Ethereum co-founder Vitalik Buterin has looked on the bright side of what has been a horrible year for crypto. Additionally, he offered some insight as to what could be big in 2023.
In an interview with Bankless on Dec. 19, Ethereum co-founder Vitalik Buterin gave his six reasons why 2022 wasn’t a total failure.
This year has seen multiple crypto company failures creating a cascade effect or contagion, as it has been termed. However, much of that has been caused by overleveraging, mismanagement, and fraud. Centralized entities and the people that control them have been at fault – not crypto.
Buterin gave six examples of crypto networks and entities that have succeeded in 2022. They include the Uniswap DEX, Rai Reflex Index, and Maker’s Dai stablecoin despite complex governance issues.
Additionally, the Ethereum base layer succeeded, as did Ethereum Name Service (ENS), and there was an increase in smart contract wallets, he added.
Vitalik Buterin on 2023
Buterin added that there were a lot of “blockchainy” and decentralized entities that survived the whole situation unscathed. Reiterating the point, he added:
“It’s the centralized stuff where everyone is wondering ‘hey am I ever going to get my money back?’.”
Vitalik Buterin has repeatedly cautioned investors to take a closer look at the human influence over any crypto protocol.
There are more success stories from 2022, such as increased Bitcoin adoption and more involvement in crypto from traditional finance companies like Visa.
Vitalik also highlighted a few areas he sees huge opportunities in 2023. These include major wallet adoption, inflation-resistant stablecoins, and Ethereum-based logins.
He dismissed the notion that the dApp development and adoption wave was over, stating that there needs to be more development on wallets to make them user-friendly. Making a wallet that will onboard a billion users is a huge opportunity, he added.
Furthermore, making a stablecoin that will survive hyperinflation is also a massive opportunity, according to Buterin. Finally, he said that if sign-in with Ethereum can be made to work and Facebook and Google can be unseated as the “login overlords of the internet,” that itself is a huge opportunity.
ETH Price Outlook
The network’s underlying asset, ETH, has gained 2.4% over the past 24 hours. As a result, ETH was trading at $1,209 at the time of press, according to CoinGecko.
Ethereum is currently down 5% over the past week but remains range-bound, unable to break resistance or support levels.
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