Market Turning Point: 2023 marked a turning point for the crypto market after a challenging 2022, with support for ecosystems like Bitcoin, NFTs, Arbitrum, and Optimism.
Hong Kong's Crypto Policies: Adoption of crypto-friendly policies in Hong Kong led to the emergence of HK Coin and boosted the local crypto industry.
Market Downturn: The market faced a downturn in late February due to unexpected inflation and the collapse of US banks like Silvergate, SVB, and Signature Bank in early March, triggering liquidity panic.
BTC Rebound and DeFi Integration: Despite a slump, Bitcoin rebounded, especially after intervention by the Federal Reserve. BTC also entered the DeFi space, introducing the narrative of BTC-Fi.
ETH Upgrade and Staking: Ethereum's Shanghai upgrade module went live, with low initial ETH staking but expected growth post-upgrade. Lido led in Liquid Staking (LSD) protocols.
NFT-Fi Boom: Blur's airdrop and high participant engagement fueled growth in the NFT-Fi sector.
Arbitrum vs. Optimism: Intensifying rivalry between Arbitrum and Optimism as DeFi demand surged.
ZKP Projects Progress: Significant progress in Q1 2023 for ZKP-related projects, including anonymous coins and cross-chain bridges.
Hong Kong's Crypto Industry: Surge in local crypto projects following Hong Kong's crypto-friendly policies, but caution advised against potential Ponzi schemes.
AI Influence and Corrections: AI trend influenced crypto markets, with projects incorporating AI witnessing price surges but experiencing corrections in late March.
US Banks Collapse: Collapse of US banks raised concerns and sparked discussions about the role of decentralization in mitigating industry-wide crises.

2023 Q1 Crypto Quarterly Report