2022 was supposed to be the year crypto went mainstream, with a significant chunk of traditional venture capital firms betting heavily on the ecosystem in 2021. However, with one disaster after another, 2022 turned out to be a catastrophic year for the nascent crypto ecosystem. Some of the biggest names touted as pivotal to taking the crypto ecosystem forward turned out to be the orchestrators of its worst year in recent memory.
That said, quite a few protagonists rose to the occasion. These winners proved that crypto is not just about a few select individuals and companies but a vibrant ecosystem that can survive significant setbacks.
Let’s start with some of the biggest winners of the crypto ecosystem in 2022. The list includes individuals, companies and anonymous groups working for the betterment of the industry.
The winners
In a year that saw the multibillion-dollar collapses of the Terra ecosystem, FTX and Three Arrows Capital, it’s hard to pick winners. However, crypto has faced adversaries before, and 2022 was no different. Several positives came out of the year despite the collapse of several centralized entities.
Ledger and Trezor
When Satoshi Nakamoto created Bitcoin (BTC), a core idea was to give people financial sovereignty that made them less dependent on centralized intermediaries.
With offers of lucrative interest rates on yield products and derivatives trading services, most crypto users preferred to keep their crypto assets on centralized exchanges. However, these lucrative offerings become a nightmare when millions of customers lose their funds in the wake of a centralized exchange collapse.
In the rubble of the FTX collapse, crypto investors lost trust in centralized exchanges. Hardware wallet providers like Ledger and Trezor have benefitted from investors shifting their behavior toward self-custody.
In direct response to the failure of FTX, #Bitcoin investors, of all wallet cohorts, have made a distinct behavioural shift towards self-custody.
From Shrimp, to Whales, #Bitcoin onchain balances are on the rise
Read more in The Week On-chainhttps://t.co/cVUE7QHbtQ pic.twitter.com/uIxUIcI46a
— glassnode (@glassnode) November 14, 2022
By December, self-custody services and hardware wallets became the preferred choice of many. After the collapse of FTX, Trezor saw a 300% surge in sales and revenue and Ledger saw its biggest sale day ever.
White hat hackers
The…
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