SharkTeam: Struggling Forward in Deep Bear Market, DeFi & CeFi 2022 Annual Analysis Report

The entire crypto industry in 2022 seemed to be shrouded in gloom, with Luna's collapse in May and FTX's collapse in November, causing the crypto industry to remain in continuous turmoil almost throughout the year. Luna's market cap once reached $41 billion, but collapsed rapidly within a few days, with prices plummeting from nearly $90 to $0.00015. Luna had a "death spiral" risk, creating scenarios through Anchor Protocol and shaping demand for the stablecoin UST, expanding UST's scale to attract users.