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With crypto, we have the opportunity to construct monetary, finance, and tech systems that provide accessible, efficient, fair, and sustainable alternatives to legacy markets. The shocking events of 2022 driven by excessive risk-taking, greed and fraud, has surpassed anything experienced in prior crypto cycles and caused many ecosystem participants to be burnt or bankrupted.

We are confident that the departure of bad actors, significant market restructuring and deleveraging, and shift towards fundamentals and decentralization can recalibrate the industry back to its intent and technical capabilities.

Our collective mission as a community should be to rebuild trust in the ecosystem by demonstrating the broad use-cases of blockchain-built products. Blockchain and distributed ledger technology has all the right ingredients to transform how we transact, communicate, operate globally, solving for inefficiencies and creating new novel solutions to problems.

At the same time, we will have to accomodate the macro market-cycle. Rough market conditions largely became the standard for much of the year, but that didn’t stop crypto from many incredible technological achievements. If crypto has proven anything through its existence it's that it can survive unfavorable times. We move into 2022 with greater strength and resilience.

Our vision when we started Maple was to improve legacy debt capital markets with technology, so that innovative companies can access finance to expand, grow, and push society forwards. We continue to solve hard problems with technology and are beginning to transfer the value of capital markets on-chain, and establish a completely new markets too.

This report pulls together our view of the market, learnings from 2022, plans for 2023 and some predictions too. We are grateful for our community and stakeholders that move into the new year with us.