Disclosure: The views and opinions expressed herein are solely those of the author and do not represent the views and opinions of the crypto.news editorial.

The last few months have been a whirlwind for the cryptocurrency industry. We started the year strong with the approval of Bitcoin and ETH ETFs, an outlook on another definitive summer, and regulatory clarifications from Asian markets. Yet it wasn’t all sunshine and roses. We’ve seen commentators disappointed by lawsuits that touch on the very nature of cryptocurrencies, as well as analysts warning of a short-lived bull market.

If you had asked yourself what the outcome of such setbacks going back a few years would have been, it probably would have been a complete market failure. But this round is different. While the cryptocurrency industry has seen immediate market reactions, its overall response to sporadic shocks has been largely consistent. What makes this year different from previous years?

The answer lies in the three constants amid the mixed signals about the industry’s long-term trajectory: community resilience, the new injection of crypto-curiosity, and newly created standards for cryptocurrencies.

After years of recovery, self-education and building, the industry and its community have returned stronger than ever. She has enough experience to understand that the crash survivors are here for the long term and with the intention of realizing the vision of a blockchain-powered economy and society.

To support the community’s optimism, this year we have seen unique innovations emerge and evolve. These include the expansion of modular chains and application layers to enhance use cases, greater cross-chain interoperability and liquidity, and the prospects for continued innovation with Bitcoin layer-2. Such developments ensure that our industry continues to improve and grow with a tangible trajectory to secure our future. It also sparks enthusiasm among the community, who look forward to not only supporting new developments for existing chains but also emerging projects, building our industry with a constructive long-term contribution.

This enthusiasm has transformed into lively activities in the community. As an exchange, only KuCoin recorded spot trading volume with a sway by 121.85% in the first quarter of 2024, and the token’s pre-market trading volume skyrocketed by 68% to $23.12 million. This demonstrates that the community is ready to support the industry through another new phase of growth anchored in unique innovations and technological evolutions, regardless of the size of the project.

The first generation of digital natives, i.e. Gen Z, who explored cryptocurrencies gave impetus to the industry’s steady growth. We saw a new sense of optimism as Millennials began to dabble in cryptocurrencies with greater receptivity to the industry than previous generations. Now, as we see Gen Z enter the financial realm, we see the digital native generation with a higher level of desire to gain exposure to decentralized technologies and assets. For example, in Blockchain Education and Career Survey 2024, in which the majority of responses came from people aged 18 to 35, found That one in two respondents they were interested in the economics of cryptocurrencies and defi. A similar survey last year also in India revealed that cryptocurrency adoption has risen to nearly 50% for Gen Z, with the same level of adoption seen in many other markets, demonstrating that as new generations enter the economic sphere, the more cryptocurrencies become an integral part of the mainstream.

Additionally, new user momentum quadrupled continuously Entrance of new users based in Latin America, the Middle East and Africa. As a viable alternative to the traditional financial system, cryptocurrencies have been a solution attractive choice for Latam only, showing strong bottom-up adoption and activity on centralized exchanges. While the industry has focused on establishing itself in established financial centers over the past decade, it is now moving into new markets that can tap into blockchain-based financial services to transcend infrastructure and economic systems, bringing practical use cases to light .

The path to sustained growth is paved with responsible business practices. After many tough times for the industry, crypto companies are focused on improving trust and longevity with stronger governance and infrastructure. Depending on their level of exposure to the broader crypto community, participants may take different steps to stay compliant and accountable, but one universal principle applies to everyone: continue training and monitoring.

As regulators fill knowledge gaps and evaluate its role in the current financial system, the industry must also do its part to ensure close coordination with regulators to offer clarity on the ever-changing crypto landscape and find alignment. This would be a challenging journey, with each jurisdiction presenting its own complexities and perspectives, albeit the most difficult yet. However, the onus is on industry operators to meet regulatory requirements in their respective operating jurisdictions.

As an industry player, it cannot be overstated that we are here for the long term. Now we embark on a new phase of growth and innovation, supported by the power of community, new users and refined business models, so why do we stop here?

While we have strong driving forces at our side, industry players can continue to build, whether maintaining stable business performance by adding new capabilities to their infrastructures or finding new paths for collaboration. A rising tide lifts all boats, and when we prioritize industry growth, individual innovators will be better positioned to enjoy the fruits of our collective achievements. Together, we can build a crypto ecosystem that thrives on innovation, trust and collaboration, a future that benefits everyone involved.

Johnny Lyu

Johnny Lyu is the co-founder and CEO of KuCoin, one of the world’s leading cryptocurrency exchanges. Founded in 2017, KuCoin has become one of the top five cryptocurrency exchanges on the market and has already attracted over 30 million registered users from 207 countries. At KuCoin, Johnny leads the company’s daily operations, spot trading, KuCoin Earn, and the expansion and prosperity of the KCS ecosystem. He also previously led the listing direction, business development and investment team. He is also the main contributor to KuCoin Spotlight and Earn. Prior to joining KuCoin, Johnny had accumulated extensive experience in the e-commerce, automotive, and technology industries.

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