Crypto Report for 2022 Shows Binance as the Most Trusted Exchange

A new crypto report by CoinWire highlights the current state of the market, as well as users trusting Binance more than any other exchange.

The Crypto Report 2022, published by CoinWire and TK Ventures, provides an in-depth analysis of the crypto market, using statistics on various aspects of the crypto market.

The report is based on research conducted by a team of over 10 members and surveys of over 10,000 participants. It covers several topics within the cryptocurrency market such as market overview, fundraising, layer 1 and 2 solutions, DeFi statistics, NFTs, Web3 gaming overview, Web3 gaming transition, Web3 awareness, AML, KYC, and regulations.

The report highlights several key findings. 66% of investors believe in Binance and its ecosystem. This is rather significant given the recent events that caused turmoil in the market, including the FTX fiasco. Binance remains the leading exchange in the market.

In terms of fundraising, Web3 is the category that has the most conducted deals at 33%. 25% of the money is invested in Infrastructure. 

31% of investors believe that rug pulls are the leading cause of most crypto hacks. The market has lost up to 90% of its value by the end of 2022. 

BNB Chain and Polygon are believed to achieve mass adoption in the next year with 57% and 46.8% of total investors’ choices, respectively. 

Current State of the Market After the FTX Fiasco.
Current State of the Market After the FTX Fiasco. Source: CoinWire

Three out of five investors felt uncomfortable with DeFi security risks and complications. 59% of investors believe that stablecoin is a gateway and a must for crypto. 

Data on NFTs, Web3, and Metaverse

Risk of speculation is believed to be the main reason why traditional gaming companies reject blockchain and NFTs, according to 78% of investors. 

52% of investors expressed confusion about Web3. American investors make up the majority of that amount. 

51.4% of investors think Web3 is just a trend that may die out. Asian crypto investors are more concerned about “Tracking for crypto behavior” than European ones.

The report also presents statistics on the use of blockchain technology across different industries, including DeFi and NFTs. In terms of NFTs, the number of NFT holders increased by around 250%. In addition to that, 78% of users believe in the future of NFTs.

Report on NFTs and Their Usage.
Report on NFTs and Their Usage. Source: CoinWire

Furthermore, the report covers the lack of regulation, volatility, and security risks.

The report also highlights the growing interest in the metaverse. According to the report, Microsoft has made the biggest attempt to dominate the metaverse via patents with 158 patents as of July 2022. Moreover, 69% of responders said that the metaverse will be an integral part of our society.

When it comes to DeFi, the report states that BNB Chain is the most trusted blockchain in terms of storing funds on DeFi protocols with 63% responses. Additionally, 60% of investors felt uncomfortable with DeFi security risks.

Overall, the report highlights that cryptocurrencies are still trusted worldwide as crypto adoption becomes imminent. Despite the market scandals that occurred in 2022, including FTX and Terra, users still believe in what cryptocurrencies and blockchain technology promote.

Keep in mind that the data used was based entirely on the survey findings of CoinWire.