Author: flowie, Xiangxiang, ChainCatcher
Table of contents:
1. Overview of the Crypto Market in 2022
2. Fundraising of Crypto Venture Capital Funds in 2022
III. Project Financing in 2022
Analysis of the number and amount of financing in each track
Top 10 projects with the highest annual financing amount
IV. Active Investors in 2022
Investment agency
Individual Investors
V. Conclusion
1. Overview of the Crypto Market in 2022
"Crypto Winter" is the keyword for 2022, and this chill is transmitted step by step.
In the macro environment, in 2022, global inflation, central banks of various countries have introduced monetary tightening policies, and the Federal Reserve has aggressively raised interest rates. All asset classes have responded in price: stock markets, money markets, and government bonds around the world have all fallen sharply; the 2-year/10-year U.S. Treasury yield inversion has continued to hit new highs; the Nasdaq, which is dominated by technology stocks, has continued to fall.
The crypto industry attracts over-speculative people, whose leverage ratio is higher than that of traditional industries. Therefore, against the backdrop of global capital tightening, the deleveraging process is more intense.
First, the plunge in the secondary market confirmed that the crypto market had entered a deep bear market. The total market value of cryptocurrencies has wiped out about $2 trillion from the high reached in November 2021. As of the end of 2022, the total market value of cryptocurrencies has fallen below $1 trillion. The price of cryptocurrencies as a whole showed a clear downward trend in 2022, with the price of Bitcoin plummeting by more than 60%.
Source link: https://www.coingecko.com/en/global-charts
Stablecoins are the cornerstone of the crypto industry, and the total supply of stablecoins peaked at $161.5 billion in March 2022, but has since seen massive redemptions of more than $14.3 billion.
Source link: https://www.coingecko.com/en/global-charts
In the DeFi field, according to Defillama data, DeFi's TVL fell from $171 billion in January 2022 to a low of $50 billion in October 2022, a drop of nearly 75%. With a series of events such as Terra, DeFi's TVL also experienced two sharp declines, and the market accelerated the bear market.
Source link: https://www.coingecko.com/en/global-charts
In the NFT field, as the market continues to cool down, NFT trading volume remains in a slump. The extremely high trading volume in May 2022 was mainly due to the issuance of otherdeed on otherside to induce users' FOMO emotions. Looking at 2022, the total market value of NFT fell from about US$35 billion to US$21 billion, a drop of more than 40%.
Secondly, against the backdrop of a continued bear market in the secondary market, many negative risk events occurred in the crypto market in 2022. We have witnessed many crypto giants fall like dominoes: Terra, Three Arrows Capital, Voyager Digital, Celsius, FTX, BlockFi... and at the moment, the list is still growing.
The decline of the macro environment, the deep bear market in the secondary market, and multiple black swan events have rapidly reduced the confidence in the investment and financing market of the crypto industry. The Luna crash in mid-2022 has also become an important "watershed" in the investment and financing market. In the first half of this year, the entire venture capital market basically continued or even surpassed the bull market performance in 2021, but the heat in the second half of the year took a sharp turn for the worse. Both the pace of institutional fundraising and the investment and financing market slowed down, and this downward trend may continue until the first half of 2023.
What is the investment rhythm of the crypto investment and financing market in 2022, and which areas will the funds flow to? Based on data from the crypto data platform Rootdata, ChainCatcher compiled the fundraising data of the crypto market in 2022, the overall investment and financing data, the distribution of investment and financing segments, and the most active investors, and reviewed the overall overview of the crypto investment and financing market in 2022.
2. Fundraising of Crypto Venture Capital Funds in 2022
In terms of fundraising, the bull market performance of the crypto market in 2021 has attracted a lot of funds to enter the crypto market in early 2022. Fundraising in the first two quarters of the 2022 crypto venture capital market has increased significantly. In the first quarter of 2022, there were 54 fundraisings, a year-on-year increase of 500% over 2021, and the total amount of funds raised was US$11.723 billion, a year-on-year increase of 2245%. In the second quarter of 2022, there were 96 fundraisings, a year-on-year increase of 500%, and the total amount of funds raised was US$24.193 billion, a year-on-year increase of 635.12%.
