A senior executive of Coinbase has published his 2022 predictions for Web3 and the cryptocurrency market. The analyzes collected under a total of 10 titles include the future of first layer (L1) Blockchains and DeFi. Attention was also drawn to the 2 altcoin projects that stood out on this basis.
Coinbase executive highlighted 2 altcoin projects
Surojit Chatterjee, also a former Google employee, shares in a new company blog post that Avalanche (AVAX) and Solana (SOL) could go a long way in 2022 and new tier one solutions could emerge:
As we invite the next hundred million users to crypto and Web3, scalability challenges for ETH are likely to increase. The power of Solana, Avalanche and other layer-1 blockchains shows that we will live in a multi-chain world in the future. We will also see newer L1 Blockchains emerge that focus on specific use cases such as gaming or social media.
Chatterjee also said that DeFi protocols will integrate with the regulatory framework, so large institutions can take a larger role in the decentralized financial sector. The Coinbase official also thinks that DeFi platforms welcoming regulations along with know-your-customer (KYC) verification standards could engage investors:
Institutions are still hesitant to join DeFi. Institutions only want to verify that they are dealing with known counterparties that have completed the KYC process. Regulated DeFi and increased on-chain KYC verification will help organizations gain confidence in DeFi.
Surojit Chatterjee: Brands will use NFT to develop
Finally, the executive predicts that leading brands will follow in the footsteps of Coca-Cola and Charmin by partnering with metaverse-focused projects and using NFTs:
We’re likely to see more interesting brand marketing initiatives using NFTs. NFTs and the metaverse will be the new Instagram for brands. And just like with Instagram, many brands can start as NFTs. We will also see more and more celebrities use NFTs to develop their personal brands.