Review and Outlook of the Encryption Industry Development

Shen Yu (Co-founder and CEO of Cobo) shared his views on the development of the encryption currency industry:

Early Stage ( 2011-2013 )

• The main participants are encryption geeks and miners with a large amount of GPU resources.
• China has long occupied an important position in the mining field.
• The main things that could be done at that time were trading and mining.

2017 ICO Boom

• Although there are bubbles and scams, it has brought a large amount of on-chain assets to the Ethereum ecosystem.
• Laid the foundation for the subsequent explosion of DeFi
• After the bubble burst, the geeks continued to iterate on the underlying infrastructure.

The Rise of DeFi(2020-2021 )

• The liquidity mining of projects like Compound brings a turning point.
• Shenfish has transformed from a physical miner to a DeFi miner.
• DeFi makes the integration of blockchain and the real world closer.

NFT Explosion ( 2021 )

• Lowered the entry barrier, attracting a large number of young people.
• Can support non-standardized assets, with great potential for integration with the real world.
• Although the cycle is short, it brings fresh blood to the industry.

2022 Industry Reshuffling

• Multiple leading institutions have collapsed, exposing the risks of centralization.
• The industry is starting to emphasize decentralization and transparency.
• MPC and other keyless solutions are rapidly developing

Future Outlook

• Bitcoin halving may bring a new round of market trends.
• Macroeconomic factors and industry intrinsic factors jointly influence
• Solving TPS and user experience is a key issue in the industry.
• Cobo is committed to providing comprehensive asset security solutions.

Shen Yu believes that the industry is emerging from the trough, and more technological innovations will emerge in the next 2-5 years, giving users more freedom.