Blockchain
The Decline of Canadian Cryptocurrency Users in 2023: A Closer Look at Market Factors

Cryptocurrency usage in Canada is experiencing a decline in 2023, as revealed by a recent survey conducted by the Ontario Securities Commission (OSC). The survey aimed to understand consumer interactions with virtual assets, investment experiences, key drivers, and market determinants. The findings indicate a decrease in the ownership of digital assets from 13% in 2022 to 10% this year. This trend has raised concerns among experts, who attribute it to the bear market and tighter regulations leading to a decline in prices. In this article, we will delve deeper into the survey results, explore the reasons behind the decline, and examine the broader macroeconomic factors affecting the cryptocurrency landscape in Canada.
The Survey Results
The OSC survey revealed a shift in Canadian sentiment towards digital assets. While 38% of respondents believed that cryptocurrencies would play a significant role in the future of finance last year, only 26% share the same opinion this year. This change in perspective underscores the diminishing confidence in the potential of digital assets to revolutionize various sectors of the economy.
Despite the decline in ownership, the survey also highlighted an interesting trend – the average ownership per user has increased. This means that while the number of users leaving the market has risen, the remaining holders have significantly increased their stake. The average market cap has risen from $52,975 this year to $82,992 in 2022. However, it is worth noting that 77% of Canadians express regret over their exposure to digital assets, citing underperformance as a major concern. This sentiment is a significant departure from the 68% who expressed regret last year.
Factors Influencing the Decline
Several factors contribute to the decline in Canadian cryptocurrency users. One key factor is the crypto winter experienced in 2021. Although the bull market of 2021 initially brought widespread adoption and interest from institutional investors, subsequent market crashes, such as the Terra Network and FTX implosions, led to a loss of investor confidence. The resulting pressure from regulators and the significant decrease in the prices of top assets, including Bitcoin (BTC) and Ethereum (ETH), by more than 55%, have deterred many potential users.
Furthermore, the survey revealed that many Canadians still prefer traditional payment methods over Central Bank Digital Currencies (CBDCs). Despite widespread awareness, Canadians are less enthusiastic about CBDCs, as they continue to rely on current payment options. A report from the Bank of Canada further supports this observation, suggesting that the country’s CBDC project is not meeting users’ expectations.
The Impact of Macroeconomic Factors
The decline in Canadian cryptocurrency usage cannot be fully understood without considering broader macroeconomic factors. The fear of a recessionary market is a significant concern among users, as it affects their confidence in the stability and future prospects of digital assets. Economic uncertainties, such as inflationary pressures and geopolitical tensions, can lead individuals to prioritize more traditional investment options, leading to a decline in cryptocurrency adoption.
Additionally, tighter regulations imposed by the government can contribute to the decrease in cryptocurrency users. While regulations aim to protect investors and ensure market integrity, their impact on the overall market sentiment cannot be overlooked. The perceived complexity and uncertainty surrounding regulatory frameworks may discourage potential users from entering the market.
Future Outlook and Potential Reversal
Despite the current decline in Canadian cryptocurrency users, there is still optimism for the future. The survey revealed that 34% of citizens believe the situation will change, indicating a potential reversal in the trend. Furthermore, 49% of users express their belief in the future of digital assets by stating that they will continue investing in cryptocurrencies in 2022.
To regain trust and attract more users, the cryptocurrency industry in Canada must address the concerns raised by current users. Improving transparency, providing better education on investment strategies, and enhancing overall market stability are key areas that need attention. Additionally, regulatory frameworks should strike a balance between protecting investors and fostering innovation to create a favorable environment for cryptocurrency adoption.
Conclusion
The decline in Canadian cryptocurrency users in 2023 can be attributed to a combination of factors, including the bear market, tighter regulations, and broader macroeconomic uncertainties. The OSC survey highlights a shift in sentiment among Canadians towards digital assets, with fewer individuals believing in their potential to transform the economy. However, despite the current decline, there is still hope for the future, as a significant portion of users remains optimistic. The industry must address the concerns raised by current users and work towards creating a more transparent, stable, and user-friendly environment to encourage wider cryptocurrency adoption in Canada.
