- CMC added that a lot of collaboration between crypto projects is needed to eliminate the current challenges facing the industry.
- Last year, Coinmarketcap listed over 22K coins and developed its DexScan to enable the viewing of decentralized exchange transactions on over 37 chains.
A new report by Binance-backed CoinMarketCap Research has indicated that crypto adoption is still in the early stages with a lot of education needed. As such, Coinmarketcap Research has highlighted key things needed for the crypto market in 2023 to ensure mainstream adoption. Moreover, about 43 percent of crypto investors still use centralized exchanges to store their digital assets despite the collapse of a major firm FTX late last year.
Nevertheless, about 57 percent of the surveyed crypto investors understand the phrase ‘not your keys, not your coins’.
Notably, the CMC report highlighted that the crypto market is still in the early stages where most of the DeFi projects still showcase the code part to market themselves. With the majority of crypto investors less conversant with blockchain coding, CMC noted a lot of developments are required to ease how the average user interacts with the protocols. CMC noted.
Right now, we are still at the stage where we need to read into the code level, which means that the solution is not there yet,
Additionally, CMC added that a lot of collaboration between crypto projects is needed to eliminate the current challenges facing the industry. The report noted.
It is clear that there is a fundamental need for self-custody solutions. However, reaching mass adoption requires industry players to collaboratively work together to overcome key challenges. This will ultimately empower everyone’s ownership of digital assets and accessibility to Web3.
Coinmarketcap Evolves With the Crypto Market
Last year, Coinmarketcap listed over 22K coins and developed its DexScan to enable the viewing of decentralized exchange transactions on over 37 chains. The company also created a crypto-native social media platform with over 400K daily active users to help projects socialize with their followers.
The company highlighted that it was amazed by Bitcoin’s ability to retain its historical characteristics amid pressure from institutional investors. Notably, CMC reported that it expected increased institutional investors would invalidate the halving effect – which sees a decline in price after a bull market – in 2022 but it was not the case. The company said.
While we had previously believed that institutions entering crypto meant that Bitcoin’s halving would no longer play a major force in the industry, Bitcoin has proven us wrong this year,
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The company noted that 2023 is the year more regulatory clarity will spring up from different jurisdictions around the world. Moreover, countries do not want a scenario where investors’ capital is trapped with unregulated crypto companies. The collapse of 3AC, Genesis Trading, FTX, and Voyager has been a huge and painstaking lesson for the entire industry.
Report Source: CoinMarketCap