When we look back at 2021, we’ll recognize it as the year many began taking cryptocurrencies seriously for the first time. Bitcoin (CRYPTO: BTC) saw mainstream adoption from companies like Tesla (NASDAQ:TSLA) and Microstrategy (NASDAQ:MSTR), and celebrities such as Jimmy Fallon, Eminem and Snoop Dogg flexed NFTs on Ethereum’s (CRYPTO: ETH) network.
Hype aside, there was real building going on to get where we are today. According to a recent Electric Capital report, about 50% of developers working on building Web3 began doing so in 2021. Moreover, the DeFi industry grew to over $200 billion in total value locked inside of smart contracts. The clear leader in DeFi is Ethereum, but Solana, Avalanche, and Binance Smart Chain also saw astronomical growth last year.
Hyperlinq worked alongside Benzinga, FTX, ByBit, CrossTower and Crypto Coiners NL to produce a comprehensive year-end market report on developments in digital asset space. The report covers blockchain developments, adoption rates, on-chain data, memecoins, regulatory developments and predictions for 2022.
Throughout 2021, Benzinga published studies on important blockchain developments, such as stablecoin adoption rates, blockchain transaction volumes and Ethereum 2.0. If you haven’t yet, be sure to create a Benzinga account to get notified of future reports in the digital asset space.
On-chain data in the report was provided by data analytics firm glassnode.