Written by: Presto Research
Compiled by: Yuliya, PANews
In 2024, the cryptocurrency market will show obvious differentiation characteristics. Data shows that Meme coins led the gains, VC-backed tokens were generally under pressure, and RWA tokenization became the new focus of the market, with transaction scale increasing significantly. The market structure continues to evolve, the performance of high FDV low-circulation tokens is weak, and institutional demand for Bitcoin allocation is rising. These trends deserve continued attention in the new market cycle.
Looking ahead to 2025, with the improvement of infrastructure and clearer supervision, the crypto asset market will enter a new stage. Bitcoin's value storage function, competition in the public chain ecosystem, and innovative applications such as DEX and NFT may become new growth drivers for the market.
In this context, Presto Research has released its first annual report, comprehensively reviewing key market trends and providing forward-looking predictions for 2025.
Key predictions for 2025 include:
Bitcoin price reaching $210,000
The total market cap of cryptocurrencies expands to $7.5 trillion
As Ethereum addresses user experience issues, the ETH/BTC ratio rebounds to 0.05
Solana breaks through $1,000
Stablecoin market cap reaches $300 billion
DEX trading volume exceeds 20% of CEX trading volume
The market cap of new EVM Layer 1 public chains reaches $20 billion, and total locked value (TVL) reaches $10 billion
A sovereign country or S&P 500 company will incorporate Bitcoin into its treasury reserves
Crypto hedge funds outperform crypto VCs
….
2024 Review
Analysis of best and worst performing coins
In well-functioning markets, asset prices encapsulate the wisdom of the crowd, forming dynamic signals that reflect market narratives, themes, and trends. Therefore, reviewing the best and worst performing projects in a thriving market is an effective way to reflect on the past. The following detailed analysis will explore this aspect.
Regarding research methodology, the following points need to be clarified:
First, the analysis is limited to three major centralized exchanges: Binance, Bybit, and OKX.
Second, the analysis is further divided into 'newly listed projects (2024 listings)' and 'legacy projects (listed in 2023 or earlier)'.
Third, the best and worst performing five projects are selected from these six subcategories.
It is noteworthy that this analytical method may not fully reflect trends of mainstream assets like Bitcoin or Ethereum, as small-cap assets often exhibit more extreme volatility. Instead, this analysis aims to uncover potentially overlooked industry themes or individual projects.
Based on the above explanation, the research identifies three key trends:
VC-backed tokens perform poorly
The meme coin frenzy continues
Tokenization of real-world assets (RWA) is gaining attention
The rise of decentralized exchanges (DEX)
Top 5 performing newly listed projects in 2024 (as of November 29)
Top 5 performing legacy projects in 2024 (as of November 29)
"VC coins" (low liquidity/high FDV) perform poorly
Market data shows that poorly performing projects generally share two characteristics:
1. High inflation rate
New projects: Median reaches 22%
Legacy projects: Median at 15%
2. Low circulation rate
New projects: Median only 30%
Legacy projects: Median at 78%
This trend has become a unique phenomenon in the 2024 cryptocurrency market. While the negative impact of large-scale token unlocks has long been viewed as a risk factor, this year it has become the dominant narrative, with exchanges, project teams, and investors all highly vigilant about it.
From the perspective of market development, this change reflects that the crypto market is gradually maturing:
New tokens can no longer attract retail attention merely due to flashy packaging or endorsements from well-known VCs
The strategy of using information asymmetry to treat retail investors as exit channels for CEXs is becoming less effective
The short-term arbitrage models commonly used by some VCs are difficult to sustain
Meme coin frenzy
Retail investors generally perceive unfair factors in VC coins, leading to a significant shift of funds towards the meme coin market. This trend has directly driven significant growth in the meme coin sector, evident from the standout positions in the six top-performing lists.
Meme coins and VC coins exhibit a clear contrast:
Overall low inflation rate
Overall high circulation rate
The narrative of 'fairness' for meme coins has had a significant impact on the 2024 crypto market:
Successfully attracting a large number of retail participants
Shifting market sentiment
Becoming one of the most significant features of the annual crypto market
RWA projects surpass meme coins
The standout project of 2024 is Mantra (OM), whose gains far exceed those of other projects:
OM: Up by 6,118%
PEPE (best meme coin): Up by 1,231%
Mantra positions itself as a ‘purpose-built RWA public chain’ that meets real-world regulatory requirements by supporting fiat, stocks, and compliant on-chain and off-chain protocols for tokenized RWAs. OM, as the governance token of MANTRA DAO, provides users with rewards related to key programs and ecosystem development.
