The community crashed after rising to new heights. We noted this as early as June 2022, before the FTX fiasco, which we are using as the catchall term for the crash, alleged fraud, bankruptcy, congressional hearing, and Sam Bankman- Fried's arrest in the Bahamas.
This isn't supposed to be an article about FTX's downfall from the past year, it's a recap of our 2022.
The market followed LUNA's nosedive. The founder of Terraform Labs shared a plan to revive the Terraecosystem. The launch of LUNA 2.0 will be a test of the community's strength. Many people are hesitant to trust the Terra team again.
We heard whispers of the Merge in early to mid September. The Merge was a highly anticipated event where proof-of-stake was the new proof of work. It might have been overstated.
The NFT subsector rose to new heights during the most recent coin market. Blue-chip NFT holders began to look for new ways to make money. Blue-chip stocks are often referred to as the most valuable companies on the market. They are the most desirable or high- value NFT. They are worth what during the winter.
The crash of Terra UST led to a push for regulations. UST was backed by both LUNA and bitcoins. Plans were in place to back it with other cryptocurrencies. As UST tries to recover from its downfall, it is not clear if the road map is still in place. Regulation would be the next step in regaining the trust of traders and holders.
Open Sea raised $300 million at a $13.3 billion valuation. Alex did a deep dive to figure out how the new valuation fit with the revenue. Alex has a collection of data and computations that you can use to find out if the company is overpriced or underpriced.
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