It was a busy year for bitcoin and the crypto ecosystem on the whole, so let’s recap on this year’s major happenings in crypto and at BitOasis.
Was 2021 the greatest year for Bitcoin
With large investments from institutions and a mention in Leonardo Di Caprio’s latest hollywood film Don’t Look Up. Every year, Bitcoin comes more and more closer to mass adoption. In terms of price action and on chain activity, bitcoin reached a new all-time-high of roughly $70,000 in November. Thus, more people are now holding bitcoin for longer than they did in previous years. Typically, the longer people hold an asset, the more likely it is that holders are using the asset as a store of value.
The cryptocurrency also received much validation this year. On one hand, US regulators approved the first Bitcoin futures ETF (exchange traded fund), while the nation of El Salvador adopted bitcoin as legal tender.
How DeFi remained popular in 2021 despite hacks
Overall, the DeFi sector has seen an increase in total value locked (TVL), which is now worth $102.79 billion, at latest prices. This is a sharp jump from last year’s TVL of $24 billion. However, a blockchain forensics company found that DeFi hacks increased in 2021, resulting in over $10 billion of DeFi value lost. Rug pulls, ransomware attacks (where hackers demand bitcoin as ransom), and other exploits have reignited talks on blockchain security.
But DeFi continues to attract larger investors and this could set off more demand for insurance protections for companies investing in the sector. So far, decentralized brokerage Armor ranks first, with $635.97million in TVL, followed by Nexus Mutual (TVL $587.62 million).
How 2021 became the year of crypto exchanges like BitOasis
Alongside a 2021 crypto boom, the region’s largest crypto exchange, BitOasis, reached some major milestones this year. BitOasis’s ADGM registered entity, BLEX Financial Limited, received necessary approvals from financial regulators in UAE.
Further, trading volumes on BitOasis exceeded $3 billion with a doubling of customers. Keeping this user base surge in mind, the platform launched more customer-friendly initiatives. BitOasis set up a local bank funding option, and you can now buy bitcoin, and other cryptos with zero deposit fees on the platform. In an effort to upgrade product offering, BitOasis launched 12 new tokens including gaming and DeFi tokens, memecoins and stablecoins too. Towards the end of the year, BitOasis closed its Series B round and raised $30 million from investors which equips the platform with resources to expand in the region and beyond.
To learn more, visit BitOasis for a year in crypto recap!
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