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2021 a year to remember for blockchain industry - report

By Shannon Williams
Wed 26 Jan 2022

2021 was a year for the blockchain industry to remember, according to a new report.

Blockchain application research firm Huobi Research Institute has released its Global Blockchain Industry Overview and Trends 2021-2022 Annual Report.

This past year, the industry witnessed rapid changes in the blockchain industry, with many new milestones: Coinbase was listed, the first Bitcoin futures ETF was approved, Bitcoin became legal tender in El Salvador, amongst others. New public chains, NFTs, DAOs, Metaverse, Web3.0, GameFi, and other new concepts also emerged. 

A joint collaboration with the Blockchain Association Singapore and supported by Huobi Technology and Huobi Singapore, the report analyzes the development of the crypto industry over the past year from four different aspects: finance, market, technology and policy. The report also examines ten important events that occurred in the blockchain industry in 2021, and uses them as a basis to forecast trends for 2022.

From a financial perspective, bitcoin assets are being increasingly accepted and adopted by listed companies and central banks as a digital asset that can replace gold, the report says.

Traditional financial institutions are also actively stepping into this market, and compliance has become an important trend in the virtual asset industry. In the past year, DeFi has maintained rapid development in both scale and type, and DeFi2.0 innovations have evolved to provide better liquidity solutions. 

Stablecoin market value increased rapidly and received attention from regulators around the world. Crypto compliance businesses continue to grow, and demand for such services will remain strong for the foreseeable future.

Several hot topics also emerged throughout the year. NFTs showed explosive growth, but behind the bubble, illiquidity and volatile prices still pose problems. The popularity of meme coins has skyrocketed, forming their own subculture and trends. 

"But behind the sudden price jumps, what greater utility do they provide to the world? DAOs, GameFi and Metaverse also became buzzwords in 2021. What's driving them are innovations in organisational forms, improvements in operating models, and further exploration of the boundaries of virtual reality?" the report says.

Technology drives innovation. The report analyzes the advantages and disadvantages of Layer2 technology led by Rollups and possible solutions in the future. The fierce competition between old and new public chains constantly challenges bitcoins dominance; As cross-chain bridges became important infrastructure, blockchain security is also likely to face more challenges.

In the future, DAO will become mainstream, DeFi will enter the 2.0 era, and CBDCs will gradually be introduced to the public. Behind rapid technology iterations and scaling markets lie enormous development opportunities and a constantly evolving industry.

Huobi Blockchain Application Research Institute was established in April 2016. Since March 2018, it has been committed to comprehensively expanding the research and exploration of various fields of blockchain. As the research object, the research goal is to accelerate the research and development of blockchain technology, promote the application of blockchain industry, and promote the ecological optimisation of the blockchain industry.

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