Some believe the collapse of FTX is a straw that will destroy cryptocurrencies, while others say it will strengthen the industry in the long run.
Is this a gigantic bump in the road as the world moves to web3, or a cliffhanger in the industry as we know it?
November 12th, A&T Capital Hosted a Twitter Space Featuring Footprint Analysis, Huobi Incubator, Transcript News, and exploring the impact of FTX events on cryptocurrencies and blockchain.
The key points are:
What happened to the crypto market?
- The industry was built on code trust, but the rapid growth of cryptocurrencies has made a need for a centralized exchange. Centralized exchanges have no trust mechanism.
- Market conditions will be challenging in the short and medium term. But there are big problems at the root, so this kind of crisis was necessary to rethink the industry in a long-term healthy way.
“This is a good lesson for ourselves and the cryptocurrency market that nothing is too big to fall for in this market. I would reconsider a better way.I don’t see any big investors or VCs passing ICOs for big web3 projects in the next two quarters.” – Vandescent, Huobi Incubator
What regulations will the collapse of FTX bring?
- The crypto industry is in a gray zone. We are decentralized, but it is clear that we need third parties to provide more safety solutions and regulations. How can we help the industry develop while having mechanisms that show it can handle people’s wealth?
- From the beginning of the crisis, SBF never thought about how to repay users, only how to protect its own assets. There is no way to clean up this mess.
“People will realize that the problem with FTX is not just the temporary rip-off of billions of liquidity. Recovery takes a long time. ” – Vandescent, Huobi Incubator
“Giants such as Binance should think together about a solution. It should not be left on the brink of collapse. We need to create an emergency organization to support everyone in this industry. [the users] how they can – Transcript
Why Binance Abandoned Acquisition Deal and What’s Good for Cryptocurrencies?
- CZ was already not a fan of FTX for what happened before the collapse fiasco.
“From an analytical perspective, Binance said that even if they were able to liquidate the funds, it would take months to liquidate. It is not worth it for CZ to acquire FTX. If it hadn’t collapsed now, there would have been far more money that could have collapsed in five years. […] Things are too confusing right now to think of a solution. ” – Alex, Footprint Analysis
Contributors to this work are footprint analysis community.
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