The crypto market continues to move sideways with Bitcoin price trading at $46K. With Major altcoins following the Same path as BTC, while ETH Price fares at $3.7K. Bears still hold control in the slow drag down of the market as of yet.
A key executive of Coinbase, a US-based crypto exchange, has revealed his predictions for the crypto markets in 2022.
Surojit Chatterjee, the business’s chief product officer, thinks that Ethereum (ETH) competitors Avalanche (AVAX) and Solana (SOL) could see major improvements this year, and that new layer-1 (L1) solutions will emerge, according to a new company blog post.
He says scalability challenges for ETH are anticipated to increase as we welcome the next hundred million users to crypto and Web3.
The traction of Solana, Avalanche and other layer-1 chains indicates that we will soon live in a multi-chain world. Newer L1 chains will also arise, focusing on specific use cases like gaming or social networking, he opines.
Solana and AVAX in 2021 have printed yearly gains of 7742% and 2914% respectively. While Ethereum has clocked just 293.7% gains.
Decentralized finance (DeFi) protocols will begin to accept laws, according to Chatterjee, and huge institutions will begin to play a larger role in DeFi as a result. DeFi platforms that welcome rules and know-your-customer (KYC) verification norms, he claims, will attract wary blue-chip investors
He says Institutions are still wary about taking part in DeFi. Institutions want to make sure they’re only dealing with known counterparties who have gone through the KYC procedure. Institutions will gain confidence in DeFi as regulated DeFi and on-chain KYC attestation expand.
The executive also anticipates that major brands would follow Coca-Cola Charmin’s lead and participate in the metaverse, using non-fungible tokens (NFTs).
NFTs are likely to be used in more innovative brand marketing campaigns in the future. For brands, NFTs and the metaverse will be the new Instagram.
He thinks many brands, similar to Instagram, may begin as NFT natives. We’ll also see a slew of celebrities hop on board and use NFTs to boost their personal brands.
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