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Despite the fairly rough past year for cryptocurrencies, the degree of innovation within the blockchain industry shows no signs of slowing down. Corporations and start-ups continue to explore the advantages of the novel technology within multiple sectors and the market growth is projected to reach 1,43 billion by 2030 at a yearly growth rate of nearly 86% (Source: FinanceYahoo).
In this article we will take a brief look at some of the most promising new projects to look out for in 2023, as well as some returning players with some new improvements that will potentially open a new page for the market. Strap in!
DeFi.
DeFi (Decentralized Finance) is definitely one of the most promising concepts within the crypto multiverse over the last few years. It introduced multiple innovative solutions such as decentralized exchanges (DEX), yield farming, lending protocols and others that greatly expanded the use cases of cryptocurrencies from a financial standpoint.
One promising idea is an open, decentralized and public blockchain infrastructure executed by a secure network of permissionless validators using Proof-of-Stake (PoS) consensus. It focuses on accelerating DeFi applications across multiple chains, essentially making the cryptocurrency ecosystem more interconnected – a concept that paves the way towards compatibility and adoption within the space. These concepts have been around for a while, but recently have reached a considerable milestone – the introduction of a fully decentralized, DEX compatible, time-weighted average price protocol (TWAP) which can be seamlessly integrated with existing EVM DEXs.
The goal of TWAP is to improve the conditions within the DeFi ecosystem by allowing orders to be executed more efficiently. This can potentially bring the whole DeFi market to a new level, making this idea one of the trends to closely follow in 2023.
Crypto analytics.
There are many innovative ideas in the field of crypto analytics. This field is focused on creating new tools for cryptocurrency trading. They provide multiple functions including trading signals, predictions and social analytics to help traders make informed decisions. Especially during the turbulent times and given the inherent volatility of cryptocurrency markets, this field is enjoying a considerable investor interest due to its use case nearly every crypto investor can make use of.
Projects in this field have already raised more than millions of dollars at the time of writing. The considerable initial traction it has gained among investors can be a testament for the future potential of crypto analytics, making it one of the ideas to pay attention to in the upcoming year.
New ideas for cryptocurrency.
Both existing and new cryptocurrencies have a lot in store for 2023. There are definitely a few projects that you need to follow due to their huge potential for the cryptocurrency market. After some recent changes among established cryptocurrencies which transformed the blockchain’s consensus to PoS (Proof of Stake) from PoW (Proof of Work) – many more changes to the ecosystem are planned for the coming year which will introduce a lot of improvements in various segments. Major players in the market recently revealed a new development track focused on resolving the issues surrounding the censorship of transactions and an exploitative bot-driven trading practice known as maximal extractable value (MEV).
Resolving key issues related to leading blockchain solutions is one of the most important steps towards the widespread adoption of cryptocurrencies. It goes to show that the industry can work on providing solutions through technical improvements to even the most pressing problems, essentially driving the innovation of the whole sector forward.
Sustainable Development.
Many innovative projects focus on the environmental sector and more specifically on sustainable development, which has fallen out of the top charts within the crypto industry lately. Nevertheless, with the current environmental challenges we are facing and the missed environmental targets set by governments and organizations such as the UN, the importance of ecologically sustainable solutions has never been greater.
Companies in the field of sustainable development create ecosystems for brands, businesses and individuals who want to reduce their negative footprint on the environment. The projects introduce tokens for carbon offsets, a concept that has found increased support from environmental organizations and…
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