2023 indeed brought an unexpected turn of events. Commencing the year with a bear season accompanied by a multitude of regulations, various networks and companies entered and exited the scene, new protocols were established, and lawsuits were rampant.
However, we are ending the year in the midst of the bull season. Despite the challenges, we are thankful to have navigated through it all and maintained our resilience, thanks to your unwavering support.
Throughout the year, we expanded our team, welcomed new networks, engaged in conferences, formed partnerships with other protocols, launched new projects, and more.
Now, let’s take a moment to review the noteworthy achievements, activities, and events that unfolded during this year.
Key Events and Happenings in Cryptocurrency and Blockchain
Prominent occurrences in the blockchain and cryptocurrency sector during the year 2023—events and developments that sparked widespread discussions and significantly influenced the crypto market. Here is a compilation of some of these noteworthy events.
The Crypto Market had a volatile year-to-date📈📉📊
When you compare the current price of popular cryptocurrency Bitcoin to where it was just a year ago, it’s easy to see that the sector has recovered since it was rocked by the FTX scandal at the end of 2022. The cryptocurrency sector continues to face volatility, but conversations around regulation and the potential emergence of spot Bitcoin ETFs in the US show the industry continues to mature. However, in spite of these challenges, the market has delivered a robust performance year-to-date, underscoring the continued growth and maturation of digital assets as an asset class.
Regulators came Knocking 🚓🚨🚔
A major challenge when it comes to regulation is that existing securities laws were written before the emergence of digital assets. For example, Coinbase (NASDAQ:COIN) and Binance are facing charges from the SEC, but have filed to have them dismissed, saying that because cryptocurrencies don’t fit the current definition of a security, there is no legislation in place that allows digital assets to fall under the authority of the SEC. The basis of the crypto firms’ argument comes from the legal battle between the SEC and Ripple. In July, federal Judge Analisa Torres ruled in favor of Ripple, declaring that, when it comes to crypto coins, the definition of a security depends on the circumstances surrounding its sale. The SEC ended up dropping the charges against Ripple on October 19.
Now we wonder what kind of regulation could come following the FTX debacle?
Bring Bad Actors to justice👮
Bringing bad actors to justice has been the single most important accomplishment in the world of crypto and blockchain in 2023. Go back in time to November 2022. At that time, as the largest fraud in the history of crypto was being exposed (well done CoinDesk!), many feared that those responsible would never be held accountable.
Fast forward to December 2023 and we pile on convictions and settlements and record fines for bad actors. Many people are going to spend real-time in real prisons for stealing customer money, misusing it or violating other laws.
As basic as this might seem, it’s enormously helpful in laying the foundation for a better future.
01node Notable Achievements
In 2023, we pledged to onboard additional networks in response to community requests. To fulfill this commitment, we expanded our team from 7 to an 11-person team, aiming to facilitate partnerships and nurture the growth of our new network. The results were evident as we increased our network count from 26 in 2023 to 40+ by the end of this year, with more expansions in view. Below, we’ve outlined some of our notable achievements from this year.
We onboarded new networks and protocols
Our primary focus lies in actively contributing to securing the network and advancing web3. Security remains a pivotal aspect of decentralization, and as validators, our mission is to ensure the integrity of every network we validate. This involves maintaining a 100% uptime, adhering to the established rules to avoid penalties, cultivating a zero slash history, and encouraging users to enhance network security by staking their tokens.
In the past year, we successfully onboarded 10 new networks, including **SUI, DydX, Celestia, Nolus, Coreum, Union, Neutron, Quasar, Tenet, Eigenlayer, Namada**, with more networks in the pipeline. Additionally, we joined the Extrnode RPC service validators. Our commitment to fostering a secure and decentralized ecosystem remains unwavering as we continue to expand our network partnerships.
$100M Asset under Management💸💵
Following the impact of the Terra-Luna collapse, our company experienced significant setbacks. However, after a year, we are pleased to report a resilient recovery, emerging even stronger than before.