Source: Bank of Canada

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Altcoins
Berachain Launches Mainnet with $632 Million BERA Token Airdrop

Overview of the BERA Airdrop
Berachain, a Proof-of-Liquidity (PoL) Layer-1 blockchain, officially launched its mainnet and announced a massive airdrop worth $632 million in BERA tokens. The airdrop aims to reward early community users and drive engagement in the ecosystem.
Key Airdrop Details:
- 80 million BERA tokens were distributed, 15.8% of the total 500 million tokens available at launch.
- NFT holders of Bong Bears and related projects (Bond, Boo, Baby, Band, and Bit Bears) received the largest share.
- Testnet contributors earned 8.2 million BERA tokens for their role in network development.
- Active community members on Discord and X (formerly Twitter) were also rewarded.
- Airdrop claim process began on February 6, with verification via Berachain’s official airdrop checker.
- Participants from the “Request for Broposal” campaign and other initiatives will receive tokens starting February 10.
Tokenomics and Allocation
Berachain’s token supply is divided among different sectors:
Category | Percentage |
---|---|
Community marketing & engagement | 13.1% |
Research & development | 20% |
Institutional investors | 34.3% |
Big Bera Labs & project contributors | 34.3% |
This allocation supports ecosystem growth, development, and long-term sustainability.
Understanding Berachain’s Proof-of-Liquidity (PoL) Model
Berachain operates on a unique Proof-of-Liquidity (PoL) consensus mechanism, unlike traditional Proof-of-Stake (PoS) or Proof-of-Work (PoW) models.
How PoL Works:
- Liquidity providers stake assets to increase network security.
- Instead of mining, Berachain redirects network revenue to liquidity providers and stakers.
- This model enhances decentralization and rewards participation in the ecosystem.
The Role of BERA Token:
BERA serves two major functions:
- Gas Token: It powers transactions on the network.
- Governance & Security: Users stake BERA to participate in network decisions.
Market Influence and Exchange Listings
Following the mainnet launch, BERA tokens were listed on top exchanges, including:
- Binance
- Bybit
- Bitget
- MEXC
- KuCoin
Initial Price Movement:
- BERA launched at $8 per token.
- Market volatility is expected as trading stabilizes.
Final Thoughts: A New Era for Blockchain
Berachain has entered the market with a strong start, introducing its PoL consensus model and rewarding early adopters. The combination of liquidity incentives, governance, and ecosystem growth makes it a promising blockchain contender.
With further development and adoption, Berachain could redefine liquidity management in DeFi and beyond. Stay tuned for more updates on this groundbreaking blockchain project.
Bitcoin
Coin News Crypto: Understanding Global Bitcoin’s Revolutionary Impact

India’s Unprecedented Crypto Revolution
India is blazing a trail in the global cryptocurrency space. With 75 million users making up nearly 17% of its population, India now leads worldwide Bitcoin adoption. This remarkable growth stems from several key factors – a massive tech-savvy population combined with growing interest in digital assets as a way to protect against economic uncertainty. People across the country are increasingly seeking out reliable coin news and crypto updates to guide their financial decisions.
The adoption wave is especially strong among India’s tech-comfortable younger generations. Small business owners have found cryptocurrencies offer practical solutions where traditional banking falls short. For example, many entrepreneurs now use digital assets to access capital, make investments, and manage day-to-day finances more efficiently than through conventional channels. This easy access to financial tools helps fuel business growth across the economy.
New payment systems built on crypto technology are also reshaping rural communities. These solutions work better than traditional banking in areas with limited infrastructure, bringing financial services to previously excluded populations. The impact extends to international money transfers too – families receiving remittances from abroad can now get funds faster and cheaper through crypto channels compared to old-school wire transfers.
