The crypto industry is stagnating

Since 2009, the crypto industry has been limited to money making money. For example, the booming defi protocol in early 2022. Many developers are competing to create their own tokens as a reward for creating defi.

But Defi seems to have stopped after various cases of hacking of several Defi protocols. Even though Defi is still around, its development is not as booming as it was at the beginning.

After defi, came the NFT. NFT offers artists to make their work in the form of tokens that can be sold on the marketplace. But unfortunately, NFT became less attractive after artists created monkey faces and were valued at thousands of dollars.

In 2022, the trend of exchanges creating their own tokens is like a must. But the problem is that when publicly audited, the tokens they make don't have asset collateral in accordance with the number of tokens they issue. The token is just a bubble ready to burst.

The horrendous case is FTX. When some of the FTX exchange users failed to withdraw funds, it was revealed that FTX did not have enough collateral to back up the tokens they created. It's like systematic corruption.

Nowadays, many people who want to invest in cryptocurrencies are increasingly hesitant. The reason is their distrust of exchanges and projects backed up by empty cans. The developers don't have enough liquidity but they promise ridiculous profits.

Crypto developers should create projects from existing coins and try to connect them with the real world. Projects that are not just money create money.

If the developer only focuses on projects like DEFI and others, then crypto is only a tool to extract money from inexperienced investors.