However, with the arrival of the bear market, a series of bankruptcies such as Luna and Three Arrows Capital occurred frequently in the middle of the year, and the performance of investment institutions was also questioned, and the strong fundraising momentum was quickly curbed. In the third quarter of 2022, the number of fund raisings and the total amount of funds raised ushered in a cliff-like decline. The number of fundraisings decreased by 54.16% compared with the second quarter, and the total amount of funds raised decreased by 25.43% compared with the second quarter.
By the end of 2022, the FTX black swan incident occurred, and hundreds of millions of dollars of investment by top funds investing in the crypto field, such as Sequoia Capital, Paradigm, Temasek, Multicoin, etc., were written off to zero. The reputation of crypto investment institutions was severely damaged, and there was basically very little upstream capital allocated to the crypto market. Fund raising activities in the fourth quarter were basically stagnant, with almost only one fundraising event, with a total fundraising amount of US$150 million.
But overall, despite the sluggish market, investment institutions still obtained more "ammunition" in 2022. In 2022, a total of 195 fundraising events were completed, an increase of 87.5% year-on-year, and the total fundraising scale reached US$54.105 billion, an increase of 186% year-on-year.
Data source: Messari
Judging from the specific investment and financing data, with the sharp pullback of the crypto market and the impact of multiple default incidents, the investment pace of the crypto investment and financing market has shown a gradual slowdown from the first half of the year to the second half of the year. It is estimated that investment in 2023 will continue to maintain a relatively cautious investment pace.
III. Project Financing in 2022
This report counts 1,528 investment and financing events in 9 categories in 2022, including DeFi, CeFi, infrastructure, games, NFT, social entertainment, DAO, tools & information services and others.
In 2022, the crypto industry's publicly disclosed cumulative financing amount reached US$26.77 billion, with 1,528 financing transactions, down 4.5% and up 28% from 2021. There were 57 mergers and acquisitions in the year, of which 10 announced the acquisition amount, totaling US$1.64 billion.
In Q1 2022, the crypto investment and financing market had a total financing amount of US$11.686 billion, continuing the record of over US$10 billion in a single quarter since Q4 2021. There were 405 financing events, and both the total financing amount and the number of financing events achieved positive growth or flat records for 5 consecutive months. This is an unprecedented golden age of crypto investment.
But then, with the continued interest rate hikes by the Federal Reserve and frequent thunderstorms such as the Luna crash, starting from Q2 of 2022, the crypto investment market began to take a sharp turn. The total financing in Q2, Q3, and Q4 of 2022 were US$7.204 billion, US$4.558 billion, and US$4.558 billion respectively. 3.346 billion U.S. dollars, and the number of financings were 358, 329, and 254 respectively. Both the total amount and the number of institutional transactions began to decrease significantly.
Data source: Rootdata
From the detailed rounds of investment and financing, it can be seen that the distribution of financing rounds of crypto projects is basically similar to that in 2020 and 2021, and is still concentrated in earlier stages such as angel rounds, pre-seed rounds, and seed rounds. This is most evident in the fields of games, NFTs, and DeFi. The proportion of projects that received early financing in these three fields accounted for 68%, 65%, and 63%, respectively. It can be seen that it is still in a stage of vigorous development and the industry structure is far from solidified.
Which sectors will crypto venture capital mainly flow into in 2022? What are the changes compared with 2021?
From the perspective of the distribution of investment and financing fields, the top three fields in terms of the number of financing transactions in 2022 were infrastructure (252 transactions), games (213 transactions), and DeFi (193 transactions), accounting for 16.49%, 13.94%, and 12.63% of the total number of financing transactions, respectively; the top three fields in terms of total financing amount were infrastructure (US$7.565 billion), CeFi (US$5.68 billion), and NFT (US$3.456 billion), accounting for 28.20%, 21.22%, and 12.92% of the total financing scale, respectively.
Compared with 2021, the total amount of financing and the total number of investment and financing events in each track in 2022 have increased significantly, with most growth rates exceeding 50%. Among them, the areas where both the number and amount of financing are on the rise include infrastructure, NFT, social entertainment, tools & information services, with the number of financings increasing by 19.4%, 68.2%, 134.2%, and 125% year-on-year, respectively, and the amount of financing increasing by 82.3%, 181.32%, 265.2%, and 78.5% year-on-year, respectively.
