Looking back to the upcoming year 2021, the encryption industry is evolving at an unprecedented speed, from NFT, Eth2, DeFi, algorithmic stablecoins to BSC, Axie, GameFi to Layer2, DAO, Metaverse, Web3, every word It represents the epitome of the turbulent industry in the past year, and also shows the ultimate innovation vitality of this industry.
This year, the global market value of cryptocurrencies reached a new height of 3 trillion U.S. dollars for the first time, and Bitcoin rose from 29,000 U.S. dollars to a maximum of nearly 67,000 U.S. dollars;
This year, the public chain ecology ushered in a hundred schools of thought. In addition to Ethereum, several public chains with a lock-up volume of billions of dollars including BSC, Solana, Avalanche, Fantom, etc. were born;
This year, Wall Street Capital began to get involved in the crypto industry on a large scale. The total financing of the crypto industry increased from $3.1 billion in 2020 to $30 billion in 2021, an increase of nearly 10 times (PitchBook Data statistics).
But this year, human beings are still shackled by viruses, the global computing power map of the encryption industry has been rewritten, and the rising hype bubble has become the sword of Damox above the head. Crazy hacker incidents still affect everyone. One’s assets are safe, and the rapidly developing encryption industry is facing a new round of global regulation.
For us in 2021, we have personally experienced the rapid changes in this industry, and also felt the global dimension of cooperative innovation. Time as a scale not only records the major events of the year, but also marks the context of the development of the industry.
The growth of public chain’s full-year lock-up volume in 2021
- Ethereum: The highest public chain in TVL, and also the most abundant ecological project. The ecological project on Ethereum is the vane of the entire encryption industry. The amount of locked-up funds on ETH increased from 23 billion US dollars at the beginning of 2021 to 147.81 billion US dollars at the end of the year, an increase of about 542.6%. The largest TVL project in the ecology was Maker, which accounted for 12.6%, and the top five projects accounted for 50% of the total TVL.
- Terra: The TVL on the Terra chain has increased from USD 53 million at the beginning of the year to USD 20 billion at the end of the year, an increase of 370 times, becoming the second public chain, which nearly doubled in December, compared with other emerging public chains. Terra’s ecological richness on the chain is not high. Among them, only Anchor, Lido, and Terrawap account for 83.1% of the total TVL.
- Solana: Backed by the FTX platform and wealthy businessmen SBF, Solana has become one of the fastest growing public chains in 2021. The TVL on the chain increased from USD 140 million at the beginning of the year to approximately USD 9 billion at the end of the year, an increase of 63.2 times. Currently, the top three projects Raydium, Serum, and Marinade account for 51% of the total TVL on the chain.
- BSC: One of the fastest growing public chains along with Solana. The BSC mainnet was launched in September 2020, and the total TVL on the chain was only 20 million U.S. dollars until the beginning of April 2021. After that, with the outbreak of ecological projects, the TVL rose all the way. As of writing, the TVL reached 12.56 billion, a record high once again, with a cumulative increase of 627 times throughout the year.
- Avalanch: During 2021, AVAX’s on-chain TVL rose from 3.6 million US dollars in February at the beginning of the year to 12.33 billion US dollars at the end of the year, an increase of 3400 times. Among them, the three agreements of Aave, Trader Joe, and Benqi contributed 3.31 billion, 2.15 billion and 1.7 billion locked positions respectively, accounting for 54.7% of the total TVL. The development of Avalanch is directly related to the promotion of San Arrow Capital behind it. Capital founder Suzhu has praised Avalanch many times on his personal Twitter platform.
- Fantom: Similar to Solana, AC stands behind Fantom. The TVL on the chain has grown from more than US$1 million at the beginning of the year to US$4.43 billion at the end of the year, an increase of nearly 3,200 times. Especially in October, the loan agreement Geist Finance became popular. , TVL climbed from 1.65 billion to 5.79 billion in 4 days.
Stablecoin issuance in 2021
In 2021, the total issuance of major stablecoins (USDT, USDC, BUSD, DAI, etc.) is 150.61 billion U.S. dollars, accounting for about 6.5% of the total market value of the entire crypto market, and the cumulative issuance of 121.55 billion U.S. dollars throughout the year, that is to say, The number of new stablecoins issued this year has exceeded four times the cumulative issuance of the past four years. Among them, USDT has the largest issuance, reaching 81.51 billion US dollars, accounting for 54.12%, the second is USDC, with 42.56 billion US dollars, accounting for 28.26%, and the third is BUSD, with 14.44 billion issuance, accounting for 9.59% .