The outstanding performance of OM reflects two key trends:
The RWA track is gaining market favor
The appeal of the RWA concept may surpass the meme narrative
Early yields shift to DEXs
Data shows that the returns of legacy tokens are actually higher than those of newly listed projects, which forms a contrast to traditional perceptions. This phenomenon reflects an important change in the crypto market in 2024: DEXs have become the primary venue for early price discovery of tokens.
Thanks to improvements in DEX functionality and user experience, many projects are choosing to list on DEXs first. Consequently, the steepest rises often occur on DEXs, while centralized exchanges can only capture the later stages of the rise. In the early days of the crypto market, centralized exchanges were the indisputable liquidity providers. However, with the rise of DEXs like Hyperliquid and Raydium, as well as applications like Moonshot and Pump.fun, the market landscape has changed.
2025 Predictions
Institutionalization process is advancing at full speed
The mainstreaming of cryptocurrencies is ongoing, with expectations to reach new heights in 2025, and the comprehensive participation of top institutions will further accelerate this trend. Here are four major development predictions.
The price of Bitcoin is expected to reach $210,000 by 2025
The MVRV ratio (market value / realized value) has become one of the recognized reliable Bitcoin valuation tools in the digital asset industry. The market value (MV) calculates the total value of all circulating Bitcoins at current market prices, while the realized value (RV) calculates the value of each Bitcoin based on on-chain transaction records at the last transaction price, representing the average acquisition cost of all circulating Bitcoins.
Historically, Bitcoin's MVRV ratio has fluctuated between 0.4x and 7.7x. If only data since 2017 is considered (excluding early extreme volatility periods), this range is narrower, between 0.5x and 4.7x. In the past two bull markets (2017 and 2021), Bitcoin's MVRV peaks were 4.7x and 4x, respectively.
Using a more conservative 3.5x multiplier and assuming the realized value grows from the current $722 billion at a compound monthly growth rate of 5.3% to $1.2 trillion by the third quarter of 2025 (this growth rate reflects the facilitation of institutional access brought by spot ETFs), the target value for the Bitcoin network in 2025 is $4.2 trillion (currently $1.9 trillion), which means each Bitcoin would be worth $210,000.
Bitcoin's 'land grab': new sovereign countries or S&P 500 companies will adopt Bitcoin as a reserve
It is expected that a sovereign country or S&P 500 company will announce the incorporation of Bitcoin into its reserve strategy. For sovereign countries, 'adoption' refers to government departments proposing to incorporate Bitcoin into treasury reserves. At least one country has taken similar action each year for the past three years. The campaign promise regarding Bitcoin reserves made after Trump's election may prompt other countries to explore similar strategies for game-theoretical reasons.
In terms of corporate adoption, MicroStrategy's parabolic rise in stock price has unprecedentedly attracted attention from the corporate world. With FASB announcing earlier this year a shift from the lower of cost or market method to fair value accounting, this accounting hurdle will be eased. MicroStrategy plans to implement this change by the first quarter of 2025, providing clearer guidance and stronger adoption motivation for other companies.
The market cap of stablecoins will reach $300 billion
Although stablecoins may not be the primary focus of cryptocurrency speculators seeking high returns, they are undoubtedly the most successful application of blockchain. Since rebounding from a local low in November 2022, the total market cap of stablecoins has now reached $200 billion, becoming the largest category of cryptocurrency applications.
99% of stablecoins are pegged to the US dollar, and this is not a coincidence. Tokenizing assets does not create demand out of thin air; the assets being tokenized must already have global demand. Outside of the US dollar, few currencies enjoy such universal demand, as evidenced by the dollar's dominant status as a settlement currency. This is why blockchain and US dollar stablecoins achieve the best product-market fit.
Stablecoin market capitalization is expected to reach $300 billion by 2025, driven by both long-term and cyclical factors. Long-term drivers include recognition of the superior functionality of tokenized dollars and progress in stablecoin legislation by the US Congress. Cyclical drivers include the broader cryptocurrency bull market cycle. Even if it reaches $300 billion, this still represents only 1.4% of the M2 supply of dollars, indicating significant upside potential.
