The Cross-Chain Roundup #6
Week Roundup (26 December 2022 - 01 January 2023)
Welcome to the first Swing newsletter of 2023. Crypto’s longest year ever is finally over and now we can head into 2023 with confidence that better times lie ahead. For that to happen of course the industry’s builders – project teams, protocol devs, DAOs, and communities – need to step up and show what they’re made of.
This year promises to be a big one for multi-chain innovation and for Swing especially: we’ve got major products to ship and project updates to supply, some of which you’ll be hearing about very soon. In the meantime, let’s wrap up the final news of the year and the first developments of 2023 in the industry that never sleeps.
Ferrum has initiated a closed alpha of MultiSwap, its multi-chain DEX aggregator for fast, easy and secure swaps. The product will be rolled out to more community members in the coming weeks. In the meantime, Ferrum is relying on its Governance Committee to provide feedback on how MultiSwap can be improved.
With the December 29 launch of Manta’s zk testnet v3, private payments on Kusama are almost here. The final testnet before the deployment of MantaPay on Calamari Network will be the first private payment system to launch on Kusama. Like other L1s, Polkadot is committed to supporting zk proofs and the potential they hold for greater privacy and lower fees.
No one launches a mainnet over new year but quite a lot of projects launch testnets it seems. Mamaki is the latest Celestia testnet and it introduces a new data availability API. This enables developers to submit data for a namespace and retrieve data by namespace from Celestia whose mainnet is on course to launch this year.
Defi Llama’s bridge tracker is the best resource for tracking the movement of funds through the leading blockchain networks. Or rather it was. On December 30, DefiLlama announced it was deprecating the service due to low usage and high maintenance costs. Thankfully, Synapse has promised to pick up the baton and run with it. All going to plan, there will be a new, improved Synapse bridge tracker launching soon.
2023 Predictions and Market Outlook
The start of a new year is a time that’s typically low on major news but high on major predictions for the coming 12 months. While there’s a finite number of predictions you can digest in one sitting, the following list can be dipped into your leisure. They can’t all be wrong about 2023…right?
Coinbase - “We expect digital asset selection will transition towards higher quality names like bitcoin and ether based on factors like sustainable tokenomics, the maturity of respective ecosystems, and relative market liquidity.”
a16z: “In 2022 it felt like we turned the corner on developer onboarding for ZK…expect these developments, along with continued theoretical advances, will lead to an influx of application developers, given how significant zero knowledge is to so many use cases.”
Pantera Capital: “Come 2023, I believe we’ll see more complex and interesting applications of DeFi grow [including] more traction for use cases like self-custody wallets, synthetic assets, and prediction markets.”
Arca - “The crypto industry will see an uptick in businesses focused on the core tenets of blockchain: decentralization, transparency, and auditability.”
New Order DAO - “2022 was primed to be a big year for crypto. The industry seemed to evolve dramatically as institutional capital poured into crypto-focused initiatives, exciting new financial primitives were developed, and its legitimacy as an asset class grew around the world.”
Crypto.com - “2022 has been a ride for the crypto industry. In this report, we curate the top ten crypto events and trends of 2022, followed by our outlook for 2023.”
Huobi Research - “This year, the total market capitalization of crypto assets shrank by more than $2.2 trillion, and the size of institutional business in CeFi declined by approximately 71.4%.”
Forbes - “The ongoing crypto winter could last longer this time,” says David Kemmerer, CEO of CoinLedger. “That’s because of macroeconomic factors: 40-year highs in inflation, rising borrowing costs and political instability after Russia invaded Ukraine.”
Saxo Bank - “Although the crypto market has largely been a mess in 2022, considering the various collapses and bankruptcies, it has not stopped the inflow of large corporations into crypto. As late as this week, VISA published a research paper on automatic payments based on crypto.”
Key data insights from the bridging ecosystem in the past week👇
Total Bridge Volume (7 Days) 👇
Top Bridges with the most Volume (7 Days) 👉 Multichain ~$
Top Protocols with the most TVL (7 Days) 👉 Lido ~$6B
Bridge Inflows by Chain
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