In terms of annual development, USDT issued an additional 59.72 billion yuan, USDC an additional 38.36 billion yuan, BUSD an additional 13.36 billion yuan, and DAI an additional 8.03 billion yuan. Although USDT still occupies the top spot in stablecoins, in 2021, USDT’s market share dropped from 75% at the beginning of the year to 54.12% at the end of the year. On the contrary, USDC’s share increased from 14.4% at the beginning of the year to the end of the year. 28.26, nearly doubled.
Changes in the issuance growth of each stable currency in 2021 Source: The Block
- 2021 Grayscale annual position change
Grayscale, founded by DCG Capital in 2013, represents the attitude of traditional capital on Wall Street. As a cryptocurrency trust fund company, Grayscale influences the mood of the entire market by virtue of its huge capital holdings, and its position table is also regarded as encrypted. A barometer of the market.
As of December 21, Grayscale held 645,200 bitcoins (valued at 31.643 billion U.S. dollars), 3,116,700 ethers (valued at 12.558 billion U.S. dollars), and other encrypted assets with values ranging from one million to tens of millions of yuan.
Looking at Grayscale’s one-year position development process, its total position value increased from 22.81 billion U.S. dollars to 45.08 billion U.S. dollars, an increase of 97.6%, of which the value of Bitcoin trust held increased from 19.148 billion yuan to 31.09 billion yuan, an increase. 62.3%, the trust value of Ethereum increased from 2.979 billion yuan to 12.43 billion yuan, an increase of 316%.
At the same time, Grayscale withdrew XRP trust products and added seven trust products including Chainlink, Decentland, BAT, Filecoin, Livepeer, Solana, and DeFi market (for mainstream DeFi applications) , which together accounted for 25.6% of total assets. Among the newly added assets, Decentland has the largest volume, reaching $60 million.
Grayscale positions at the beginning of January 2021 and the end of December 2021
- 2021 global Bitcoin computing power changes
In 2021, the global Bitcoin computing power experienced an unprecedented reshuffle. At the beginning of 2021, the computing power of Bitcoin’s entire network was 140EH/S, and China alone contributed 79.5EH/S of computing power, accounting for 56.7%.
Since May, Inner Mongolia, Gansu, Xinjiang, Sichuan, Guizhou and other places have successively carried out multiple rounds of virtual currency mining project cleanup operations, which directly caused Bitcoin’s computing power to drop from 166EH/S to 99ET/S. After September, with the implementation of the national “Notice on the Regulation of Virtual Currency “Mining” Activities” document, many Chinese mining pools such as F2Pool and Poolin went to sea or retired, and the Bitcoin computing power in China has also changed from the previous 79.5EH/ S dropped to zero.
Today, the world’s largest Bitcoin computing power is the United States. The latter’s computing power increased from 15.7EH/S at the beginning of the year to 46.7EH/S in August, accounting for 35.4% of the total computing power. At the same time, Kazakhstan, Canada, Russia and other places It has also become the main area of net growth in computing power.
Current global Bitcoin hashrate map data source: ccaf.io
- Total revenue of Bitcoin/Ethereum miners in 2021
According to the statistics of The block, as of writing, the cumulative income of Bit Miners in 2021 was 16.233 billion U.S. dollars. The highest income month occurred in March of this year, and the total income of the month was 1.75 billion.
In terms of Ethereum, the cumulative income of Ethereum miners in 2021 is about 18.3 billion U.S. dollars. The highest income month is May. The monthly income is 2.4 billion U.S. dollars. The annual income in January alone is less than 1 billion U.S. dollars.