Real stories of crypto’s positive impact are emerging across India. From small business expansions to individuals gaining financial independence, these examples show how digital finance creates real opportunities. Sites like MyWeb3News provide essential updates and learning resources that help both beginners and experienced users understand the crypto space. As more Indians seek reliable information about digital assets, having access to accurate coin news and market analysis becomes crucial for making sound investment choices. The combination of widespread tech adoption, economic needs, and an entrepreneurial mindset makes India a fascinating example of how crypto can transform financial access and opportunity at a national scale.
East Asia’s Resilient Crypto Ecosystem
While India openly embraces cryptocurrencies, East Asia shows how digital currencies can thrive even under strict regulations. Take China as an example – despite government limits on crypto trading and mining, around 38 million Chinese citizens (5.4% of the population) still own Bitcoin. This steady interest shows how digital assets remain appealing even in challenging environments.
The crypto community has adapted by building strong peer-to-peer networks that work around restrictions. These networks let users trade directly with each other instead of going through banks. This flexibility is one of crypto’s key strengths – it can work effectively outside traditional financial systems. By studying how these networks operate, we can better understand the latest crypto developments.
Beyond China, other East Asian countries are charting their own paths. South Korea has become a hub for blockchain projects thanks to its tech infrastructure and forward-thinking approach. Vietnam’s growing tech scene and widespread mobile access have made crypto an appealing tool for managing money.
Each country takes a different approach to fitting crypto into their economy. For instance, Vietnam’s relatively open stance contrasts sharply with China’s restrictions, giving us real examples of how different rules affect crypto markets. Following market trends and trader views on sites like MyWeb3News helps explain how these markets are developing.
The East Asian experience proves that crypto communities can adapt and grow despite regulatory challenges. This resilience highlights crypto’s core promise – making finance more open and accessible to everyone. By learning from these markets, investors and enthusiasts can better evaluate crypto’s long-term potential, even as regulations change. This practical knowledge helps inform smarter decisions in an always-changing global market.
U.S. Market: Where Institution Meets Innovation
While East Asia’s crypto sector shows strength despite regulatory hurdles, the U.S. market tells a different story – one where traditional institutions and emerging technology intersect in fascinating ways. This dynamic is changing how people worldwide engage with cryptocurrency news and developments. The numbers speak for themselves: about 28 million Americans (13.80% of the population) now own Bitcoin, with major institutions leading much of this growth.
Corporate Treasuries and the Rise of Bitcoin
A notable shift is happening as major U.S. companies add Bitcoin to their balance sheets. Companies like MicroStrategy, Block (formerly Square), and MassMutual have made significant Bitcoin purchases, marking a new chapter where digital assets serve as corporate treasury holdings. These companies view crypto as protection against economic uncertainty. This corporate interest has created more demand for reliable crypto news and market analysis. Many turn to trusted sources like MyWeb3News to track market movements and stay current on industry developments.
Institutional Investment and Market Stability
The crypto market is seeing increased participation from hedge funds and asset managers, bringing both opportunities and complexities. These institutional players typically take longer-term positions and conduct thorough risk assessments, which can help reduce market volatility. Their involvement is reshaping how the market behaves and how different participants interact.
The Role of Regulation in Shaping the Future
U.S. regulators, especially the Securities and Exchange Commission (SEC), play a key role in determining crypto’s path forward. The 2021 approval of Bitcoin futures ETFs marked an important step toward mainstream acceptance. Still, ongoing discussions about proper oversight create some market uncertainty. This makes staying informed through reliable news sources especially important for market participants.
Emerging Trends and Future Outlook
Several key developments are worth watching in the U.S. crypto market. The growth of decentralized finance (DeFi) is opening new possibilities, while traditional finance increasingly embraces digital assets. This creates both exciting prospects and new challenges that investors and businesses must carefully consider. Success in this market requires staying well-informed about news, regulatory changes, and emerging trends as the space continues to mature.