In addition, there were 63 financing events with a single financing of more than US$100 million in 2022, among which many projects obtained large amounts of funds of hundreds of millions of dollars through continuous financing. Among them, Animoca Brands raised a total of US$544 million in three financings, Amber raised a total of US$500 million in two financings, NEAR Protocol raised a total of US$500 million in two financings, Aptos raised four consecutive rounds of financing, and raised a total of US$350 million in two rounds of financing that disclosed the financing amount, and Sui raised a total of US$315 million in two financings.
In 2022, the most favored and large-scale financing projects by the top funds are mainly concentrated in the infrastructure field (including infrastructure tracks including Layer1, Layer2, developer platforms, wallets, middleware and other sub-tracks), of which there are 19 financing events exceeding US$100 million, mainly concentrated in the public chain and expansion tracks. In addition to Polygon, which raised US$450 million at the beginning of the year in the last round of new public chain narratives, many upstarts in this track have completed considerable financing, such as Aptos, which raised a total of US$350 million in two rounds, Sui raised US$200 million, and zkSync raised US$200 million.
NFT, which became popular in 2021, has maintained a strong momentum in the sluggish 2022. There have been 12 events in the NFT field that have completed financing of more than US$100 million, and they are mainly concentrated in the head projects in the middle and late stages. The top three in terms of financing amount are Animoca Brands (three rounds of financing totaling US$544 million), Opensea (US$350 million), and Dapper Labs (US$305 million.)
In the fields of social entertainment and tools & information services, both the number of financings and the amount of financing have increased significantly. Social entertainment (has always been regarded as one of the content portals for Web3 to break through user growth. In 2022, social entertainment content such as "decentralized social", "Web3 social network", and "Web3 music" is a hot topic, and popular new concepts such as soul binding have emerged. With Elon Musk's high-profile acquisition of Twitter, the hot discussion about Web3 social has once again been pushed to a climax. However, since the track is still in its early stages of development, the direction is relatively vague, and there are no high-growth platforms. In 2022, the social entertainment track social entertainment projects were mainly concentrated in the seed round stage, with 56 projects, and there were few large financings. Typical financing events include the decentralized social protocol Farcaster completing a $30 million financing led by a16z.
In the field of tools and information services, the projects that received investment were mainly concentrated in the seed round, with a total of 53. The most active segment of the track related to crypto data and analysis was the crypto data and analysis, with 36 financings, accounting for 36.73% of the total financing in this field. Among them, projects with financing of over 100 million US dollars include blockchain data analysis company Chainalysis (US$170 million) and crypto asset software company Lukka (US$110 million). In addition, with the collapse of many leading projects this year, the financial, tax, accounting and other tool platforms or solutions related to crypto projects have also attracted a wave of primary investment, and well-known institutions such as Tiger Global and Sequoia Capital have entered the market.
Although the number of financings in CeFi, DAO, and gaming sectors increased slightly, the amount of financing decreased significantly, down 54.2%, 17.2%, and 46% year-on-year, respectively. In the DeFi sector, both the number of financings and the amount of financing decreased slightly, down 27.2% and 9.3% year-on-year, respectively.
In the CeFi field, before the collapse of Luna and Celsius in the middle of the year, the top CeFi players represented by FTX, Amber, etc. were in the limelight and completed multiple large financings of over 100 million yuan. However, this momentum basically subsided in the third quarter, and the number and amount of financing both fell sharply. With the collapse of FTX, many related CeFi institutions have successively reported crises. CeFi financing in the fourth quarter is still relatively sluggish, but there are also investment institutions such as Amber that are willing to rescue in times of crisis. Therefore, the financing activity has increased slightly compared with the third quarter.
Although after CeFi suffered a setback, leading DeFi protocols such as Uniswap and dYdX performed well in various crash events, and the market generally believed that DeFi brought about a new wave of dividends, there were no major innovative protocols in the DeFi field in 2022, and there was no new round of financing boom in the primary market. The only project to complete financing of more than 100 million US dollars was Uniswap, which completed US$165 million in financing in October 2022.
Compared with the steady development of NFT, blockchain games, which also became popular in 2021, have obviously weakened their momentum in 2022. As the leading projects Axie and STEPN suffered serious setbacks and were questioned, no new concept game projects similar to Axie and STEPN were born. Although there is a slight investment enthusiasm for projects centered on concepts such as 3A blockchain games, NFT games, and the metaverse, judging from the sharp decline in the total amount of financing, it is clear that investment institutions are more cautious in betting on this field.
