A time for reflection
I’ve just celebrated my 1 year anniversary as COO at Nayms and we are wrapping up 2022, a perfect time to reflect. In a recent yoga class, we were led through a meditation focused on new beginnings. Before we set our next intention for the new year, we took a moment to reflect on the major events that stood out to us vividly in 2022. Immediately the trips and conferences, the fun and laughs, and the growth of our team popped into my head. Afterwards, I reflected that none of my major memories were negative. And if you were in crypto this year, there were a few to choose from.
I have challenged myself to perform these types of mindset swaps over the last year. Depending on your own mindset, you will see this year as a success or as a failure. I’ve been in the crypto ecosystem since 2014, and I can tell you a long term commitment to a growth and building mindset over daily prices and trends is everything.
Crypto Milestones of 2022
Crypto’s censorship resistant, worldwide payments systems were utilized by those that were shut off from the banking systems. Protestors from the “Freedom Convoy” in Canada, and individuals affected by the Russia-Ukraine conflict took advantage of this global crypto economy.
The algorithmic stablecoin that was terraUSD, lost its $1 peg, decimating the industry and major players, including Three Arrows Capital. Our friends at Insurace successfully protected their clients with stablecoin depegging insurance policies. They honored 98% of claims resulting in $11.7M paid out to 155 UST depeg cover holders. A big win for crypto insurance.
The Ethereum network successfully moved from proof-of-work to proof-of-stake. The merge was important because a) it showed proof of evolution and adaptability, b) proof of an active community engaged in continued research and development, c) ETH became the most deflationary asset in the world, and d) reduced energy consumption. An epic win for crypto.
FTX and CEO, Sam Bankman Fried stole $10 billion of customer funds and lost them trading in his hedge fund or through other nefarious means. Creating a storm of conversations around proof-of-reserves and custodian solutions versus decentralized finance solutions. Why trust humans when we can trust code?
Much of the turbulence in the crypto ecosystem has highlighted the need for insurance in crypto. Insurance in crypto will reduce the risk to investors, promote more confidence and mass adoption as well as help identify which exchanges are riskier than others. We’re building to make this space more scalable.
At Nayms
The silver lining of being in the insurance industry is that when catastrophes occur, new insurance products are created. At Nayms, we are focused on the future, which includes our full product launch, a growing and maturing team, and a dedication to learning. We’ve just had a full lifecycle demo of our product and are now in the feedback phase before sharing it with you all. Our new hires have allowed us to specialize, wear a few less hats each and really mature the business. Our team continues to host crypto happy hours to discuss how these milestones impact Nayms and there is a cohort currently studying for the Certified Ethereum Professional exam by C4.
Predictions for 2023
A full launch of the Nayms Marketplace.
A rise in the conversation about tokenization of illiquid assets, including those in reinsurance. This is the next generation of crypto and the next generation for markets, securities and derivatives. The benefits of instant settlement, reduced fees and promoted transparency will be hard to ignore.
A rise in mergers and acquisitions across the crypto space. Some projects won’t survive the bear market, while the ones that do will have made hard decisions and might need some assistance.
Wider institutional adoption. Just because the prices are down, doesn’t mean that major players aren’t paying attention to crypto. Bear markets are for building and getting prepared for the next bull market. This year, I’ve seen institutional participation in crypto conferences more than ever before.
My challenge to you
I challenge you to adopt a mindset that will serve you into 2023 and beyond, whether the market is bullish or bearish. We can remember the words of Dumbledore in the middle of these crypto winters: “Happiness can be found, even in the darkest of times, if one only remembers to turn on the light”. If you believe in this technology, if you understand why we are trying to make the world a more transparent, trusted and tradable place, turn on the light and keep building.
WAGMI,
Danielle Wall Elliott, COO
About Nayms
Nayms is a fully regulated, Bermuda-based marketplace for crypto-native insurance. Working with the industry, we are building the technical and legal infrastructure over which all stakeholders in the value chain meet to coordinate risk transfer and to manage the complete cycle of their insurance business in one or more cryptocurrencies.
