Fred Wilson, partner of Union Square Ventures USV, wrote an article on his personal blog titled "What Happened in 2022", in which he pointed out that the area with the greatest market impact last year was Web3. Crypto/Web3 assets themselves collapsed, and the value of Web3 assets fell by 70-90%. Many large centralized entities, such as lenders, exchanges, and crypto funds went bankrupt. This disaster was enormous, reminiscent of what happened in the Internet industry in 2000/2001. It also made people realize that not everyone in the Web3 market is doing things steadily. There is still fraud, mismanagement, irresponsible risk-taking, etc.

The book value of USV's managed assets was halved in 2022, but venture capital operations were in good condition. Last year was not all bad. For example, decentralized protocols exploded, and the smart contracts that run these protocols executed what the code required and remained "intact" during market shocks. This proves that decentralized protocols are more viable than centralized entities, which is also the main lesson that the Web3 industry should learn. (avc.com)