At the beginning of December 2021, the annual Messari year-end report will arrive as scheduled. The full text is rich in content, detailed in data, and widely cited. It is the best summary and review of the entire encryption industry in 2021. The article is very long. It is said that the author spent 250 hours writing it. DBMETA wrote this introduction after reading the report. You can read the original text based on our article, which may be easier to absorb and digest.

There are ten chapters in the original Messarri:

1. Chapter 1 Top 10 Investment Topics in the Crypto Market

2. Chapter 2 10 people to watch

3. Chapter 3 10 thoughts on Bitcoin

4. Chapter 4 U.S. Cryptocurrency Policy

5. Chapter 5 Market Infrastructure

6. Chapter 6 NFTs & Web 3 (recommended reading)

7. Chapter 7 DeFi 2.0 (recommended reading)

8. Chapter 8 ETH, L1&L2, Cross-chain Bridge (recommended reading)

9. Chapter 9 DAO also has a way

10. Chapter 10 Welfare: Say what I want to say (recommended reading)

DBMETA recommends reading Chapters 6, 7, 8 and 10. In the next chapter, I will make a summary and DBMETA's view, and interested friends can continue to read it.

Chapter 1 Top 10 Investment Topics in the Crypto Market


The first chapter briefly talks about the popular encryption topics in the past 21 years, including NFT, bridge, DAO, etc. In this chapter, the author wants to show that the encryption industry has gradually penetrated into the lives of young people, compared to the older generation. , Young people prefer to invest in encrypted assets, which firstly reduces the cost of investment and learning for them, and secondly, compared to the already mature securities market, the encrypted market is more like a wasteland with more opportunities. The crypto market, like the changes in past history, has become unstoppable.


Chapter 2 10 People to Watch


Basically, they are all big koL on Twitter. If you are interested, you can take a look. There are not many dry goods.


Chapter 3 10 thoughts on Bitcoin


In this chapter, the author made a dialectical consideration on whether Bitcoin can be replaced by ETH, and finally came to the conclusion that Bitcoin is still the first asset in the encrypted world and cannot be replaced, even if ETH has a strong performance. At the same time, the author believes that CN's attack on the mining industry is a performance of handing over computing power to others. The application of Bitcoin in El Salvador led the author to believe that the "Lightning Network" could bring new applications to it.


Chapter 4 U.S. Cryptocurrency Policy


The crypto world is entering the U.S. market further, but then comes a stricter regulatory system. At present, the SEC first regulates stablecoins, because this is the biggest outlet that will have an impact on the real world. In addition, the author also expressed dissatisfaction with Gary, the chairman of the SEC, because he did not vigorously develop the encryption industry as he expected, but instead obstructed many encryption projects with his knowledge of encryption technology. Among them, he specially emphasized The lawsuit between XRP and the SEC.


Chapter 5 Market Infrastructure


The author of this chapter mainly expresses his views on some financial derivatives, the most important of which is the launch of the Bitcoin futures ETF. Like DBMETA, the author is not optimistic about the Bitcoin futures ETF. The futures ETF can only be said to provide some hedging. Fund's new operational tool.

For several exchanges, the author believes that they are mainly divided into two echelons, the first echelon "Bianance", "Coinbase", "FTX", and the rest belong to the second echelon, if any one of the first echelon stagnates and falls, Players from the second tier will emerge immediately. The first-tier exchanges should not only have a large enough number of users and volume, but also how to compromise with regulation and operate compliantly. In this year, the three exchanges in the first tier have performed well. Bianance is the most difficult one. Under the blow of the multi-national policy, it still survives and constantly changes management to achieve the greatest possible success. Compliance; Coinbase is the most compliant exchange, it is listed under the light of the SEC, and gives ordinary people a formal channel to invest in the crypto world; FTX is the fastest growing exchange this year, from the Solana ecosystem it invested in It can be seen that this exchange has been seeking hot spots in the market and is willing to spend money.


Chapter 6 NFTs & Web 3


2021 is the first year of NFTs and web3. In this chapter, the author describes several NFT models: digital artwork, PFP (digital avatar), fan token, P2E revolution, Looted (NFT reverse creation derivative), NFT financialization, metaverse, NFT identity. Basically, these models cover all the current and future NFT gameplay. For specific information, you can refer to the original work.


Chapter 7 DeFi 2.0


In this chapter, the author makes an outlook on Defi2.0. First, he expounds his views on stablecoins. At present, there are constantly projects in the market that want to challenge algorithmic stablecoins, but they have basically failed. However, algorithmic stablecoins are The cornerstone of future defi2.0. The author initiates an imagination about the future CeDefi, and believes that some traditional financial institutions may enter the defi market. On the one hand, the defi operated by centralized institutions meets the needs of supervision, so that users meet the needs of KYC, and on the other hand, it can improve the efficiency of traditional finance. .


Chapter 8 ETH, L1&L2, Cross-chain Bridge


In addition to NFT, another hot topic this year is ETH2.0 and L2, both of which are aimed at solving the current problem of excessive congestion in Ethereum, including the 1559 plan launched this year, which is an attempt by ETH to save itself, while allowing ETH to maintain an inflationary A decreasing trend to increase the value of ETH. In this chapter, the author expresses his views on related projects, including L2, Polkadot, Cosmos, Solana, etc.

What will happen in the future? The author said that with the rise of various ecosystems, the daily transaction volume of the cross-chain bridge will be higher than the mainstream CEX transaction volume. This view is the same as that of DBMETA, so DBMETA has always been optimistic about the future development of Celer.


Chapter 9 DAO also has a way


In the past two months, the topic of DAO will often be seen in the media, especially the DAO that was very popular some time ago to buy the US Constitution, although it was not bought in the end, but this behavior has made the DAO model known to everyone. .

What exactly is a DAO? The local and state legislation in the United States regards it as a limited liability company. In fact, it is indeed another form of company, but this form has no contract and legal restrictions. It is a smart contract-based one. In this form of composition, all decisions will be made based on token ownership votes.

Are DAOs the way of the future? At least in the author's view, DAO can become a huge outlet, because there is currently no complete regulation to regulate this new cooperation model, so there is a lot of room for operation here, capital must come first, and the author also said in the article A lot of capital has already started investing in DAOs.


Chapter 10 Welfare: Say something I want to say


The author of this chapter digs his heart out and talks about his thoughts as a blockchain researcher. Here, the author talks about the reasons for his personal continuous writing, his information acquisition channels, and how to balance crypto investment and life. After all, the crypto world rotates 24 hours, and you can't invest in it all 24 hours.

Here is an excerpt from the author's information flow, hoping to inspire everyone.

Token Terminal (basic data), The Graph (on-chain data), Nansen (fund flow), Dune Analytics (aggregated metrics), DeFiLlama (TVL) and Messari (market data and off-chain events)

Crypto Theses for 2022



According to Messari's annual report, the crypto world has become a torrent of history that cannot be stopped by human reasons. Numerous leading cryptocurrency industries are improving from different perspectives such as technology, business model, NFT, DAO, cross-chain bridge, DeFi2.0, etc. The metaverse wave has come and is unstoppable.