Africa’s Digital Financial Revolution
While crypto adoption grows steadily in established markets like the U.S., Africa shows how digital currencies can bring financial services to those traditionally excluded from banking. Take Nigeria, where 8.6 million people – about 13% of the population – now use Bitcoin. This surge comes from genuine needs – citizens want to protect their savings from inflation and currency devaluation that affect their daily lives. As more people embrace crypto, the demand for reliable information and news has grown significantly.
The appetite for crypto knowledge extends beyond Nigeria’s borders. In Kenya, crypto trading volume has doubled in just one year, showing growing interest across Africa. Several factors drive this expansion. Many African countries have high rates of mobile phone usage, providing the foundation for widespread crypto access. For those who find traditional banks out of reach or too expensive, digital currencies offer a practical alternative for managing money.
Innovative Solutions for Real-World Challenges
Local entrepreneurs are creating new payment systems built on blockchain that work for African users. Simple mobile-based platforms let people send and receive money without needing a bank account. Small business owners particularly benefit from these tools, which help them handle transactions more efficiently and at lower costs.
Cross-Border Trade and Remittances
Crypto makes sending money across borders much simpler. In the past, international transfers were slow and expensive, especially in Africa. Digital currencies now offer faster, cheaper ways to send remittances and conduct business internationally. This improved flow of money makes a real difference for families receiving support from abroad and businesses working across borders. Keeping up with crypto news helps people make the most of these opportunities.
The Role of Mobile Technology
Mobile phones are central to crypto adoption in Africa. Since many people access the internet primarily through phones rather than computers, mobile-friendly crypto platforms are essential. As smartphone ownership and internet access continue to expand, more people can participate in digital finance. Resources like MyWeb3News help educate this growing user base. The combination of widespread mobile use, business innovation, and clear needs for better financial tools makes Africa a prime example of how crypto can bring positive change.
Southeast Asia’s Gaming-Led Adoption
The gaming industry is driving remarkable crypto adoption across Southeast Asia in ways not seen anywhere else. Gaming has become deeply woven into how people in this region engage with digital currencies, creating new economic possibilities. Take the Philippines for example – an impressive 23.40% of the population actively uses Bitcoin, not just for speculation, but as part of their gaming activities and everyday transactions.
Play-to-Earn: Reshaping Digital Economies
Games that reward players with cryptocurrency and NFTs have found a natural home in Southeast Asia. These games do more than entertain – they provide real income opportunities that are especially appealing in areas with lower wages. As players look to understand the value of their gaming rewards, they turn to resources like MyWeb3News for market updates and insights into different game-based cryptocurrencies. This growing interest reflects how gaming is changing local economies.
Sustainable Gaming Ecosystems and Evolving Business Models
For play-to-earn games to work long-term, they need carefully balanced economies where earned assets keep their value. Game developers are testing different approaches – some use two types of tokens, splitting in-game currency from governance tokens that give players voting power. Others build thriving marketplaces where players trade digital items. These new models keep generating fresh developments and investment chances that people want to learn more about.
Beyond Play-to-Earn: Broader Crypto Integration
The impact of gaming goes further than just earning through play. People who first use crypto for games often start exploring other ways to use it, like sending money home to family, shopping online, or investing. This natural expansion into everyday use helps grow the overall crypto market in Southeast Asia. As more people use digital currencies regularly, they need reliable information about market changes and new developments. Other regions can learn from Southeast Asia’s experience of how gaming can help more people understand and use crypto naturally. By seeing how gaming connects with digital economies and what users really need, we get a clearer picture of how crypto might spread globally.
The Future of Global Digital Finance
As cryptocurrencies gain traction worldwide, each region is adopting them in its own unique way. From India using Bitcoin to bring more people into the financial system to Southeast Asia embracing crypto through gaming communities, these diverse approaches show how digital currencies are becoming part of everyday finance. This creates both new possibilities and complex challenges for anyone involved in the financial sector.
