FTX, the US-based crypto platform that succumbed to liquidity crunch and shook-up the crypto market in November, led to the wipe-off of nearly $200 billion (roughly Rs. 16,53,499 crore) from the market. The drastic reaction from investors who pulled back capital from digital assets left several crypto firms gasping for breath. As per Indian Web3 builders, this FTX collapse, despite its severity, must be seen as a ‘blessing in disguise' that has already begun to push for more finetuned financial structure around crypto that would slash its often-criticised element of volatility.
“The companies that do not have a strong foundation and have strong investments will be flushed out,” said Tarusha Mittal, the COO and Co-Founder of Web3-focussed app store, Dapps and group farming and staking protocol, UniFarm.
In conversation with Gadgets 360, Mittal said that crypto players and investors need to realise, now more than ever, that Web3 is all about decentralisation.The FTX collapse is good on the macro level for the industry. FTX collapse is a good reminder that crypto is all about removing centralised bodies and re-gaining financial responsibility and independence,” Mittal noted.
Web3 is popularly explained as the upcoming next generation of Internet as we know it today. Instead of being controlled by servers and big tech companies, Web3 will be based on blockchains, which are not controlled by centralised bodies and hence, offer complete freedom with irreversible records of all processes.
Cryptocurrencies, Metaverse, NFTs, and Decentralised Finance (DeFi) — are the new technologies that will make for special elements that will be part of Web3.Mahin Gupta, the founder of digital wallet service provider Liminal, also weighed in on the FTX situation. He said that major incidences like this could push the adoption of important Web3 tools, which are available but not the first choice for investors as yet.
“Moving towards DeFi at the earliest is the key to learning from FTX collapse and the onus lies on industry players to build a safety net around user funds. Self-custody or licensed custodian services should be actively used for storing digital assets which are under the complete control of the users rather than with companies,” Gupta told Gadgets 360.
After FTX declared for bankruptcy, several crypto exchanges seemingly lost active users.
From India as well as other nations, established exchanges like Binance, KuCoin, and Giottius conducted audits of their reserves to ensure customers that their funds were safe in times of emergency bulk withdrawals.
Industry leaders still believe that the crypto community is ready to step into the next year, with more transparency than we began 2022 with.
“Significant technological advancements have been made in the industry to enhance transparency and security. The downturn in the crypto and stock markets is a result of various macroeconomic factors that have impacted investor sentiments. As we move into the new year, it is a good opportunity for crypto investors to review their portfolios and strategise their investments and security solutions for better outcomes,” Edul Patel, CEO & Co-Founder of crypto investment firm Mudrex, told Gadgets 360.
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