is also a force for good in the industry and deserves to be among the winners of 2023. While the numbers themselves have limited relevance, Coinbase stock has been a stellar performer since the beginning of the year.
In a difficult year for trading, Coinbase has managed to shift the majority of revenue to non-trading revenue, with their custody business performing particularly well in 2024 given that most ETFs propose Coinbase as a custodian.
Justin Sun
Justin Sun is one of the OGs in the crypto world. The lines between him and Tron are blurrier than ever. However, we cannot ignore Sun’s place among the winners of 2023.
Tron’s USDT has now become the most traded stablecoin and is widely used in third world countries plagued by inflation.
This is arguably the best use case in the cryptocurrency world today, providing real benefits to countless people around the world.
Paolo Ardoino
Paolo, along with pizza and pasta, is another great Italian tradition.
After assuming the role of CEO, the Tether king continued to be a trailblazer in the industry. In 2023, Tether reported excess reserves of over $32 billion and was one of the largest holders of U.S. Treasuries, holding over $70 billion.
Tether’s dominance has found an unexpected ally: the bankruptcy of US banks (Silicon Valley Bank, etc.) that custody accounts for USDC (USDT’s main competitor).
Tether’s hybrid structure, which blends offshore compliance with billions of dollars in Treasury holdings and close relationships with regulators (even involving the Secret Service), makes it an interesting case. Paolo has a golden aura in the industry: he is a staunch libertarian Bitcoin supporter, but his company has single-handedly dominated the shitcoin market and has close ties to US regulators, who often seize and freeze funds.
We have seen other Bitcoin supporters lose ground over trivial matters. Why?CommunityWhy do you always turn a blind eye to Paolo?
L2
You will most likely be transacting on L2 for most of 2023. First Optimism and Arbitrum, then ZkSync or others like Scroll, Linea or Layer Zero.
The Ethereum scaling roadmap is moving forward, and there are a lot of new people joining!
While many believe this will help attract volume and attention to Ethereum, this is the whole point of scaling the system. In fact, the successful combination of L2 is a testament to Ethereum’s success.
There’s not much to say about this: this is one of the most active areas in the entire industry, with some fascinating and innovative applications released recently. Stay tuned for 2024, when many networks will launch their mainnets.
Solana
We can’t avoid having Solana on the throne. What goes down must come up, and this is especially true for Solana’s price and ecosystem activity, which have exploded this year.
The network, which was considered a “ghost town” earlier this year, has successfully undergone a reinvention that includes eliminating ties to bad actors,CommunityReorganize routes, create new tools and infrastructure, and benefit customers, etc. Build a suite of DeFi products, add new use cases, and ways to stake and use SOL in DeFi.
This combination results in updates on-chain activity and transaction volume.
Solana is back.
friend.tech
Best dApp of the year! Looking back at friend.tech In the first week of its establishment, I mentioned in my article that I think it has no future. Now I want to say RIP to my article.
During a period of dry narrative, friend.tech attracted most of the attention. This eventually slowed down, sparking concerns about the future of “Web3 social media.”
However, I am highly confident that the friend.tech hype will return in 2024 as we get closer to the airdrop.
These are my eleven winners and losers for 2023.
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