Sponsored and Participated in the Conferences
We participated in various events, including the Gateway to Cosmos Conference in Prague, chainlink conference SmartCon 2023 by Chainlink, and the Cosmoverse conference, which took place in Istanbul from October 1st to October 5th, 2023. For those in attendance, our booth provided an opportunity to connect with our team. Throughout the conference, our team forged partnerships, established connections, interacted with new network protocols, and took part in insightful fireside chats.
Launched our Ethereum Staking Pool powered by SSV DVT
We take immense pride in the introduction of our Ethereum staking pool, powered by SSV DVT. Recognizing the challenges faced by small token holders in participating in Ethereum staking and supporting network security, we’ve addressed the prerequisite of owning 32 ETH. Not everyone can meet this requirement, which is why our staking pool allows Ethereum holders to contribute to network security by staking any amount, starting from as low as 0.005 Ethereum. This initiative aims to make network participation more accessible and inclusive for a broader range of stakeholders.
Partnered with some Blockchains 🤝🤝
We forged partnerships with the majority of the networks we validate, organizing Ask Me Anything (AMAs) sessions to provide our community members with a platform to pose their most significant questions regarding the networks’ plans for token holders and future developments. Additionally, we extend technical support to the networks we validate whenever necessary, contributing to their technical well-being. In February, we partnered on a Twitter Space session with Babylon Chai, Notional, and Stakecito, discussing the Babylon integration proposal on the Osmosis zone.
Launched the 01node Faucetino
To assist testnet developers, we introduced Faucetino by 01node, providing support for various chains such as Cosmos, Ethereum, and Secret Network. We welcome other chains to join and utilize our Faucet. These faucets for test networks offer developers and users the ability to acquire testnet coins without any charges. This allows developers to safely test their applications, smart contracts, and blockchain features without incurring any financial risk.
To obtain testnet tokens for your project, please visit https://faucetino.01node.com.
Other Technical Achievements
1. 01node became a Rocketpool liquid staking node operator for Ethereum
2. 01node was selected as a Sui network testnet wave 3 validator
3. 01node was selected as a genesis validator on Union Build
4. 01node joined the Extrnode RPC service validators
5. 01node joined Eigenlayer as a validator
6. Twitter Space with Algorand – Goracle Next Gen Oracle
7. 01node got a final grant approval from SSV
8. Networks we recently onboarded
9. Our COO shared their expertise on security and best practices for validators in a captivating discussion on the Bare Metal Podcast, empowering others with valuable insights and knowledge (https://youtu.be/Dh_d1V36yEQ).
2024 Crypto Predictions
Once again, we find ourselves in that time of the year when predictions for 2024 are circulating from various pundits. Some are grounded in speculation, while others are rooted in facts and events from 2023. At this juncture, we have compiled a list of predictions that appear promising for the upcoming year, drawing insights from the occurrences and developments of the preceding year.
One of the most pivotal events on Bitcoin’s blockchain is a halving, when the reward for mining is cut in half. Since 2020, the network participants validating transactions have been awarded 6.25 bitcoins (BTC) for each block successfully mined.
The next halving is expected to occur in early-to-mid 2024, when the block reward will fall to 3.125. Over time, the impact of each halving will diminish as the block reward approaches one satoshi.
What does this mean for the sector? Well, a potential bullish phase in 2024 with increasing optimism.
More Regulations around the digital assets – New Regulatory Era
2023 saw regulators troop in by bring bad actors to book and holding centralized player accountable and restoring investors confidence. In 2024, we expect to see more regulators and new security laws.
Coins, fueled by hype, fake trading activity and speculation, would likely suffer under tighter regulations. On the flip side, clear rules could open the door to a significant influx of capital from traditional finance. If these regulations are designed to improve the digital asset market, I believe they could attract a larger and more discerning pool of investors in the long run
US spot Bitcoin ETF approval
Investors are optimistic that the US government would approve the Spot Bitcoin ETF
As we reflect on 2023, it is evident that 01node has experienced remarkable growth, expanded its network presence, and demonstrated its commitment to technical excellence and community engagement. With an unwavering focus on innovation, partnerships, and user-centric services, we look forward to an even more exciting 2024, filled with new accomplishments and meaningful contributions to the blockchain ecosystem.