More corporate actions: Circle/Ripple/Kraken to IPO
In the crypto-friendly environment of the Trump administration, previously shelved opportunities due to political risks may be released. Traditional enterprises will view crypto startups as attractive assets for entering the crypto space, driving more M&A activities and higher valuations. There have already been signs of this trend, with even troubled Bakkt finding an acquirer in Trump Media.
Late-stage growth companies will not miss this opportunity to go public. Well-known crypto companies like Circle, Ripple, and Kraken have long been seen as potential IPO candidates. For reference, Coinbase went public during the previous bull market peak (April 2021).
The trend of cryptocurrency stockization
The US: The new cryptocurrency capital
Trump's 'Make America Great Again' (MAGA) and 'America First' policy ideas are likely to extend into the cryptocurrency space. To ensure the US leads the global cryptocurrency landscape ahead of competitors like China, the government may implement a series of supportive policies. There are already rumors of plans to eliminate capital gains taxes on cryptocurrencies issued by US-registered companies, indicating the government's intention to attract crypto innovation. This may just be the beginning of a series of policies.
This shift will fundamentally change the crypto industry. Currently, cryptocurrencies are seen as global assets, with the location of projects or founders being of little importance. However, as the US achieves differentiation through favorable policies, this perception will change. Just as the nationalities of companies are important in traditional stock markets, this will also apply to the cryptocurrency space.
"US cryptocurrency" will gain a significant premium, attracting top talent and projects.
The US will replicate its successful model in the stock market, with US-listed companies enjoying valuation premiums due to the country's legal and economic stability.
The chain reaction of US dominance will extend to trading dynamics.
Trading volume and volatility during US trading hours may increase significantly, as macro and project-level news events will concentrate on US hours.
Additionally, US exchanges (especially Coinbase) are expected to grow significantly, with listings on their platforms becoming a signal of global legitimacy, akin to significant IPOs on NASDAQ.
At the project level, Coinbase's Base ecosystem will be one of the biggest beneficiaries of US dominance.
Cryptocurrencies are shifting to fundamentals: liquidity hedge funds will perform well
The crypto industry is shifting from speculative hype to fundamentals-driven investment, thanks to the rise of standardized valuation frameworks. These frameworks are reshaping how projects are evaluated, financed, and traded, making crypto investment more standardized and closer to traditional financial principles.
As projects generate revenue through staking rewards, token buybacks, and trading fees, they become systematically assessable. Investors can now calculate the actual returns for token holders and evaluate the sustainability of projects. Metrics such as TVL/market cap ratio and protocol revenue multiples are gaining recognition.
In 2025, liquidity hedge funds are expected to outperform venture capital funds, profiting from their valuation-based strategies in both bull and bear markets. At least five major macro or long-short equity hedge funds may enter this field, while major investment banks are expected to formally cover digital assets.
The rise of crypto indices: Index trading volume will rank among the top five
As cryptocurrencies become a mainstream asset class, ordinary investors are beginning to recognize the importance of including them in their portfolios, leading to an increasing demand for simplified and diversified investment methods. This shift is reminiscent of the development trajectory of traditional stock markets, where investors transitioned from selecting individual stocks to purchasing S&P 500 indices; the crypto market is experiencing a similar evolution.
In traditional finance, ETFs currently account for 13% of total US stock assets. Cryptocurrencies are expected to follow a similar trajectory, with index products providing portfolios of assets across industries or themes.
Currently, projects are developing unique use cases and behavior patterns, driven by unique fundamentals across different industries, no longer merely following Bitcoin's price movements. It is expected that indices will become main products on major exchanges, and crypto equivalents of $SPDR products (like the Coinbase 50 Index) may emerge and consistently rank among the top five in trading volume.
Second phase of the bull market
Solana will reach $1,000
Solana's path to reaching $1,000 is built on its transition from a high-performance blockchain to a deeply institutionalized ecosystem. The surge in institutional adoption, along with projects raising $173 million in the third quarter of 2024, reflects that the platform has reached a critical intersection of technical excellence and institutional embedding.
Network activity is showing unprecedented growth, with Solana accounting for over 50% of all daily on-chain transaction volume, up 1900% year-on-year. This explosive growth reflects a deep truth about network success — as discussed by Placeholder's Mario Laul, the success of a network depends not only on technology but also on the level of institutionalization achieved through specialized infrastructure and developer network effects. Solana's differentiation stems from its unique cultural philosophy: prioritizing rapid innovation over theoretical perfection, contrasting sharply with Ethereum's research-first approach.