DAO, which was once regarded as the next hot topic after NFT in 2021, not only failed to explode as expected in 2022, but it hardly made any "splashes". Whether it was in terms of market discussion, the actual progress of the project, or the investment and financing performance in the primary market, it was relatively quiet.
1. Detailed financing data for each segment:
infrastructure
The infrastructure track includes Layer1, Layer2, developer platform, wallet, middleware and many other fields, which have always been the focus of venture capital institutions. In 2022, there were 252 investment and financing events in the infrastructure field, raising a total of US$7.55 billion, ranking first among all tracks. Financing events increased by 19.4% year-on-year, and the total amount of funds increased by 82.3% year-on-year. In terms of financing rounds, in 2022, there were 115 early-stage infrastructure projects and 48 A-round projects.
DeFi
The DeFi track includes DEX, lending, asset management, yield generators, stablecoins, etc. In 2022, there were 193 investment and financing events in the DeFi field, raising a total of US$1.65 billion, and the financing scale ranked first in each track. The number of financing events increased by -27.2% year-on-year, and the total amount of funds increased by -9.3% year-on-year. DeFi investment projects are mainly concentrated in the seed round stage, with 110 projects. Currently, DeFi projects on Ethereum dominate the mainstream, and other ecosystems are also developing.
CeFi
In 2022, there were 128 investment and financing events in the CeFi field, raising a total of US$5.68 billion, ranking second among all tracks. Financing events increased by 7.6% year-on-year, and the total amount of funds decreased by -54.2% year-on-year. The maturity of the CeFi track is relatively high, with 38 early-stage projects and 33 A-round projects, and the proportion is relatively balanced. The most active vertical field in the CeFi track is the exchange, and other popular ones include payment, market makers, savings, asset management, etc.
NFT
In 2022, there were 180 investment and financing events in the NFT field, raising US$3.46 billion. Financing events increased by 68.2% year-on-year, and the total amount of funds increased by 181.3% year-on-year. From 2021 to the present, the NFT field has basically maintained an upward trend in terms of total financing and number of events in each quarter. NFT investment projects are also mainly concentrated in the seed round stage, with 100 events.
game
In 2022, there were 213 investment and financing events in the gaming sector, raising a total of US$1.61 billion. Financing events increased by 80.5% year-on-year, and the total amount of funds decreased by -46.0% year-on-year. The projects that received investment in the gaming sector were mainly concentrated in the seed round, totaling 113. Overall, the gaming financing market entered a new stage in 2022. Investors no longer favored platform and infrastructure projects, but studios that have the ability to eventually land content products. The infra landscape is maturing in stages, and there is a certain surplus of existing infra projects, which have begun to compete for market share in their respective segments.
KNIFE
In 2022, there were 35 investment and financing events in the DAO field, raising a total of US$270 million, with the financing scale ranking first in all tracks. The number of financing events increased by 25% year-on-year, and the total amount of funds decreased by -17.2% year-on-year. The DAO investment projects were mainly concentrated in the seed round stage, with 12 events.
Social Entertainment
In 2022, there were 89 investment and financing events in the social entertainment sector, raising a total of US$840 million, with the financing scale ranking first among all tracks. The number of financing events increased by 134.2% year-on-year, and the total amount of funds increased by 265.2% year-on-year. The social entertainment investment projects were mainly concentrated in the seed round stage, with 56 events.
Tools & Information Services
In 2022, there were 90 investment and financing events in the field of tools and information services, raising a total of US$1.16 billion, with a financing scale of . The number of financing events increased by 125% year-on-year, and the total amount of funds increased by 78.5% year-on-year. The projects that received investment in tools and information services were mainly concentrated in the seed round stage, with 53 events.
other
In other fields, there were 164 investment and financing events in 2022, raising a total of US$4.43 billion, ranking third in terms of financing scale among all tracks. The number of financing events increased by 51.9% year-on-year, and the total amount of funds increased by 2.5% year-on-year. The projects that received investment were mainly concentrated in the seed round stage, with 61 events.
