Let’s take a journey through some of the top cryptocurrency moments of 2022
The Shiba Inu team introduced a virtual world which it dubbed SHIB: The Metaverse in April. It promises to give land owners an opportunity to generate passive income and generate various rewards. Throughout the year, the meme coin also secured several metaverse-related partnerships.A proposed ban, if adopted, would effectively have prohibited the mining of new Bitcoins through the proof-of-work consensus in the EU.
Ronin Network, which is tied to popular blockchain gaming title Axie Infinity, had $615 million worth of Ether and USDC tokens stolen in March. The major upgrade, labeled the Merge, was finalized in September to much fanfare. The end result of this upgrade shifted the popular blockchain from a proof-of-work system to a proof-of-stake system, thus eliminating the energy-consuming mining process that was associated with Ethereum before.
The cryptocurrency market saw tremendous losses in value after Luna and sister stablecoin TerraUSD collapsed. TerraUSD lost its peg, undermining faith in the centralized stablecoin.