From a technical roadmap perspective, Anatoly is advancing a vision of a global state machine with a block time of 120 milliseconds, while the network architecture is naturally suited for rollup expansion, laying the foundation for unprecedented scalability. The upcoming Firedancer client aims to achieve one million transactions per second, further reflecting this pragmatic progress.
Next year, 1.93% of tokens will enter the market, with an estimated market cap of $48.593 billion at $1,000 — this falls within the historical precedent of Ethereum. This combination of cultural differentiation, institutional adoption, technological evolution, and favorable token economics creates a compelling case for SOL's rise.
The total market cap of cryptocurrencies will reach $7.5 trillion
The 2024 crypto market continues to be dominated by Bitcoin. Institutional funds are flowing in through ETFs, and the institutionalization process of Bitcoin is deepening, along with the favorable conditions brought by Trump's victory, allowing this cryptocurrency elder to continuously outperform most altcoins.
If Bitcoin reaches $150,000 and maintains a 60% market cap share, the overall crypto market size will reach $7.49 trillion, more than 2.5 times the previous peak (November 2021, $2.9 trillion).
President Trump's term will be a key factor influencing the duration of this bull market. There are two possible developmental paths for the market:
In an optimistic scenario, Trump will implement policies to promote economic growth, relax regulations, maintain low tariffs, and uphold open immigration policies. This may lead to rising real interest rates, a stronger dollar, and a rising stock market, while putting pressure on gold prices.
In a pessimistic scenario, a trade war could erupt, imposing 60% tariffs on China and general tariffs of 10-20% globally, along with tightening immigration policies. This would lead the Federal Reserve to loosen policies to lower interest rates, with the dollar strengthening initially but then weakening, stock markets adjusting, and gold prices rising.
However, in any case, there are favorable factors for cryptocurrencies:
In an optimistic environment, Bitcoin may rise in sync with risk assets;
In a pessimistic environment, Bitcoin may correlate positively with gold and negatively with the dollar.
Considering Trump's cabinet selections and overall policy orientation, the market environment is more likely to lean towards an optimistic path, providing favorable support for risk-seeking crypto assets.
2025 NFT rebound: Monthly trading volume will reach $2 billion
Currently, Bitcoin is reaching historic highs, but market sentiment seems different from before. The 'rising tide lifts all boats' moment of bull market cycles has not yet arrived, which is precisely why there is an optimistic outlook for NFTs in 2025. The current market is entering a mature phase, and historical experience suggests that this is often the stage of the most cultural innovation.
Current data supports the potential for this cultural revival, with NFT sales reaching $562 million in November 2024, a 57.8% increase month-over-month. The ongoing development of the NFT subculture and its impact on the broader crypto culture, from junk art to the emergence of unique artistic movements like generative art, reflects an increasingly mature ecosystem.
The adoption of NFTs by mainstream brands like Nike and Sony is not only about corporate adoption but also a legitimization of these digital subcultures. It is expected that at some point in 2025, monthly NFT trading volume will exceed $2 billion (the monthly average in 2021 was $2.056 billion).
Focus on fundamentals
Ethereum rebound: The ETH/BTC ratio will recover to 0.05
In the second half of 2024, Ethereum becomes one of the most controversial topics in the crypto industry. While monolithic chains like Solana achieve significant development due to 'convenience and speed', Ethereum still faces numerous challenges:
L2 networks lack a完善的 proof system
User experience issues caused by asset fragmentation
Insufficient narrative cohesion
These factors have led to the ETH/BTC ratio hitting new lows since 2021.
Despite facing challenges, Ethereum remains worthy of close attention in 2025 and beyond. It is expected that Bitcoin will reach $120,000 and Ethereum will rise to $6,000, leading the ETH/BTC ratio to potentially return to 0.05. Two important upgrades are worth noting:
1. L2 network fragmentation (ERC-7683 and EIP-7702)
In recent years, Ethereum's L2 solutions have addressed scaling issues but have also led to ecosystem fragmentation, with each L2 network forming an independent ecosystem, complicating cross-chain operations. New upgrades will address this by:
ERC-7683 Standardized Intents: Allows users to declare desired actions without worrying about specific L2 network details
EIP-7702 Account Abstraction: Allows external accounts (EOAs) to temporarily act as smart contract wallets
Achieve seamless cross-chain operations: Users can complete cross-chain token swaps, asset transfers, and governance votes in one go
2. Optimization of the Beam Chain roadmap
The Beam Chain roadmap presented by Justin Drake of the Ethereum Foundation at Devcon 7 outlines a long-term plan until 2029, involving nine major upgrades across three categories: block production, staking, and cryptography.