2. Top 10 financing projects in 2022:
The 10 projects with the highest single financing amount in the crypto field in 2022 are public chain Terra ($1 billion), digital asset custody platform Fireblocks ($550 million), Ethereum infrastructure development company ConsenSys ($450 million), BAYC developer Yuga Labs ($450 million), Ethereum expansion project Polygon ($450 million), crypto exchange FTX ($400 million), crypto exchange FTX US ($400 million), Web3 game software company and venture capital company Animoca Brands ($358 million), green mining company Crusoe Energy ($350 million), public chain NEAR Protocol ($350 million), and Flow developer Dapper Labs ($305 million).
It is regrettable that among the top ten projects in terms of financing amount, Terra, FTX, and FTX US all experienced bankruptcy this year, which caused a huge impact on the entire crypto market. This shows that the last round of bull market created a very large bubble and risk.
IV. Active Investors in 2022
For leading funds with sufficient funds, compared to being "on board" by FOMO sentiment in a bull market, the crypto market is gradually de-bubbling and returning to its essence in a bear market, and project valuations are also returning to rationality. This may be a better time to invest.
Judging from the activity of investment institutions based on the number of investments, the top ten investment institutions in 2022 are Coinbase, Animoca Brands, Shima Capital, GSR, Sapartan Group, Gragonfly, Solana Ventures, Alameda Research, a16z, and Jump Crypto.
Among them, Coinbase Ventures (119) and Animoca Brands (118) have made more than 100 investments. Coinbase Ventures has significantly accelerated its investment pace in 2022, with a total of 259 investments from 2018 to date. In 2022, it launched a massive attack, making 119 investments, accounting for nearly half of the total number of investments. In terms of investment distribution, Coinbase Ventures' investment areas are mainly concentrated in infrastructure and DeFi, with investment accounting for 30% and 24% respectively. Coinbase can be found in many of the new public chains. Judging from the amount of project financing, this year it has participated in only five projects with a level of more than 100 million US dollars, including Yuga Labs (US$200 million), Sui (US$300 million), Aptos and Layer Zero (US$135 million), and Gnosis Safe (US$100 million).
Animoca Brands made 118 investments in 2022. In its investment portfolio, games have always been the core of Animoca Brands. In terms of quantity, games accounted for more than 60% of all its investment projects this year. Among them, there were 6 projects with financing exceeding US$100 million, namely Yuga Labs ($450 million), Polygon ($450 million), football media platform OneFootball ($300 million), Web3 game service provider Immutable ($200 million), cricket NFT platform Rario ($120 million), and cross-chain infrastructure LayerZero ($135 million).
The companies with more than 50 investments include Shima Capital (88), GSR (76), Sapartan Group (63), Gragonfly (61), Alameda Research (59), Solana Ventures (59), a16z (56), and Jump Crypto (55).
Among them, a16z, a top venture capital firm with a larger asset scale, has a relatively balanced distribution of investment fields, and the number of investments in each field is not very different, mainly distributed in infrastructure, NFT and games. In terms of investment stage, a16z prefers mature crypto startups, with a total of 57 investments in 2022, and among them, 18 projects with investment amounts exceeding US$100 million include Yuga Labs, Aptos, Sui, LayerZero, centralized wireless hotspot network Helium, etc., accounting for nearly 30% of the total number of investments, far exceeding Coinbase Ventures and Animoca Brands, and the large-scale projects invested are mainly concentrated in the public chain and expansion tracks.
Shima Capital, a crypto-native fund second only to Coinbase Ventures and Animoca Brands in terms of the number of investments, was established in 2021 and has made 86 investments, mainly focusing on early-stage projects. In 2022, it participated in nearly 80% of the financing projects with a total amount of less than 10 million US dollars, and did not invest in any financing projects with an investment of more than 100 million US dollars. GSR, a crypto market maker established in 2013, has made 76 investments, mostly in early and mid-term projects. In 2022, it participated in nearly 64% of the financing projects with a total amount of less than 10 million US dollars, and participated in two projects with a financing amount of more than 100 million US dollars, including Gnosis Safe (US$100 million) and Terra, which went bankrupt in 2022 (US$1 billion in financing after listing).
Spartan Group, a crypto-native fund founded in 2018, mainly invests in DeFi, infrastructure and games. The investment stage is relatively early. In 2022, the financing projects with less than 10 million US dollars participated in accounted for nearly 64% of the whole year. The only project with a financing amount of more than 100 million is Polygon (US$450 million). Dragonfly, a crypto-native fund founded in 2018, mainly invests in DeFi, infrastructure and CeFi. In terms of investment stage, the projects with a financing amount of more than 100 million in 2022 include Ethereum expansion solution zkSync/Matter Labs (US$200 million), NEAR Protocol (two rounds of financing, US$350 million/US$100 million), and Polygon (US$450 million).
