The Crypto Heroes in 2022: Those Who Bring Clarity to the Crypto Industry
It seems that this year is in a gloomy vibe for the crypto market. There have been many dramas during the fallout and fraud of cryptocurrencies. However, everything seemed just fine until the FTX disaster burst out. It marked the moment when the whole market was on the edge of crumbling as the FTX collapse damaged trust which is invisible but indispensable to building up and maintaining the strength of the crypto market.
All the headlines have been about the non-stop dramas or the men behind the crumbled crypto empires, such as Terra — Do Kwon, FTX — Alameda Research — Sam-Bankman Fried, etc. Obviously, these events left profound impacts on the whole industry.
Bitcoin has dropped almost 23% of its value since the end of 2021. Many companies had to file for bankruptcy, the latest one being BlockFi which had done some business with FTX and Alameda Research.
Yet don’t let the chaos blur the brilliant figures and their fantastic contributions to protect or strengthen the crypto market. We will walk you through crypto champions from frontline fighters to NFT icons, without whose effort, brilliance, and courage the crypto market can be in a worse place.
The Critical Developers of Ethereum
The core developers of Ethereum have contributed to the number two blockchain’s “Merge” to Proof-of-a-Stake. Ethereum’s market capitalization was close to $200 billion as the Merge shipped in September. Also, it was in charge of securing about $30 billion worth of assets in the Network’s DeFi ecosystem.
What is the Merge? It is similar to the part switching out a car engine while racing down the freeway. Amid the chaos and crisis in the crypto market worrying onlookers, the Merge was a real deal that managed to assure Ethereum fans and the crypto industry at large. The core team has around 100 developers actively working on the network’s transition away from the energy-intensive Proof-of-Work consensus mechanism.
Moreover, Péter Szilágyi, an Ethereum core developer, deserves extra applause for alerting the Avalanche team to a critical bug in the network’s node infrastructure in March. The information saves the Avalanche network from being taken down by hackers with the loss of at least $200,000.
Jim Cramer is a Crypto Villain in 2022
Being a hero means you have contributed good things to a community. And it is usually attached to doing excellent work, yet villains can still be on the list as long as they show directions! Jim Cramer, a famous and notorious CNBC personality, made this list as he showed signals to trade cryptos profitably. Why call him a villain?
It is funny that Jim Cramer continuously highlighted an actually bad situation as a favorable one. Not once, but many times he pointed out the opposite statuses of the crypto market. For example, when he predicts that the crypto market could move in one way, things tend to go in the opposite direction.
So, instead of following what Jim Cramer said, crypto traders and investors do the opposite. The outcomes turn out to be profitable! The meme Twitter account “Inverse Cramer” has gained a surge of popularity. Also, its strategy proved that Tuttle Capital Management filed to launch two ETFs for longing or shorting Cramer’s calls.
Laura Shin Shows the Power of Journalism
Journalism is not just to inform people of what is happening. If done properly, journalism is a sharp weapon to break through mystery and discover the truth. Laura Shin is one of the most discerning voices in the crypto space as she has consistently landed in the sweet spot between understanding the tech and offering a healthy amount of skepticism.
The Cryptopians, an encyclopedic account of Ethereum, is one of her noticeable contributions to the community. As she identified the DAO hacker who almost succeeded in killing the network in 2016. It had been a mystery bewildering on-chain sleuths for years. Her Unchained podcast was under the spotlight in 2022 as she had a face-to-face interview with Do Kwon, grilling him about his shady antics of Terra’s collapse.
Brian Armstrong is a Fighter for the Crypto’s Future
2022 has been full of shocking events for crypto exchanges. Coinbase was not the exception when the company’s stock dropped more than 80% since January. Due to bad situations, the company decided on mass layoffs over the summer. Meanwhile, Coinbase has to handle allegations of insider trading and an SEC probe.
Brian Armstrong, the firm’s CEO, shows his opinions against the controversial decision of the US Treasury’s Tornado Cash ban. His firm even funded a lawsuit to contest the government’s decision. He also shows a hard stance against the SEC’s predatory approach to crypto regulation.
Specifically, Brian Armstrong stated that Coinbase would stop offering Ethereum staking in case of being forced to censor Ethereum blocks. This announcement turned up amid the fire discussions about Ethereum’s ability to resume censorship resistance by the Tornado Cash ban.
It indicates that Brian has been fighting for crypto’s development even when FTX collapsed, and its founder stole funds from customers. What Brian has done to the crypto market assuages concerts over the crypto future.
Senators Lummis and Gillibrand, two US politicians, See the Potential of Cryptos
When continuous collapses, hacking, downfalls, etc. have churned crypto traders and investors up, some US politicians show concerns and distrust in the crypto industry. Meanwhile, senators Lummis and Gillibrand introduced the “Lummis-Gillibrand Responsible Financial Innovation Act” proposing a federal regulatory framework for crypto assets.
This act was first brought out in June with the expectation to bring regulatory clarity to the crypto space, before the notorious FTX fallouts. If you do not see it as an act to build a better future for crypto, I do not know how to put it.
The Lummis-Gillibrand act serves while helping to save the crypto industry from the self-serving machinations of people like the SEC’s Gary Gensler. It is clear that two crypto politicians have strong beliefs in the crypto future through innovative approaches and tight regulations for a transparent and growing crypto community.
The list of crypto heroes will be updated to honor the brilliant figures and their amazing contributions to a better and more sustainable future of cryptos. Stay tuned for the next article!
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