2018加密货币行业全景报告（英文版）_24页_1mb

2018 Crypto Retrospective Report Summary

Core Content

2018 was marked as the Year of the Bear Market in the cryptocurrency industry. The year saw a significant downturn in prices and trading volumes, which acted as a cleansing mechanism for the market, removing low-quality projects and resetting expectations for what constitutes a valuable crypto product or infrastructure.

Key Trends and Statistics

Price and Exchange Volume

• The indexed price and indexed exchange volume experienced consistent downward pressure throughout the year.
• Bitcoin dominance rose to over 50%, indicating a flight to safety as investors turned to Bitcoin amid market uncertainty.

Transaction Fees

• Both Bitcoin and Ethereum saw a dramatic drop in transaction fees, with Bitcoin's average fee per transaction decreasing by 99% and Ethereum's by 95%.
• This decline incentivized greater usage of the networks, as lower fees made transactions more affordable and accessible.

Bitcoin Lightning Network

• The Lightning Network, a layer-two scaling solution for Bitcoin, saw 145x growth in total network value.
• The number of open channels increased by 24x, showing the network's increasing adoption and utility.

Ethereum Dapps

• Ethereum-based decentralized applications (Dapps) maintained sustained popularity, with an average of 118 new Dapps created per month in 2018.

ICO Funding and Decline

• The total ICO funding in 2018 reached $12.6B, with 88% of funds raised in the first half of the year.
• There was a 40% decrease in ETH held in ICO treasuries between January and December 2018, reflecting declining interest in token sales.

Shift to Traditional Funding

• There was a noticeable shift from ICO to Security Token Offerings (STOs).
• Traditional financial services providers began to show interest in blockchain, with blockchain M&A activity projected to increase by 300% year-over-year.
• Crypto exchanges were among the most popular M&A targets, with notable acquisitions including Circle acquiring Poloniex, Monex acquiring Coincheck, and others.

Top M&A Acquirers in 2018

2019 Crypto Trends

Stablecoin Mania

• Stablecoins continued to gain traction in 2019, with a growing number of projects and use cases.
• Fiat-collateralized stablecoins like Tether, USD Coin, and Gemini Dollar remained dominant.
• Crypto-collateralized stablecoins, such as MakerDAO (DAI), also emerged as important players.
• Seigniorage shares introduced a new model for stablecoin issuance, with examples like Steem Dollar and Fragments (USD Fragment).

Use Cases Beyond Trading

• Stablecoins expanded their use beyond trading to include payments and smart contract-based insurance.
• They also became an alternative for fundraising, helping projects manage their treasuries more effectively.

Security Tokens (STOs)

• STOs gained momentum as an alternative to ICOs, offering lower issuance fees, faster deal execution, and increased transparency.
• However, challenges such as regulatory uncertainty, limited market exposure, and increased compliance responsibilities remained.

Institutional Crypto Adoption

• Institutional interest in crypto began to grow, with the introduction of derivatives, indices, and trusts.
• Examples included the CME/CBOE Futures, Citi DAR, GBTC Trust, and Bitwise Hold 10 Index.
• ETF proposals from companies like Van Eck/SolidX and Bitwise indicated potential regulatory progress.
• Custody solutions from firms like Fidelity Digital Assets and Coinbase Custody helped institutional investors manage their crypto assets more securely.

Potential Barriers to Adoption

• Lack of transparency in the crypto ecosystem, due to pseudonymous addresses.
• Overlapping regulations across multiple agencies, complicating compliance.
• Need for education to enable institutions to develop effective investment strategies in the crypto space.

Conclusion

2018 was a pivotal year for the cryptocurrency market, characterized by a bear market that tested the resilience of projects and investors alike. It also laid the groundwork for significant developments in 2019, including the rise of stablecoins, the shift to STOs, and the beginning of institutional adoption. Despite challenges, the year demonstrated the industry's capacity to adapt and evolve, setting the stage for a more mature and regulated crypto landscape.