Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of Global Crypto News’ editorial.

The past few months have been eventful for the crypto industry. We began the year with the approval of Bitcoin and ETH ETFs, an optimistic outlook for another DeFi summer, and regulatory clarity from Asian markets. However, not everything has been positive. There has been disappointment over the dwindling prospects of ETH ETF approval in the West and regulatory actions challenging the core nature of crypto. Analysts have also cautioned about a potentially short-lived bull market.

The Resilience of the Crypto Community

Despite setbacks, the crypto industry has shown resilience. Unlike previous years, the market’s response to sporadic shocks has been steady. This stability can be attributed to three key factors: the resilience of the community, the influx of crypto-curious individuals, and newly established standards for crypto businesses.

Community Strength

After years of recovery and building, the crypto community is stronger than ever. Survivors of past market crashes are committed to realizing the vision of a blockchain-powered economy and society. This year, we’ve seen unique innovations such as the expansion of modular chains, enhanced interoperability, and the evolution of Bitcoin layer-2s. These developments are driving the industry forward, sparking enthusiasm among the community.

This enthusiasm is evident in the vibrant activities within the community. For instance, KuCoin reported a 121.85% surge in spot trading volume in Q1 2024, with pre-market trading volume for tokens reaching $23.12 million. This indicates that the community is ready to support the industry through its next growth phase, driven by unique innovations and technological advancements.

New Entrants: The Crypto-Curious

The entry of Gen Z, the first digital-native generation, has added momentum to the industry’s growth. Unlike previous generations, Gen Z shows a higher level of eagerness to explore decentralized technologies and assets. A recent survey found that one in two respondents aged 18-35 are interested in the economics of crypto and DeFi. This trend is consistent across various markets, indicating that new generations are embedding crypto into the mainstream.

The momentum of new users has also increased with the influx of individuals from Latin America, the Middle East, and Africa. In these regions, crypto offers a viable alternative to traditional financial systems, leading to strong grassroots adoption and activities on centralized exchanges. This shift towards new markets is opening up practical use cases for blockchain-powered financial services.

Responsible Business Practices

Sustained growth in the crypto industry hinges on responsible business practices. Following numerous challenges, crypto businesses are now focused on enhancing trust and longevity through stronger governance and infrastructure. Compliance and responsible practices are essential as regulators close knowledge gaps and assess crypto’s role in the financial system.

The industry must work closely with regulators to offer clarity on the evolving crypto landscape and find alignment. While this journey is challenging due to varying jurisdictional complexities, it is crucial for industry players to meet regulatory requirements in their operational areas.

Maintaining Focus on Long-Term Goals

The crypto industry is here for the long run. As we embark on a new phase of growth and innovation, driven by community strength, new users, and refined business models, we must continue building. Whether it’s maintaining stable business performances, adding new features, or finding new pathways for collaboration, the industry’s growth benefits all participants.

By prioritizing industry growth, individual innovators will be better positioned to enjoy the collective achievements. Together, we can build a crypto ecosystem that thrives on innovation, trust, and collaboration—a future that benefits everyone involved.

For more updates on the crypto industry, explore more news on Global Crypto News.

Johnny Lyu is the co-founder and CEO of KuCoin, a leading global cryptocurrency exchange. Founded in 2017, KuCoin has grown into one of the top five crypto exchanges, attracting over 30 million registered users from 207 countries.

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