A recent survey tapped into a crypto-native community to determine what might be in store for the industry this year. Identifying high-quality cryptocurrency and blockchain applications takes guts and foresight, so crypto early adopters could be a good indicator of things to come in 2023.
Over 1,000 people took the survey and shared what they were concerned about and excited about this year.
More than half of the respondents identified DeFi as the project category they most want to see on CoinList. Layer 1 and Layer 2 blockchains were the second most in-demand category, followed by gaming. Cross-chain infrastructure ranked fourth, with around 37% of respondents choosing it, while NFTs were requested by just over 26% of respondents.
DAOs, which saw a massive jump in popularity last year, saw less than 20% support among CoinList users. At the same time, governance tokens, touted as one of the most innovative uses of cryptocurrency, were requested by only 15% of respondents.
These findings, analyzed by CryptoSlate, confirm the current market sentiment. Despite its massive crash last year, the DeFi sector remains one of the main driving forces in the crypto market and could be poised for a recovery in 2023.
In a separate but related question, nearly half of respondents said they believed DeFi and gaming would be the two megatrends driving widespread cryptocurrency adoption.
Delving into these sectors indicates that experienced crypto users have an eye for growing networks.
When asked which blockchain they plan to interact with the most outside of Ethereum, the top-ranking options were among the top-ranking cryptocurrencies on the market. The blockchains chosen by CoinList respondents were Cosmos (ATOM), Binance Smart Chain (BSC), and L2 rollups and sidechains Arbitrum, Polygon, and Optimism, each with around 40% of the vote.
Last year’s growth champions, Solana and Avalanche, were the blockchains of choice for just 17% and 13% of users, respectively. Polkadot ranked slightly higher and was chosen by 29% of respondents.
Newcomers to the space Sui and Aptos were chosen by more than a third of those surveyed, showing that new projects could have a chance to compete with established chains for a slice of the market in 2023.
However, capturing a significant share of the market will require launching more real-world applications. More than half of those surveyed identified this as the top issue preventing widespread adoption. Security was also a major concern for more than half of those surveyed, while regulatory clarity ranked third, with 43% identifying it as a pressing issue for the industry.
Regulatory uncertainty was a recurring theme in the survey, with more than 41% of respondents saying it was their biggest concern when investing in cryptocurrencies. Market manipulation ranked slightly higher, with just over 45% of respondents identifying it as a pressing concern.
Given the number of fiascoes the industry experienced in the past year, it’s no surprise that the safety of funds was the top concern for nearly 40% of those surveyed. Liquidity, or the lack thereof, was a pressing concern for around a third of those surveyed, as was price volatility.
Nonetheless, more than 62% of those surveyed said they planned to increase their allocation to cryptocurrencies. About a quarter of those surveyed said their allocations would remain unchanged, while just 11% said they would dispose of their holdings.
Plans to increase their allocation to cryptocurrencies do not mean respondents believe the market will return to its 2022 highs. More than 26% of CoinList respondents believe Bitcoin will range between $20,000 and $30,000 by 2023. Just over a quarter believe it will reach between $30,000 and $50,000, while less than a fifth believe it will fall below $20,000.
This post Industry veterans weigh in on what’s in store for 2023
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