By the end of 2022, the combined market cap of
L1s (excluding BTC & ETH) fell by 37% and that of bridges by 42%.
What caused the downfall and is there hope for recovery? BDC Consulting surveyed CEOs, CТOs & other
L1 &
L2 decision-makers to get an idea.
They named 8 reasons for the exodus of users & liquidity, including:
• Weak value proposition
• Lack of real use cases
• Poor engagement & retention strategy
• No risk management
• Low-level dApp UX
• Shaken user trust
• Ever-evolving scams
• Unclear crypto legislation
As for solutions to surviving the bear market, the execs mentioned external audits, work with community feedback, and a few others.
More about the flaws, fixes, and prospects in the insight-packed survey report: bit.ly/3SCtN1D