Emerging Technologies Shaping the Future of Crypto
Ongoing improvements in blockchain technology are making cryptocurrencies more practical to use. Take the Lightning Network, for example – this new layer built on top of Bitcoin makes transactions much faster and cheaper, helping Bitcoin work better for daily purchases. We’re also seeing promising developments in privacy and security through zero-knowledge proofs and better digital identity systems. These technical advances are steadily removing barriers that have held back wider crypto adoption.
The Regulatory Landscape and Its Impact on Adoption
How governments approach crypto regulation greatly affects its growth and use. Some countries welcome cryptocurrencies while others restrict them heavily. When regulations are clear, it gives businesses and investors confidence to get involved. But overly strict rules can push crypto activity underground instead. For any business working with crypto, staying current on regulations across different markets is crucial. Countries will need to work together on common standards to handle crypto’s cross-border nature.
Evolving User Needs and the Demand for Financial Innovation
Many people are turning to crypto because traditional banking isn’t meeting their needs. This is especially true in emerging markets where lots of people can’t easily access bank accounts. For instance, mobile crypto apps are helping people across Africa use financial services for the first time without needing a regular bank account. Stories like these show how crypto can bring more people into the financial system who were previously left out.
Navigating the Future of Digital Finance
The path ahead for digital finance brings both exciting possibilities and real challenges. Success will depend on keeping up with news and trends while adapting to changing rules. Businesses and investors should carefully weigh the opportunities and risks of different crypto projects. MyWeb3News helps make sense of this complex space by providing current news, market analysis, and educational resources. As finance becomes more digital and decentralized, staying informed and flexible will be key to making the most of these changes.
Want to better understand where finance is heading? Explore the world of crypto with MyWeb3News to stay ahead of changes. Start exploring now!
Altcoins
Understanding Cetus Protocol: A Next-Gen Liquidity Solution on Sui and Aptos

Cetus Protocol is a decentralized exchange (DEX) and liquidity platform designed to simplify trading and enhance capital efficiency. Operating on the Sui and Aptos blockchains, Cetus employs a Concentrated Liquidity Market Maker (CLMM) model to provide a seamless and flexible trading experience for decentralized finance (DeFi) users.
What Makes Cetus Unique?
Cetus offers several standout features:
- Permissionless Access: Users can create trading pools or customize liquidity services without special permissions.
- Programmability: Cetus supports advanced trading strategies, enhancing flexibility for liquidity providers.
- Composability: Developers can integrate Cetus’s liquidity tools into their projects, enabling faster deployment of financial services like vaults and leveraged farming.
- Sustainability: The protocol uses a dual-token model (CETUS and xCETUS) to reward active contributors and ensure long-term viability.
How the CLMM Model Enhances Efficiency
Traditional Automated Market Makers (AMMs) distribute liquidity across an entire price range, often leaving much of it unused. In contrast, Cetus’s CLMM model allows liquidity providers to focus their capital on narrower, more active price ranges. This targeted approach maximizes returns by concentrating liquidity where trading activity is highest.
Why Sui and Aptos?
Cetus operates on Sui for its high-speed transactions and instant settlements, and on Aptos for its scalability and resilience. These blockchains are ideal for supporting DeFi innovations, making them a natural choice for Cetus’s advanced liquidity solutions.
Earning Opportunities for Liquidity Providers
Liquidity providers on Cetus can earn through:
- Transaction Fees: Fees generated from trades within active price ranges.
- Liquidity Mining: Additional rewards, often represented by unique NFTs, for specific positions.
- Loyalty Programs: Incentives for active participation in network activities.
Cetus’s Token Ecosystem
Cetus utilizes two tokens:
- CETUS: The primary utility token, used for transactions and liquidity mining rewards.
- xCETUS: A staking token enabling governance participation based on holdings.
Final Thoughts
Cetus Protocol combines innovation and flexibility to create an efficient liquidity network. By leveraging the capabilities of Sui and Aptos, it offers a next-generation platform for DeFi users, developers, and liquidity providers. As blockchain technology advances, Cetus is poised to play a critical role in the future of decentralized trading.

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