2020 in Crypto: Year in Review

Valeria Mingova
Feb 9 · 7 min read

The year 2020 has been the most controversial year in crypto so far. It brilliantly highlighted the whole range of merits and demerits of our segment. It never ceases to amaze. It never ceases to disappoint.
So, as we stand on the threshold of the New Year, let us recall the most impressive and dramatic moments of 2020.

This “Year in Review” is prepared by Valeria Mingova, PR Doctor Founder, and Vlad Sopov, U.Today Media Group analyst.

EVENT OF THE YEAR

1. DeFi Mania

To interact with DeFis, crypto holders ‘lock’ their assets in protocols. In 2020 total volume locked witnessed an insane 16x run: at printing time it almost surpassed $15B. In contrast to traditional centralized crypto platforms, DeFis offer a much higher level of privacy, implement user-focused ‘fair’ distribution of revenues; they are unstoppable and censorship-resistant.

2. Third Bitcoin Halving

3. Ethereum 2.0 Beacon Chain Launch

The Ethereum community yet again proved itself as the most productive and passionate one. Meanwhile, the transition to Ethereum 2.0 may take many years, according to its inventor Vitalik Buterin.

DISASTER OF THE YEAR

1. XRP and Ripple Drama

2. Bad DeFis: attacks and rug pulls

  • flash loan attack’, token price manipulations that allow obtaining monstrous amounts of tokens (Warp Finance lost $8M, Value Protocol lost $6M etc.)
  • core codebase exploits aimed at minting infinite amounts of tokens due to the flaw in open-source code. It doesn’t result in losses but sends the price of core asset to zero (YAM token lost 99,98% of its value in 48 hours)
  • ‘rug pulls’, DeFi-specific memetic names for exit scams (Compounder Finance was rug-pulled with $10,8M, Tron Supernode with $2M, etc.)‘

3. Black Thursday in Crypto

DEVELOPER OF THE YEAR

1. Andre Cronje

2. Vitalik Buterin

3. Anonymous DeFi devs: Chef Nomi, 0xMaki, 0xc4ad, and so on

TREND OF THE YEAR

1. Institutions eating Bitcoin

The most notable drivers of this process are Nasdaq-listed Microstrategy and Grayscale Bitcoin Trust (OTCQX:GBTC). Meanwhile, the information about the majority of institution-driven purchases can’t be verified on-chain, so, the role of corporations in the developing BTC bull-run may be exaggerated.

2. DEXs trading volume on fire

3. ‘Yield Farming’ euphoria

ENTREPRENEUR OF THE YEAR

1. CZ

2. New DeFi CEOs: Stani Kulechov (Aave Protocol), Hayden Adams (Uniswap), Robert Leshner (Compound Finance)

3. Paolo Ardoino

BONUS: THINGS TO LOOK AT IN 2021

1. Bitcoin

2. CeDeFi

3. NFTs

The original news was published in Bitnewstoday.com

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