Cryptocurrency Wallets Likely to Become Market Movers in 2022

fiverr
Cryptocurrency Wallets Likely to Become Market Movers in 2022
Ledger


Dmitry Mishunin of HashEx said that cryptocurrency wallets may emerge as a new investment medium, not just as a storage medium for blockchain-based assets.

Throughout the evolution of the cryptocurrency market and decentralized finance, we have seen the fickleness of these markets. Since 2017, we have seen the rise of ICOs, the DeFi craze peaking in 2020, the NFT craze in 2021, and more recently the rise of DAOs, IEOs, and more. Some of these entities have been completed and dusted. Roller coaster dynamics have become a prominent feature of decentralized financial markets.

The recent NFT trend is turning and slowing its growth, and the initial audience interest in these assets is cooling. The Metaverse Trends and Gaming Monetization division is now adopting the nascent NFT technology in its system. But the cryptocurrency market is still in tears. This means that investor interest in the market is also high. This, in turn, means that new trends may emerge.

What will this new trend be? So far, the signs seem to point to crypto wallets and native tokens being rolled out by wallets. Let’s take a closer look.

Betfury

The emergence of cryptocurrency wallets and their tokens

The first rumors about a new emerging trend related to cryptocurrency wallets started with the MetaMask native token. It was initially rumored that the coin would launch sometime in 2022. These rumors were subsequently confirmed by ConsenSys CEO Joseph Lubin, who stated that the MetaMask IDO (Initial DEX Offering) will be held in Q2 2022. He also added that a DAO would be formed that “won’t manage MetaMask, but it would fund the creation of new MetaMasks.”

MetaMask is currently valued at $7 billion following a recent $450 million Series D funding round. The company’s valuation has nearly doubled since November 2021. The tokens of its closest competitor, Trust Wallet, are currently worth around $415 million. It was launched on Binance Chain in August 2020 as a BEP-2 token, followed by a re-launch on Binance Smart Chain in October 2020 as a BEP-20 token.

The Trust Wallet team also announced last month that Eowyn Chen, vice president of financial marketing, will succeed Viktor Radchenko, the current CEO and founder of Trust Wallet. The fact that Eowyn Chen has been instrumental in Binance Coin (BNB)’s remarkable growth may be a legitimate reason to believe that Trust Wallet intends to support its TWT token. At the same time, Trust Wallet announced a 10-fold expansion of its current workforce.

Tokens that require attention

Another piece of news surrounding cryptocurrency wallet tokens is related to the launch of Terra Wallet Leap’s governance token, LEAP. Leap has raised $3.2 million through a private sale of LEAP, with two main buyers being venture capital funds CoinFund and Pantera Capital. Arrington Capital, Accel and Terraform Labs made less prominent investments.

Also in March 2022, the Exodus cryptocurrency wallet began trading on the SEC-registered Securitize Markets trading platform. Exodus raised $75 million in a small IPO in May 2021, and its shares are now traded on tZero and Securitize Markets. With the launch of Exodus shares on Securitize Markets, retail investors from more than 40 countries have access to the shares.

Cryptocurrency Wallets: Conclusion

All of the above information leads us to hypothesize that crypto wallets may emerge in the cryptocurrency space as a new investment medium, not just as a storage medium for blockchain-based assets. This is still a hypothesis, but given that MetaMask’s token launch announcement had a positive market impact on some of MetaMask’s competitors, it’s hard for us to consider this a coincidence.

The announcement has undoubtedly played a major role in this growth, and this wave in the crypto market will not go unnoticed. It is likely to propel the entire wallet space, making it the new frontrunner in the cryptocurrency market for a while.

Speaking of possible ways to use wallet tokens, the obvious use case might be DAOs. The introduction of MetaMask’s DAO, mentioned by Joseph Lubin, has led us to think that it may become a common practice in the future. The introduction of governance tokens could allow wallets to attract more users, access more funds, and increase the value of their tokens. Likewise, they can take the Metaverse train and offer their platform as an NFT marketplace with an already large target audience.

About the author

Dmitry Mishunin is the founder and CEO of smart contract auditing firm HashEx. He specializes in cybersecurity and security audits, as well as product development for Ethereum, Bitcoin, Binance Blockchain. HashEx has conducted over 500 audits of projects at all levels and has helped preserve over $5 billion worth of investor funds.

Have something to say about cryptocurrency wallets or anything else? Write to us or join the discussion on our Telegram channel. You can also follow us on Tik Tok, Facebook or Twitter.

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action taken by readers with respect to the information on our site is entirely at their own risk.



Source link

fiverr

Be the first to comment

Leave a Reply

Your email address will not be published.


*