March 28, 2024

Global Comparative Study of Cryptoassets

Global Comparative Study of Cryptoassets

Thanks to the rapid growth of the decentralized finance (DeFi) sector this year, stablecoins have becomeconsidered by industry players as a significant direction for the development of the cryptoindustry. This is reported in a new cryptoasset report from the Cambridge Center for Alternative Finance.

In a document entitled “The Third GlobalA Comparative Study of Crypto Assets ”, crypto service providers recognize the importance of stablecoins in the Asia-Pacific region, Europe, the Middle East and Africa, North America, Latin America and the Caribbean.

Meanwhile, the same survey showed that in a broader sense, decentralized finance was declared as the second or third most important area in terms of development prospects for most regions.

Global Comparative Study of Cryptoassets

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  • Security tokens - issued only on the public blockchain;
  • Layer 2 solutions - for example, the Lightning Network;
  • Other developments - includes tokenized rights, FATF guidance, lending.

Source: Third Global Comparative Study of Cryptoassets, Cambridge Center for Alternative Finance.

In the report, service providers were defined as “organizations operating in one or more payment, custodian (custodian) and exchange segments”.

In addition, the report evaluates differences insmall and large companies' views on what will be most important in the future. And based on the findings, the smallest service providers place more importance on stablecoin development than the larger companies, although overall both groups rate it as the most important area, ahead of things like staking, central bank digital currencies (CBDCs), and tokenized securities. papers (security tokens).

Assessment of categories by respondents is ranked as follows: 1 - not important at all; 2 - it doesn't matter; 3 - neutral; 4 - to some extent important; 5 - very important.

Global Comparative Study of Cryptoassets

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Reportedly, the ratio"DeFi's yield / interest rates are clearly a vacuum that sucks in a lot of stablecoins," as the total stablecoin market capitalization has doubled since May, reaching $ 20 billion in September.

Top stablecoins by market capitalization:

Global Comparative Study of Cryptoassets

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When asked why DeFi was rated lower than othersareas in terms of the impact of future technology developments on cryptocurrencies, the report calls the DeFi space "still largely experimental," adding that "most DeFi applications cannot be considered significantly decentralized in any way."

The report states that “most of theseapplications continue to rely on 'crashes', centralized oracles, or some other type of centralized support or service, "although it notes that" the stated goal of many development teams is to focus on progressively increasing the degree of decentralization. " It also adds that such a new phenomenon as the DeFi protocol governance tokens is a step towards making these protocols "less dependent on centralized control."

In addition, a new and demanded direction,Known as “non-fungible tokens” (NFT), four out of five regions surveyed were considered the area with the least impact in the future, with only Asia-Pacific companies claiming that “other developments” are even less important.

Global Comparative Study of Cryptoassets

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