The staking economy will grow by 51% by the end of 2023 - Anais Rachel

yeah so my name is Annie's my name is Rachel and I was in crypto for a few years now I started back at Ariana Simpson's crypto hedge and Metro Capital fund and then after I more recently worked at bitwise which is one of the world's largest crypto fund index managers um and uh yeah I mean it's been great to discuss uh on yesterday's panel for example how to take these tradfi valuations that a lot of us are familiar with they're better understand such a nascent industry right so all things crypto assets thank you yeah [Music] um this is like saying in crypto that crypto winners is when we build right and even if we put that aside I mean the attendees here a lot of them are from Trad five backgrounds and still in chat 5 but you know getting a taste of crypto and uh you know looking to perhaps create a strategy there right I mean think about um the excitement that's going on right now with the staking economy so last year 2022 uh staking really gained traction right we had ethereum uh which is the most prominent smart contract Network um chances should become a proof of work to a proof-of-stake network and that really put staking on the radar especially for tradfi investors um now what do we have you know coming up well in March weeks away we have uh State East that's going to be able to be withdrawn um foreign from the beacon chain that is another event that's going to bring in institutional investors right so a lot of people are interested in the staking economy it's going to expand in 2023 according to my own projections uh it will grow by 51 and that is the amount of each state specifically by end of year 2023. so people were just curious they want to get in and uh see how we can build better trust and staking as part of that um so yeah we've talked about staking we talk about the regulatory environment and there's still a lot of work to be done but people are willing to do the work and that's what's important [Music] yeah so these thinking economy is definitely one of them and that kind of uh I mean that brings us to a to a second one right because staking is also all about it's not just about getting you know uh staking returns and monetary gains it's also about securing the network it's about decentralization it's about building trust and in order to build trust we also have to be putting in place the right regulations and that's for a variety of reasons to also avoid another tornado cash incident right when uh of act sanctioned tornado cash or what we saw is uh Alex the the the the founder the main developer he's currently in jail right now in the Netherlands right and so people are afraid of the regulatory environment innovators are afraid to innovate um and that's that's a huge negative in the industry right now so a key takeaway is um you know sure like uh FTX happened um then a lot of bankruptcies and so forth but in the long term it's a net positive for the industry and that's because it's going to accelerate uh regulations being put into place [Music] yeah so it's I guess it's two things I mean uh obviously we're always talking about the SEC and you know that's you know clearly about the U.S I think um given the US you know it's not as to a certain extent on the regulatory front perhaps not as friendly towards the crypto industry as we'd like that does give an opportunity for Europe to you know be a leader in the space and that's very exciting um other than that though besides regulations I mean back to the thing with building trust it's also on the tech side right the crypto natives we are I mean in 202 there was over one billion dollars of tax right so the techniques to get better and uh that's what I'm excited about part of that is making sure that uh these projects that these developers are getting their code audited right to make sure that there are no vulnerabilities in the code because as soon as you lose a good sum of money that is another hit to uh crypto Mass adoption right and that's what then regular uh the regulatory bodies will use as you know a reason not to help the industry grow to its fullest potential so it's not just about the government it's also about uh the developers but we got to keep in mind that we're still early right it's still still early it's still more forgiving and we want to make sure that um these upgrades uh they're there needs to be time given to the developers to do it right which is partly why the merge for ethereum took so long to implement right it needed to be done right it was important foreign [Music]