Shortened finality time from 15 minutes to 36 seconds (3-slot finality)
Reduced block time from 12 seconds to 4 seconds
Lowered minimum staking requirement from 32 ETH to 1 ETH
According to currently available information, L2 network fragmentation-related updates are expected to be launched in early 2025, while the Beam Chain roadmap has yet to establish a specific timeline. Notably, the core proposal of the Beam Chain roadmap involves fundamentally altering the key mechanisms of the Ethereum consensus layer, and these updates may take over 1-2 years to complete.
Focus on DAG-based blockchains (SUI, APTOS, HBAR, FTM)
Traditional blockchains are like a one-way street where all transactions must queue to pass in turn. In contrast, DAG (Directed Acyclic Graph) technology acts like a complex road network, allowing multiple lanes to operate simultaneously. This design allows for a qualitative leap in transaction processing efficiency, representing a significant evolution in blockchain technology.
The early DAG project IOTA, while pioneering this technology in the crypto world, has some inherent limitations, much like the first generation of iPhones. Performance declines when network transaction volume is insufficient, and a centralized coordinator is needed to 'watch over' the network, ultimately limiting its development.
The emergence of Sui has injected new vitality into DAG technology. It has not entirely abandoned the advantages of traditional blockchains but cleverly integrates DAG into the consensus mechanism. Through the innovative Mysticeti consensus protocol, validators can freely and concurrently process blocks, ensuring decentralization and security while significantly enhancing network performance. This is akin to Tesla's perfect combination of electric motors and traditional automotive craftsmanship.
Sui's technological innovations have quickly gained market recognition. Since September 2024, Sui's price has surged over 300%, currently holding the third position among non-EVM public chains with a TVL of $1.6 billion. Even facing large-scale unlocks at the end of 2024, Sui has shown strong resilience. Looking to 2025, as unlock pressure significantly eases, Sui's development prospects appear even brighter.
Not only Sui, but the entire DAG track is showing a robust growth trend. Similarly, DAG technology-based Aptos has jumped to the fourth place in non-EVM public chain TVL, with locked assets reaching $1.13 billion. DAG projects like IOTA, HBAR, and FTM have also achieved at least 100% gains since September 2024.
As technology matures, DAG projects are proving to be the most suitable public chain solutions for large-scale applications. By 2025, the total TVL of major DAG projects is expected to grow from the current $3.1 billion to $5-6 billion, which is over half of Solana's current TVL.
The golden age of on-chain
The gold rush of DEXs: Spot DEX trading volume will exceed 20% of CEX trading volume, and perpetual contract DEX volume will exceed 10% of CEX volume
While CEXs like Binance and Coinbase remain the primary trading platforms for most investors, the trading volume ratio of DEXs to CEXs has gradually increased as the bull market progresses. This trend is expected to accelerate next year, with spot trading volume ratios potentially exceeding 20% and perpetual contract trading volume ratios potentially exceeding 10%.
Three factors are driving this shift:
First, under the new Trump administration, a more DeFi-friendly regulatory environment will expand the DeFi scene, encouraging exploration of less scrutiny and token value accumulation. This will enhance demand for DeFi tokens and create a virtuous cycle for the entire on-chain ecosystem.
Second, user experiences across multiple layers, such as wallets, trading terminals, and trading bots, have significantly improved. Following the FTX collapse, traders have become more sensitive to counterparty risks, making on-chain activity more popular. Phantom has ranked among the top applications multiple times this year, indicating that on-chain user experience and popularity have reached unprecedented levels.
Third, high-valuation tokens going public on CEXs will drive more investors towards on-chain options. As the crypto industry scales to the trillion-dollar level, the phenomenon of new tokens being issued at valuations in the hundreds of millions or billions of dollars is becoming increasingly common. Investors are becoming more aware that the era of holding tokens on CEXs for excessive returns has passed, and the most profitable opportunities lie on-chain.
Although on-chain operations and self-custody still present certain barriers, the FOMO sentiment of the bull market will undoubtedly drive more users to embrace the on-chain economy. This wave of 'gold rush' will not only bring about an increase in user numbers but will also promote the entire blockchain industry towards an open and trustless economic system.
