Cryptocurrency data platform Messari pointed to various trends for web3 coins and DAOs for 2023. Among the items pointed out by the popular platform, some altcoins drew attention. Here are the details…
Messari pointed to web3 coins and DAOs in his latest report
Messari argues that there is no need for NFT collections of thousands of animal images or a new DEX for Blockchain. Instead, cryptocurrencies need some tools to “make sure they can’t be shut down.” These tools mainly consist of hardware, cryptocurrency/digital wallets, web browsers, secure data tunnels, new governance primitives and social contracts. The platform talks about some prominent technologies/brands and cryptocurrencies for these areas.
Wallets and browsers
Messari claims that the individual wallet, not an exchange-based account, is the cornerstone of the cryptocurrency industry. Wallets act as “storage containers” for credentials and data. Whether they use a DeFi application, NFT, or DAO, they provide access to protocols and assets that might not otherwise be supported by users’ preferred exchange. Messari pointed out that fintech company Sardine has partnered with the famous wallet Metamask.
DePin: FIL and AR will be used
Messari believes that the fight against censorship will take place in the cloud, and that the choice between a free internet and a world police state will depend on how successfully the blockchain community takes control of this infrastructure from major tech monopolies. Decentralized physical hardware networks are supported by decentralized physical infrastructure networks (DePIN). The same factors that make this industry difficult, according to Messari, will also make the field highly relevant and fascinating for investors in the years to come.
If tech giants don’t want to get used to DeFi or DeSoc in the long run, these massive apps will eventually use Filecoin (FIL) and Arweave (AR) to get started, according to Messari. This seems to be one of the crypto markets with more linear growth in terms of demand size.
Data integrity: Messari noted GRT, LINK, COMP, AAVE, SNX
The three main sources of data in cryptocurrency are “real world” data transferred to cryptocurrency via oracle services such as web3 coin project Chainlink (LINK), off-chain market data (such as CEX order book data), and Blockchain transaction data. It requires the widest possible range of encryption (and especially DeFi), advanced standards, reliability, and access to secure, verified “real world” data.
According to Messari, The Graph (GRT) is now the most important decentralized data infrastructure initiative in terms of on-chain data. Data consumers often use APIs to retrieve Blockchain data that would otherwise not be well structured or accessible. A robust oracle infrastructure is needed for off-chain data sources. Chainlink continues to be the market leader with hundreds of oracle networks and partner projects in its ecosystem. Leading startups like Aave, Compound, and Synthetix all rely on Chainlink’s network for this data.
Really useful DAOs
Since the inception of this industry, terms such as “DAOs” (decentralized autonomous organizations) have been used. They can generally be compared to subdirectories that are governance and bank accounts. Messari predicted that 2022 will be the “DAO year” in his 2021 forecast. While not immediately, there are high hopes that DAOs will revolutionize countless industries in the years to come. According to Messari, to understand the rationale behind his optimism, it is necessary to grasp the benefits of DAOs.
Messari claims its advanced subDAO infrastructure and “pod”-level decision-making capabilities are the answers to the complexity of DAO operations. To make it easier for DAOs to assign roles to /subcommittees, Metropolis (formerly Orca Technology) developed an access token protocol surrounding community-managed Gnosis Vaults (multi-signature wallets).
DAOs in the eyes of regulators
The US CFTC sued the Ooki DAO last year. Ooki believed it would be wise to transform the outdated, centralized bZx trading system into a decentralized autonomous organization (DAO) with some voting tokens. The CFTC had previously reached a settlement with bZx and its founders, but the regulator later objected, claiming that the members who voted for the Ooki DAO essentially operated the same illegal venture owned by the founders and the previous company. Their main concern was not about the bZx founders or the (once again established) corporate organization, but the precedent this would create for decentralized communities.
Corporate DAO actions: What happened during the year?
In 2022 it had a significant amount of symbolic voting power. The Juno community has also decided to confiscate the tokens of a dishonest airdrop farmer.
- Altered Governance Charter: Lido’s dual-class governance reform addressed potential conflicts that could endanger the security of stETH holders.
- Major Buyback Programs: BitDAO, the world’s second largest DAO, buys $1.5 million worth of tokens daily, as we’ve also reported on Kriptokoin.com.
- Restructurings: After months of hard searching, Sushi elected a new manager, and the FEI closed a tumultuous 18-month experiment by closing its $200 million treasury and DAO.
- By-products from Gnosis: Holders of GNO tokens discovered their worth – GNO gained 50% after the launch of Gnosis’s CowSwap token and its split from CoW, a MEV resistant decentralized exchange.
- Some Tokens Remain Private: Chain buys Measurable Data Token for $100 million. Helium voted to move to Solana. Atom 2.0 was rejected by the Cosmos community. Terra 2.0 is authorized.
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