17 Things to Watch for in the Crypto Industry in January 2023

From: Karl0x

Compiled by: PANews

What events will the crypto industry be interested in in the first month of 2023? Let’s take stock and sort them out.

1. Liquidity staking derivatives season is here! LDO, RPL, FXS, SWISE, FIS, ANKR are all liquidity staking derivatives worth paying attention to. It is expected that the momentum of these tokens should continue as the Ethereum "Shanghai" upgrade approaches.

FXS is currently in an "interesting" position, because it has the highest APY among liquidity staking derivatives, which may be due to Frax holding a large amount of CVX and being incentivized in the Curve liquidity pool of frxETH. Therefore, FXS is expected to gain more market share in the liquidity staking derivatives market, after all, its appeal is still good. In addition, thanks to the recent halving (FXS is halved on December 20th every year), the amount of FXS locked has also increased significantly.

From a fundamental and technical perspective, LDO also has great potential, but competitors may catch up at some point (such as when profit conversion occurs). In this regard, FXS and FIS may be the biggest competitors of LDO, because they are now listed on Binance, while other tokens have not yet been listed on the exchange.

BTRFLY is launching DINERO, a stablecoin overcollateralized by liquid collateralized derivatives.

2. DYDX will be unlocked on a large scale on February 2, 2023, and 105% of the circulation will be allocated to investors and team members. In order to reduce selling pressure and "frustrate" early short sellers, it is very likely that the dYdX team will issue an announcement before such a large-scale token unlocking.

3. DCG Holdings: API3, HBAR, ZEC, FLOW, MANA. These tokens may be severely affected because Genesis owes creditors $3 billion, including $900 million to Gemini Earn users, so DCG may be forced to liquidate its risky assets to raise cash.

4. The CRV team confirmed that the CRV crvUSD stablecoin will be released in January 2023.

5. The AAVE GHO stablecoin public testnet will be launched in January 2023 and will confirm that a revenue sharing mechanism will be established with AAVE stakeholders. In addition, V3 will also be deployed on Ethereum.

6. ATOM will improve cross-chain security through a major upgrade that will enable smaller blockchains to inherit the security of the Cosmos Hub in exchange for ATOM.

7. The price rebound triggered by the Litecoin (LTC) halving may have already begun. The Litecoin halving will take place in August this year, but historically, prices usually start to rise a few months before the halving.

8. Ape BAYC casting will take place on January 18, 2023.

9. Artificial intelligence tokens: FET, VITD, NMR, OCEAN, CTXC, PHB. With news that Microsoft will invest $10 billion in openAI, coupled with the huge popularity of chatGPT, all these narratives may boost the prospects of artificial intelligence tokens.

10. SNX v3 is released. SNX has always wanted to build itself into a DeFi liquidity center, and it may become a huge source of actual returns for DeFi, as Synthetix is ​​expected to become a pillar in the field of decentralized derivatives.

11. OP Bedrock will upgrade the testnet on January 12, 2023, aiming to reduce gas fees and allow the use of zero-knowledge proofs. Compared with other Layer 2 solutions, these improvements implemented by Optimism may make it stand out in 2023.

12. Deven Matthews, a researcher at Ethereum client Nethermind, has initiated a proposal in the Uniswap community to deploy Uniswap V3 to StarkNet. However, the proposal does not mention the accrual of fees to UNI holders, which is mainly due to regulatory considerations. If the proposal is passed, it is expected that Uniswap V3 will be fully deployed on the StarkNet mainnet before the second quarter of 2023.

13. Fantom's latest governance proposal has been passed, which aims to introduce a Gas monetization plan for excellent dApps. In addition to optimizing the demand for block space, it will also use a method similar to member incentives to motivate high-quality creators on Fantom in a sustainable way and bring them new sources of income. Fantom is also the Layer 1 with the largest "locked volume/market value ratio". Previously, its founder Andre Conje returned to the project after leaving it for a few months.

14. As the Waves ecological algorithm stablecoin Neutrino USD (USDN) has been unpegged, Waves announced that it will rename USDN to Waves Ecosystem Index Token (WIXT). WIXT will be supported by a basket of Waves ecosystem tokens as collateral and will no longer be pegged to $1. Instead, the value of WIXT will fluctuate according to supply and demand and indirectly according to the support rate (BR).

15. FLUX will be halved on February 4, 2023.

16. SKL is integrating zero-knowledge proof.

17. METIS, AAVE v3 will be deployed on Metis Andromeda.