- Annual trading volume of NFT platform
In 2021, the cumulative transaction volume of mainstream NFT trading platforms (such as: OpenSea, Nifty Gateway, SuperRare, Foundation, etc.) reached 13.118 billion US dollars, of which Opensea accounted for at least 96% of the transaction volume, and in 2020 OpenSea’s full year The transaction volume is only 21 million US dollars, that is to say, compared to 2020, the NFT transaction volume on Opensea has doubled by nearly 600 times, which is also a microcosm of the entire NFT industry
From the perspective of development throughout the year, the volume of NFT transactions at the beginning of the year was mainly derived from the NBA Top shot project. In the middle of the year, with the popularity of NFT portraits, the entire industry entered a period of skyrocketing. Beginning in August, many NFT projects such as CryptoPunks and Bored Ape Yacht Club have achieved sky-high transaction prices, and NFT has also expanded from inside the circle to outside the circle. This period is the time when the NFT transaction volume is the largest. The loot that appeared in September brought the NFT heat to a climax, and then with the ebb of the NFT heat, the industry also ushered in a quiet period after the skyrocketing.
Mainstream NFT project transaction volume change chart
- The largest amount of annual theft
In the DeFi field, the total amount of funds lost due to hacker theft in 2021 is approximately US$639 million. The largest theft occurred in the Cream Finance project.
On October 27 this year, Cream Finance, the DeFi protocol, suffered a lightning loan attack, resulting in the theft of nearly $130 million in tokens from its contract address. Next in the ranking is BadgerDAO. On December 2nd, the centralized organization BadgerDAO was attacked by hackers, resulting in unauthorized transfer of user assets, and a total of approximately US$120 million in assets were stolen. In addition, DeFi projects such as Compound, Uranium Finance, Bunny, etc. have all stolen assets ranging from 30 million to 60 million due to hacker attacks.
Projects with more than 30 million US dollars stolen (partial)
- Listed companies holding the most Bitcoin in 2021
In the coming 2021, whether it is encrypted assets, NFT or DeFi, they are growing at an unprecedented speed. The most representative out of the circle is BTC. Among the listed companies, there is no shortage of BTC followers. The listed company that holds the most BTC is MicroStrategy from the United States, which holds 114,000 Bitcoins, or approximately US$7.16 billion. MicroStrategy is a mobile software and cloud service company founded by Michael J. Saylor. Michael has been buying Bitcoin since July 2020. According to estimates, the cost of holding a single BTC is US$27,700 .
The second-ranked listed company is the well-known Tesla. As the helm of Tesla, Musk is not only a tycoon in the entrepreneurial world, but also the number one KOL in the crypto industry, and his attitude towards Bitcoin is also very strong. Ambiguous. Currently, Tesla holds 43,200 bitcoins, or about 757 million.
Most of the listed companies that announced their holdings of Bitcoin are companies from the United States and Canada , accounting for more than 90% of the total. The top five holdings are all listed companies from the United States.
Statistics of BTC held by listed companies (top five)
- The most expensive NFT of the year
On October 29th, NFT collector Farokh.eth purchased CryptoPunk #9998 NFT for 124,457 ETH (about 532 million US dollars). CryptoPunk #9998 also became the most expensive NFT, but it was later questioned as Farokh. The hype of .eth’s left hand over the right hand.
If we consider from the perspective of orthodox bidding, the most expensive NFT of the year in 2021 is the “Merge” work produced by artist pak. On the NFT trading platform Nifty Gateway, “Merge” was sold for 91.8 million U.S. dollars, or about 584 million yuan. Become the world’s most expensive NFT combined artwork. The reason why it is called modular is that this NFT is not a single-board work, it is more like a fragmented NFT auction. There were 28,983 buyers participating in the entire auction, and the number of “fragmented NFTs” sold reached 312,686. Pieces.
If we further restrict the rules to single participation, the most expensive NFT of the year is the work “Everydays: The First 5000 Days” by the famous artist Beeple. On March 11 this year, this work was sold at Christie’s auction house. It was sold for $69.3 million, and a programmer from Singapore paid 42,329 Ethereum for this.
Throughout the entire year of 2121, the entire encryption industry is undergoing rapid changes. We have experienced the tremendous changes in the industry during this period and discovered the value of individual applications as we continue to explore new projects and new trends.
The entire year of 2021 is like the Cambrian era of a biological explosion. Various novels, weird ideas and species emerge in an endless stream. There are moments of shock and surprise. The encryption industry is evolving at an unprecedented speed. Every small change is It may affect the future development trajectory of the industry.
If you are asked to look back on your journey in the encryption industry in 2021, what will you be thankful that you have grasped? What regret did you miss? Welcome to leave your footprints in the comment area~
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/snapshot-2021-a-year-end-memoir-in-the-encrypted-world/
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