Solana Ventures, which mainly invests in the Solana ecosystem, mainly invests in DeFi and gaming. The investment stage is relatively early. In 2022, the financing projects with a financing amount of less than 10 million US dollars accounted for 73% of the whole year. Jump Crypto participated in the financing of more than 100 million projects in 2022, including Sui (US$300 million), Aptos (US$150 million), and the crypto exchange Kucoin (US$150 million).
In general, top funds prefer to inject funds into infrastructure, DeFi and gaming, especially the public chain and capacity expansion tracks, which have almost become tracks that top funds dare not miss.
In addition to investment institutions, individual investors cannot be ignored in the primary market of the crypto industry. Angel investors with more than 10 investments in 2022 include Balaji Srinivasan (44), Sandeep Nailwal (37), Sebastien Borget (14), Santiago Roel Santos (14), Jaynti Kanani (14), Stani Kulechov (11), and Ryan Selkis (11).
Among them, the most active angel investor Balaji Srinivasan invested 44 times. He was the chief technology officer of Coinbase and a general partner of A16z. He is an early investor in many successful technology companies and crypto protocols, including Alchemy, Ava Labs, Bitcoin, Cameo, Chainlink, Clubhouse, Dapper Labs, Ethereum, Instadapp, NEAR Protocol, OnDeck, Opensea, Solana, Soylent, Superhuman, Synthesis and Zora. Balaji Srinivasan has also started many businesses. The three companies he founded, Earn.com, Counsyl and Teleport, were acquired by Coinbase, Myriad and Topia respectively. He is also the originator of the concept of "cyber state".
In 2022, Balaji Srinivasan mainly invested in tools & information services, infrastructure, and DAO. Among them, there were five projects with financing amounts exceeding US$20 million, namely modular blockchain Celestia (US$50 million), Web3 data index Nxyz (US$40 million), decentralized social Farcaster (US$30 million), and decentralized trading platform Hashflow (US$26 million).
Polygon co-founder Sandeep Nailwal is the second most active individual investor after Balaji Srinivasa, with 37 investments in 2022, mainly in infrastructure and NFT fields. Among the investment projects with financing amounts exceeding US$20 million are interoperability protocol LayerZero ($135 million), African Web3 super application Jambo ($30 million), and crypto bank and payment company Zamp ($20 million).
V. Conclusion
Overall, the market bubbles and potential risks accumulated in the bull market of 2021 were burst in 2022. With the successive bankruptcies of crypto giants, many mainstream crypto investment institutions have paid a heavy price. The pace of investment and financing in the crypto market is slowing down rapidly, and funds will favor flowing into crypto "new infrastructure" with long-term value.
Judging from the investment and financing situation in 2022, infrastructure (including infrastructure tracks including Layer1, Layer2, developer platform, wallets, middleware and other sub-tracks), NFT, Web3 social entertainment, and data analysis are relatively hot fields, and will most likely continue to be popular in 2023.
It is worth mentioning that in 2022, industries related to Bitcoin payment technology and lightning network are receiving attention. Although the amount of financing is far less than that of infrastructure, NFT and other projects, it is still worth continuing to pay attention to in 2023.
So, how do other authoritative organizations predict trends for 2023?
As usual, analysis and venture capital institutions such as a16z, Messari, and Pantera have made their own predictions on investment trends in 2023. Among them, a16z mentioned that blockchain mobile terminals, multi-party computing, zk technology-related projects and development and other fields will continue to receive attention. Messari expects that the crypto infrastructure in 2023 will continue to be as hot as in 2022. In addition, due to the frequent on-chain security incidents in 2022, security audit companies will continue to receive financing. Messari is bearish on the over-hyped GameFi.
Messari founder Ryan Selkis himself prefers decentralized social (DeSoc). Pantera Capital partner Paul Veradittakit mentioned zk technology and on-chain data analysis in his predictions. Zhao Changpeng also mentioned that infrastructure and data tools will continue to develop, and non-custodial and multi-chain wallets will rise.