Digital gold outperforms gold: The value of the Bitcoin ecosystem will exceed 1% of the BTC network
After multiple cycles, Bitcoin is increasingly being accepted by the public as digital gold and a means of value storage. Since 2023, numerous protocols have emerged to unlock Bitcoin's full potential as digital gold. Native Bitcoin protocols like Ordinals and Runes have made Bitcoin the foundational layer of native DeFi by minting tokens and NFTs directly on its blockchain. Moreover, various L2 solutions and re-staking protocols have begun to utilize Bitcoin to generate yield.
Since the launch of the Ordinals protocol in 2023, Bitcoin network transaction fees once surged to levels seen in previous bull markets. However, ahead of the upcoming new bull market, transaction fees have returned to normal, indicating that Bitcoin's on-chain demand has not been fully unleashed. According to market principles, if a bull market arrives in 2025 as expected, Bitcoin's on-chain usage and transaction fees are likely to reach historical highs.
While most Bitcoin holders prioritize stability, the market's demand for Bitcoin to generate yield persists. Current data illustrates this point:
Bitcoin ranks sixth among all public chains in total locked value (TVL), with approximately $3.8 billion in Bitcoin used for yield generation
Including the total market cap of Ordinals and Runes, the market size of the entire Bitcoin on-chain ecosystem has reached $7 billion
Given Bitcoin's status as a $2 trillion asset, 1% of its supply would represent over $20 billion invested in the ecosystem.
Return of the EVM era: new alternative EVM L1s will reach a market cap of over $20 billion and TVL of over $10 billion
In 2024, on-chain growth will be primarily concentrated in non-EVM ecosystems, especially Solana and Sui:
Solana's on-chain transaction volume has exceeded the total of Ethereum and all its L2 networks combined
Sui's development momentum has outpaced that of most Ethereum L2 solutions
Excluding the Ethereum mainnet, the market share of the EVM ecosystem in TVL (total locked value) has significantly declined
This trend is expected to reverse in 2025:
New alternative EVM L1 public chains are expected to reach a market cap of $20 billion
TVL is expected to reach $10 billion
This goal has already been achieved by Avalanche in 2021
Despite significant growth in networks like Solana and Sui, the EVM ecosystem still possesses unparalleled depth. It has the largest user and developer base, unmatched liquidity, and a TVL of $165 billion, four times that of other ecosystems combined. This massive liquidity predominantly in ETH remained on the sidelines during the Solana meme coin frenzy in 2024. However, growing interest in EVM-based protocols like Hyperliquid, Ethena, and Virtuals indicates the existence of potential demand.
This prediction is not bearish on Solana or Sui, but optimistic about the developmental prospects of EVM networks. EVM networks have the following advantages:
Technical advantages
More convenient cross-chain bridging
Simpler DApp deployment
Better wallet compatibility
User base
Solana (especially Phantom wallet) has excelled in attracting new users
Jupiter has more than 500,000 daily active traders
Even if only 10% of users turn to on-chain DeFi, it will significantly enhance the ecosystem's vitality and liquidity
Growth is expected to be primarily concentrated in EVM-compatible L1 networks rather than L2 networks:
Challenges facing L2 networks: Most L2 networks struggle to gain effective traction, and user adoption rates are below expectations
Advantages of L1 networks: Attracting users and liquidity through the wealth effect of native tokens; the successes of BSC, Avalanche, Fantom, and others in 2021 prove this.
Promising alternative EVM L1s in this cycle include: Hyperliquid, Monad, and Berachain.
Conclusion
The crypto world is like a vast starry sky, complex and multifaceted. Even the most comprehensive research report can hardly fully depict this thriving new land. This research focuses on the tracks with the most realistic application potential, attempting to reveal how crypto technology can break free from speculative bubbles and truly serve the real world.
However, innovation in the crypto space never ceases. Experimental areas like blockchain gaming (GameFi), decentralized physical infrastructure networks (DePIN), and decentralized social (DeSoc), although not yet mature, harbor infinite possibilities for breakthrough innovations. These emerging tracks may not have found a clear path to mainstream adoption, but their revolutionary potential cannot be ignored.
Looking forward to 2025, the crypto industry will continue to evolve under a clearer regulatory environment. New ideas will continually emerge, and new trends will continue to evolve. In this noisy market, maintaining a humble and open mindset is crucial, as is staying agile and focused. Navigating the fog to seek truth is essential to seizing opportunities in this digital revolution.
