作者【火币研究院】StefanieWei，陈思宇，蒋梦初，郑明旺AbstractIn2022,thecryptoindustryenteredadeepbearastheFederalReservecontinuedtoraiseinterestratesandgloballiquiditytightened.Thisyear,thetotalmarketcapitalizationofcryptoassetsshrankbymorethan$2.2trillion,andthesizeofinstitutionalbusinessinCeFideclinedbyapproximately71.4%.Theindustrywasdevastatedafteraseriesofincidents,suchasthecollapseofTerra,thebankruptcyof3ACandFTX;manygiantinstitutions,suchasBlockFiandGenesis,cannotescapefromthenightmareofeitherbeingbankruptedorliquidated.However,thedevelopmentoftheindustrydidnotstophere:thetotalamountofinvestmentandfinancingintheprimarymarketexceededUS$27.7billion;E...