2020 was an unprecedented year for the world and for crypto. Let's look back at some of the major events to happen in our industry:
#### Quick Takeaways
* Bitcoin's Big Year: 2020 was a rollercoaster year for Bitcoin. We experienced halving, extreme lows on Black Thursday, then a parabolic recovery leading us to new all-time highs.
* DeFi Summer: This year was an insane frenzy of action for DeFi. By the end of 2020, total value locked in DeFi grew more than 23-fold from under $700M to $15B.
* The Dawn of Yield Farming: Among DeFi’s most revolutionary ideas was the idea of yield farming, which distributed the ownership of protocols to early supporters.
* Beginnings of Crypto Mass Adoption: With Paypal allowing its 300M users to purchase crypto directly, we have seen a tremendous inflow of PayPal funds into crypto, especially Bitcoin.
* Institutional Bitcoin Adoption: Besides Microstrategy and Paypal, Institutions one by one announced their support of crypto, notably financial heavyweights like Goldman Sachs, Fidelity, and Citibank, to name a few.
* Ethereum 2.0: The upgrade to Ethereum 2.0 has been long-awaited by the ETH community. If anything, summer’s DeFi madness has shown that Ethereum is in dire need of an upgrade in scalability.
* Explosion in Stablecoin Supply: The crypto industry has become increasingly reliant on centralized stablecoins, most notably Tether, which has ballooned to over $20 billion in circulating supply, taking 75% market share in USD-based tokens.
* China Launches Digital Yuan: Central banks around the world may be taking their first steps towards CBDC, but not the PBoC. China rolled out its CBDC at a rapid pace in 2020, trialing pilot programs all over the country.
* Record Crypto Credit Growth: Crypto credit products of all kinds has seen a tremendous year of growth, from derivatives t...