Original title: From Chaos To Clarity: 2024 Crypto Market Review & 2025 Forecasts. Original source: Presto Research.
Original text translated by: Yuliya, PANews.
In 2024, the cryptocurrency market shows clear differentiation. Data indicates that meme coins lead the charge, while VC-backed tokens are generally under pressure, and RWA tokenization becomes a new market focus with significantly increased trading volumes. Market structures are continuously evolving, high FDV low circulation tokens are performing poorly, and institutional demand for Bitcoin allocations is rising—these trends deserve continued attention in the new market cycle.
Looking ahead to 2025, as infrastructure improves and regulations clarify, the crypto asset market will enter a new phase. Bitcoin's store of value function, public chain ecosystem competition, and innovations such as DEXs and NFTs may become new growth drivers for the market.
Against this backdrop, 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 reaches $210,000.
· The total market cap of cryptocurrencies expands to $7.5 trillion.
· As Ethereum resolves 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.
· New alternative EVM Layer 1 public chains will reach a market cap of $20 billion and TVL of $10 billion.
· A sovereign nation or S&P 500 company will include Bitcoin in its treasury reserves.
· Crypto hedge funds outperform crypto VCs.
….
2024 Review
Best and worst performing token analysis.
In a well-functioning market, asset prices embody collective wisdom, 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. A detailed analysis will follow in this regard.
Regarding the research methodology, the following points need to be clarified:
· First, the analysis scope is limited to the three major centralized exchanges: Binance, Bybit, and OKX.
· Secondly, the analysis subjects are further divided into 'newly listed projects (2024 listings)' and 'existing projects (listed in 2023 or earlier)'.
· Thirdly, select the five best and worst performing projects from these six subcategories.
It is worth noting that this analytical approach may not fully reflect the 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 explanations, the research identifies three key trends:
· VC-backed tokens perform poorly.
· The meme coin boom continues.
· Real-world asset (RWA) tokenization is gaining attention.
· The rise of decentralized exchanges (DEX).
2024 newly listed projects performance Top 5 (as of November 29).
2024 existing projects performance Top 5 (as of November 29).
‘VC coins’ (low circulation/high FDV) perform poorly.
Market data shows that poorly performing projects generally share two characteristics:
1. High inflation rates.
New projects: median of 22%.
Existing projects: median of 15%.
2. Low circulation rate.
New projects: median of only 30%.
Existing projects: median of 78%.
This trend has become a unique phenomenon in the 2024 cryptocurrency market. While the negative impact of large-scale token unlocks has always been seen as a risk factor, this year it has become the dominant narrative, with exchanges, project parties, and investors being highly vigilant about it.
From a market development perspective, this change reflects that the crypto market is gradually maturing:
· New tokens can no longer attract retail investors solely based on flashy packaging or endorsements from well-known VCs.
· The strategy of leveraging information asymmetry to use retail investors as CEX exit channels is gradually losing effectiveness.
· The short-term arbitrage models commonly used by some VCs are difficult to sustain.
Meme coin boom.
Retail investors generally believe that VC coins have unfair factors, leading to a significant shift of funds towards the meme coin market. This trend has directly driven the significant growth of the meme coin sector, with meme coins standing out in all six top-performing lists.
Meme coins and VC coins exhibit a clear contrast:
· Inflation rates are generally low.
· The overall circulation rate is relatively high.
The narrative of the 'fairness' of 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 most prominent project in 2024 is Mantra (OM), which has far outperformed other projects:
· OM: Up 6,118%.
· PEPE (Best meme coin): Up 1,231%.
Mantra positions itself as 'a purpose-built RWA public chain' capable of 'meeting real-world regulatory requirements' by supporting fiat, stocks, and tokenized RWA's compliant on-chain protocols. OM, as the governance token of MANTRA DAO, provides users with reward programs related to key initiatives and ecosystem development.
OM's outstanding performance reflects two key trends:
· The RWA track is gaining market favor.
· The appeal of the RWA concept may surpass the meme narrative.
Early returns shift to DEX.
Data shows that existing tokens yield better returns than newly listed projects, contrasting traditional perceptions. This phenomenon reflects significant changes in the 2024 crypto market: DEX has become the primary venue for early price discovery of tokens.
Thanks to improvements in DEX functionality and user experience, many projects choose to list on DEX first. Therefore, the steepest increases often occur on DEX, while centralized exchanges can only capture the later stages of the rise. In the early days of the crypto market, centralized exchanges were the undisputed 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.
The institutionalization process is advancing at full speed.
The mainstreaming of cryptocurrencies continues, expected to reach new heights in 2025, with comprehensive participation from top institutions further accelerating this trend. The following are four major development predictions.
Bitcoin price will reach $210,000 in 2025.
The MVRV ratio (market cap/realized value) has become one of the recognized reliable Bitcoin valuation tools in the digital asset industry. Market cap (MV) calculates the total value of all circulating Bitcoins at current market prices, while realized value (RV) calculates the value of each Bitcoin based on the latest transaction price according to on-chain transaction records, representing the average acquisition cost of all circulating Bitcoins.
Historically, Bitcoin's MVRV ratio has fluctuated between 0.4x and 7.7x. If only considering data since 2017 (excluding early extreme volatility periods), this range narrows to 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 multiple of 3.5x and assuming that realized value grows from the current $722 billion at a compounded growth rate of 5.3% per month to $1.2 trillion by the third quarter of 2025 (this growth rate reflects the institutional entry facilitation effect of spot ETFs), the target value of the Bitcoin network in 2025 is estimated to be $4.2 trillion (currently $1.9 trillion), or $210,000 per Bitcoin.
