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2018Crypto Retrospective Report Summary,January 2019,Four Key Themes in 2018,YEAR OF THE BEAR MARKET,UNDERPINNINGS OF PROGRESS,DECLINING TOKEN SALES,SHIFT TO TRADITIONAL FUNDING,Year of the Bear Market,Bear Market shakes out low-quality projects, resets expectations,While the 2018 bear market erased the euphoria of late-2017, it also cleared out low-quality projects and placed a renewed emphasis on building valuable crypto products and infrastructure.,Optimism,Enthusiasm,Exuberance,Euphoria,Anxiety,Denial,Fear,Despair,Panic,Capitulation,Discouragement,Dismay,Hope,Relief,Optimism,Im pleased with my investment,Its only a temporary downturn, Im in for the long term,The market is not going in my favour,4,Price and exchange volume feel the pressure throughout the year, coinmetrics.io/ Note: *Coinmarketcap might include exchanges that engage in wash trading, which could beinflating total exchange volume.,5,Bitcoin dominance rises to over 50% in flight to safety,6,58%peak on Dec 15,Underpinnings of Progress,Change in average fee per transaction,-99%,Source: Underlying data from coinmetrics.io Note: Coinmetrics highlights that UTXO networks like Bitcoin can batch multiple transactions into one. Just counting transactions for UTXO chains might not yield a reliable estimate of actual count.,8,-95%,Bitcoin & ethereum transaction fees drop over 90% incentivizing usageBitcoinEthereum,Change in average fee per transaction,Bitcoin Lightning Network sees meaningful growth,Source: p2sh.info/ Note: Elizabeth Stark has mentioned that the number of lightning nodes will become increasingly harder to measure as nodes/channels will be unadvertised by default for privacy preserving purposes.,9,Increase in total network value,145x,24xIncrease in open channels,Ethereum Dapps show sustained popularity, growing 9% a month,+ 118Avg. new dapps created on Ethereum per month in 2018,Source: stateofthedapps/,10,Declining Token Sales,88% of ICO funds raised in first half of 2018, regulatory uncertainty persists,12,Source: Custom data provided by TokenData (tokendata.io) Note: Excluding EOS, ICOs raised $631 million in June 2018.,1H 2018,88%,2H 2018,12%,$12.6B,Total ICO funding in 2018,ICO token treasuries decline placing downward pressure on ETH price,Change in ETH held in ICO treasuries between Jan 2018 & Dec 2018,Source: Custom underlying data provided by tokenanalyst.ioNote: As of 12/31/2018,13,-40%,Shift to Traditional Funding,Total Crypto Funds,Total Crypto Fund Holdings,+48% y/y,Investment in “Blockchain” Companies+366% y/y,Merger & Acquisition Deals,+309%,741$10,billion,billion,$5.3145,(projected),15,Source: cryptofundresearch, dealroom.co, cnbc/, JMP SecuritiesNote: Does not include data on crypto index funds.,Blockchain M&A activity takes off in 2018,Source: cnbc/, JMP Securities Note: *Annualized based on deal count of 115 as of October 15, 2018.,16,300%+Projected y/y increase in blockchain M&A activity,Crypto exchanges were popular M&A targets,Source: dealroom.co,17,50.4%,Three Key Crypto Trends for 2019,Stablecoin mania marches on in 2019,Note: *Tether still holds the greatest share of stablecoin volume.,19,Tether, USD Coin (USDC), Gemini Dollar, PAX, TrueUSD,MakerDAO (DAI), Havven, Boreal, Reserve,Fiat collateralizedCrypto collateralizedSeigniorage shares,Steem Dollar, Fragments (USD Fragment), Kowala (kCoin),Stablecoin trends to watch in 2019,20,Use expands beyond tradingStablecoins expand beyond trading use case to payments and smart contract-based insurance policiesRemittancesIncreased use of stablecoins for cross-border payments and remittancesAlternative to crypto for raising fundsMore projects use stablecoins for fundraising to better manage their treasuries,Focus shifts from ICOs to Security Tokens (STOs),ChallengesRegulationLimited market exposure Increased issuer responsibility Compliance,BCAP, SCI, tZero, SPiCE VCExamples,Secondary markets,Templum, Securrency, tZero, Open Finance Network,Compliance/Issuance platforms,Polymath, Harbor, Securitize, Templum,SECURITY TOKEN ECOSYSTEMEthereumUnderlying platform,21,BenefitsLower issuance fees Faster deal execution Increased Transparency,Security Token trends to watch in 2019,22,Infrastructure continues to matureTraditional financial services providers will retool to provide solutions catering to security token offerings.More issuanceIssuance will increase as regulators offer more clarity and providers roll out solutions to address the barriers to entry.Increased tokenizationTokenization has the potential to re-engineer and expand existing public and private markets.,Institutional crypto comes into its own,Derivatives, Indices, TrustsExisting: CME/CBOE Futures, Citi DAR, GBTC Trust, Bitwise Hold 10 Index, HODL ETPPending: Nasdaq, Bakkt (ICE), ErisX, CoinFLEX BTC futuresETF ProposalsVan Eck/SolidX, BitwiseCustodyFidelity Digital Assets, Coinbase Custody, Kingdom Trust, BitGoEndowmentsHarvard, Yale, MIT, Dartmouth, Stanford, UNC,23,Potential barriers to institutional crypto adoption,24,Lack of transparencyCrypto ecosystem is opaque as users are identified by a long string of characters rather than an account and profile.Overlapping regulatorsCrypto assets have overlapping classifications and fall under the jurisdiction of multiple regulatory agencies.EducationBefore institutions can invest in the space, they need to create a strategy for investing in crypto.,THANKS,
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