As the year 2022 comes to a close, it's time to look back at all of the developments and achievements at Nash over the past 12 months and also to look at developments of the wider crypto space.
The cryptocurrency market experienced record growth in 2021 due to favorable economic conditions, but faced challenges in 2022 as central banks raised interest rates and investor appetite for risk decreased. The LUNA ecosystem was targeted in an attack, leading to the collapse of LUNA and its stablecoin UST. Towards the summer, the market stabilized, but was impacted again in November when the solvency of FTX and Alameda Research was called into question, leading to the bankruptcy filing of FTX and a crash in cryptocurrency markets. This left millions of customers with stuck or lost funds in centralized exchanges (CEX), calling for companies like Nash to bring back control over their funds to the user.
As a company, we pride ourselves on our commitment to our users and the continuous improvement of our services. We’ve faced many challenges this year, including the LUNA and Anchor crash, but worked tirelessly to help those affected and resolve any issues that have arisen. Ongoing regulatory affairs have continued to test our patience, and a change of leadership has prompted us to develop a more efficient management style. Despite these challenges, Nash has remained focused on the future and kept building. We introduced a new earnings product based on liquidity positions instead of inflationary models, completed our IBAN Account implementations and worked on a major futureproofing overhaul of our L2 exchange system. We are confident that these changes, along with our ongoing efforts to improve our services, will lead to an even brighter future for Nash and our users. While it has been a tough year, it has further strengthened our belief in our mission to provide a decentralized, regulated, secure, and user friendly exchange and savings service to the world.
We are proud to announce that we have added support for Polygon on our L2 exchange, which allows you to access Polygon assets that can be deposited / withdrawn for very low fees. This is lower than what CEXs typically offer, making Polygon an attractive option for trading and using cryptocurrency assets, with the additional benefit of knowing you control your funds the whole time! We also believe the trading experience and low fees provided by our L2 exchange on Polygon far surpasses any decentralized swap system, making our offering the best place to trade crypto safely. Developing this feature in stealth, we now feel ready to publish a first version adding the first Polygon pair to our offering, stay tuned for more.
Additionally, with the introduction of the proof of stake (POS) mechanism on Ethereum (ETH), the withdrawal fees for Nash from the smart contract (SC) to a personal wallet on our Ethereum L2 are now comparable to those of centralized exchanges (CEX) increasing our competitive advantage. We will continue to evaluate more chains to add to our L2 implementation in order to provide the best choice for trading to our users. In addition, we are in talks with Market Makers to improve our liquidity across our books. Watch out for further initiatives to come!
In 2023, we will continue to launch new products that are sure to attract more users to our platform. From our cutting-edge L2 exchange to our user-friendly mobile app, Nash is committed to providing our users with the best possible experience. Whether you are a seasoned trader or new to the world of cryptocurrency, we believe that Nash has something to offer for everyone. We look forward to having you in the Nash community and sharing all of the exciting developments we have in store for the coming year. Let us show Nash to the world!
We’d also like to take this opportunity to thank the whole team and our wonderful community for the ongoing support and loyalty albeit the ongoing crypto winter. We count on your support to further spread the word about Nash!
With this we would like to wish you a merry Christmas and a happy new year!