– Developers are shifting away from contributing to the U.S. crypto ecosystem.
– Smart contracts deployment and active addresses across all blockchains have reached their respective ATHs.
Since Bitcoin [BTC] marshaled many other assets to reach their respective All-Time Highs (ATH) in 2021, the cryptocurrency landscape has been characterized by its dynamism and volatility, with constant ups and downs.
Although there has been a concerted effort to propel the industry forward, there have also been changes in trends, developments, participation, and regulatory hurdles that never seem to disappear.
In between all of these, the State of Crypto index gained 11.54% in the last 30 days. But in the last year, the index decreased by 5.86%.
Put together by a16z, the state of the crypto index refers to the percentage change that reflects the development, innovation, and contributing parameters to the entire crypto economy.
For the unschooled, the venture capital firm has been providing this data since 2016. According to the latest release, it was obvious that the sector has experienced growth in the last month. And possibly, the whole of 2023. But there were downsides as well that surely stunted the growth rate.
Battling with regulatory fever, and attracting more developers
Based on the report, the United States’ approach to regulation has been a hindrance. For a while, the regulatory bodies, led by the
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Author: Victor Olanrewaju
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