7 Crypto Trends That Could Possibly Take Off in 2023
Prior to the start of the next uptrend season, the year 2023 is regarded as a significant accumulation period for the cryptocurrency market. What noteworthy crypto trends can we expect in 2023? This question’s solution can be found in the article that follows.
1. Decentralized Exchange (DEX)
Like current traditional business models, centralized exchanges have always run the risk of consolidating power under certain individuals. Several attacks in the past have resulted in the demise of important exchanges, including Mt.Gox (2014), Bitfinex (2016), Coincheck (2018), and most recently, FTX exchange and Alameda empire. By Sam Bankman-Fried, a researcher. Legal regulations are posing numerous challenges for Binance, the most prestigious and significant CEX on the market.
The current investment community has realized the value of “self-storage” of its assets after experiencing the recent controversies surrounding centralized exchanges (CEX). Although there are still many drawbacks compared to CEX exchanges, demand, search, and application use for decentralized exchanges (DEX) are increasing.
The current decentralized exchanges offer a wide range of trading services, including perpetual, spot, margin, derivative, and option trading, that are identical to those offered by centralized exchanges (CEX). The DEX derivatives array still has a lot of flaws and is somewhat challenging for users to access. However, as existing dApps continue to advance and develop, exchanges (DEXs) will progressively become more user-friendly and compete with centralized exchanges (CEX), giving the puzzle pieces on DEX even more potential.
Several well-known DEXs:
- 1 inch (1 INCH)
- Pancakeswap (CAKE)
- Curve (CRV)
- Uniswap (UNI)
2. Layer 2 & Ethereum
crypto trend
This network is now more user-friendly than ever thanks to the switch to “Proof-of-Stake” after Ethereum’s upgrade, The Merge, which also achieved the intended result of “deflating” Ethereum.
The ETH network developers are currently working to make sure that transaction validation is fairly distributed and that users can exit the staking contract. (Slated for March 2023) and addresses network problems with transaction validation.
Layer2 gains a lot from this, especially Arbitrum and Optimism. These two networks are well-liked by developers and each has a sizable ecosystem and a vibrant online community. Significant funding poured into the network.
Some of well-known Layer 2 projects:
- Optimism (OP)
- dYdX (DYDX)
- Loopring (LRC)
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3. Liquid Staking Derivatives (LSD)
Before the Shanghai Hard-fork board launches in March, users can test out ETH staking withdrawals on the testnet version of Ethereum called “Zhejiang,” according to the developers.
Users’ worries about having to lock the amount of ETH staked on the Mainnet for an extended period of time will be allayed by Ethereum’s ability for users to withdraw ETH Staking.
Projects for the LSD field such as:
- Lido Finance (LDO)
- RocketPool (RPL)
- Frax Finance (FXS)
- StarFi (FIS)
- pStake (PSTAKE)
4. Zero Knowledge (ZK)
The zk-SNARKs technology has been incorporated into the platform’s Proof-of-Reserves user asset verification system, according to Binance CEO CZ.
BNB Chain also mentioned that it would support ZK Tooling in 2023. In order to ensure better network governance, Binance also plans to “more than triple” the number of validators.
Many initiatives are working on creating ZK technology and have made some progress, including Polygon’s zkEVM, StarkNet’s token launch, zkSync 2.0 (formerly known as zkSync’s zkEVM), which has changed its name to zkSync Era and opened Fair Launch Alpha.
Some of projects in the ZK are:
- Mina Protocol (MINA)
- Dusk Network (DUSK)
- ZigZag (ZZ)
- Metis Network (METIS)
- Immutable X (IMX)
5. Artificial Intelligence (AI)
Since the beginning of the year, when the AI Bot ChatGPT was introduced, AI has been a hot topic. Numerous cryptocurrency-related projects have benefited and grown significantly.
Large corporations are investing heavily in the development of this puzzle piece, which is anticipated to spark a long-lasting “war” as opposed to merely existing seasonally (like the trend of Fan token during the previous WC period).
In general, the marriage of artificial intelligence (AI) and blockchain will usher in a new era of technology that is more comprehensive than the Web 3.0 vision. However, OpenAI’s release of the ChatGPT product at the end of November 2022 is the reason this trend is only now starting to pick up steam.
AI-related projects are still in the early stages of completion.
This puzzle piece will have a very long journey ahead of it because many projects are vying to fill it.
Even in nations with the most advanced technology sectors today, users still do not really have access to artificial intelligence products. It still needs a lot of time before it can truly be highly applicable.
When the technological infrastructure becomes as pervasive as the widespread use of smartphones over the past ten years, the “explosion” of AI Trend can completely continue.
A few names that are leading the AI trend must be mentioned such as:
- SingularityNET (AGIX)
- Fetch.AI (FET)
- Ocean Protocol (OCEAN)
- Numeraire (NMR)
6. NFT Finance (NFTFi)
Blur after having a “huge” airdrop to users and being listed on exchanges. This draws attention from the neighborhood to both this project and the NFTFi or NFT Marketplace more broadly.
The words “NFT” and “Finance” are combined to form the phrase “NFTFi,” which aims to “increase NFT liquidity and optimize cash flow” for NFT collectors.
Some of the NFTFI projects names are:
- Blur (BLUR)
- BendDAO (BEND)
- Wing Finance (WING)
- X2Y2 (X2Y2)
- LooksRare (LOOKS)