Bitcoin's 'land grab': New sovereign nations or S&P 500 companies will adopt Bitcoin as reserves.
It is expected that sovereign nations or S&P 500 companies will announce the inclusion of Bitcoin in their reserve strategies. For sovereign nations, 'adoption' refers to government departments proposing to include Bitcoin in national treasury reserves. Over the past three years, at least one country has taken similar actions each year. Trump's election campaign promises regarding Bitcoin reserves may prompt other countries to consider similar strategies for game-theoretic reasons.
In terms of corporate adoption, the parabolic rise of MicroStrategy's stock this year has unprecedentedly attracted the attention of 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 handling barrier will be alleviated. MicroStrategy plans to implement this change before the first quarter of 2025, providing clearer guidance and stronger adoption motivation for other companies.
The market cap of stablecoins will reach $300 billion.
While stablecoins may not be the primary focus of cryptocurrency speculators seeking high returns, they are undoubtedly the most successful application of blockchain. After 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 dollar, which is not coincidental. Tokenizing assets does not create demand out of thin air; the assets being tokenized must inherently possess global demand. Aside from the dollar, few currencies enjoy such widespread demand, as evidenced by the dollar's dominant position as a settlement currency. This is why blockchain and dollar stablecoins achieve the best product-market fit.
Stablecoin market cap is expected to reach $300 billion by 2025, driven by both long-term and cyclical factors. Long-term drivers include recognition of the superior functions of tokenized dollars and progress in stablecoin legislation by the U.S. Congress. Cyclical drivers include the broader cryptocurrency bull market cycle. Even at $300 billion, this would only account for 1.4% of the M2 supply of dollars, leaving significant room for growth.
More corporate actions: Circle/Ripple/Kraken will IPO.
In the pro-crypto environment of the Trump administration, opportunities previously shelved due to political risks may be released. Traditional companies will view crypto startups as appealing assets for entering the crypto space, driving more M&A activity and higher valuations. There are already signs of this trend, even struggling companies like Bakkt have found acquirers like Trump Media.
Companies in the late growth stage will not miss this listing opportunity. Well-known crypto companies such as Circle, Ripple, and Kraken have long been viewed as potential IPO candidates. For reference, Coinbase went public at the peak of the last bull market (April 2021).
The trend of cryptocurrencies becoming stock-like.
The U.S.: 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 U.S. maintains its lead over competitors like China in the global cryptocurrency landscape, the government may adopt a series of supportive policies. There are rumors of plans to eliminate capital gains tax on cryptocurrencies issued by U.S. 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 little regard for the location of the project or founder. However, as the U.S. implements differentiated policies through favorable measures, this perception will change. Just as the importance of company nationality matters in traditional stock markets, it will also be the case in the cryptocurrency space.
· 'American crypto' will enjoy a clear premium, attracting top talent and projects.
· The U.S. will replicate its successful model in the stock market, with U.S. listed companies enjoying valuation premiums due to the country's legal and economic stability.
· The U.S. dominance will extend to trading dynamics.
· Trading volume and volatility during U.S. trading hours may significantly increase as macro and project-level news events concentrate in U.S. hours.
· Additionally, U.S. exchanges (especially Coinbase) are expected to see significant growth, with listings on their platforms becoming a signal of global legitimacy, similar to the important IPOs on NASDAQ.
· At the project level, Coinbase's Base ecosystem will be one of the biggest beneficiaries of U.S. dominance.
The cryptocurrency sector is shifting towards fundamentals: liquidity hedge funds will perform excellently.
The cryptocurrency 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 investments more regulated and aligning them 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 project sustainability. 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 by leveraging their valuation-based strategies to profit in bull and bear markets. At least five major macro or equity long-short hedge funds may enter this space, 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 incorporating them into their portfolios. The market's demand for simplified and diversified investment methods is increasing day by day. This shift resembles the trajectory of the traditional stock market, as investors transition from picking individual stocks to buying the S&P 500 index, the crypto market is experiencing a similar evolution.
In traditional finance, ETFs currently account for 13% of total U.S. stock assets. Cryptocurrencies are expected to follow a similar trajectory, with index products offering asset combinations across industries or themes.
Currently, projects are developing unique use cases and behavior patterns, with the performance of different industries driven by unique fundamentals, no longer merely following Bitcoin's price movements. Indices are expected to become the main products of major exchanges, and cryptocurrency equivalents of $SPDR products (such as the Coinbase 50 index) may emerge, consistently ranking among the top five in trading volume.
Second phase of the bull market.
Solana will reach $1,000.
The path for Solana to reach $1,000 is based on its transition from a high-performance blockchain to a deeply institutionalized ecosystem. The surge in institutional adoption, coupled with the $173 million raised by projects in the third quarter of 2024, reflects that the platform has reached a critical intersection of technological excellence and institutional embedding.
Network activity shows unprecedented growth, with Solana accounting for over 50% of all on-chain daily transaction volumes and activity increasing by 1900% year over year. This explosive growth reflects a profound truth about the network's success—just as Placeholder's Mario Laul has discussed, the success of a network depends not only on technology but also on the degree of institutionalization achieved through professional infrastructure and developer network effects. Solana's differentiation stems from its unique cultural philosophy: prioritizing fast innovation over theoretical perfection, which sharply contrasts with Ethereum's research-first approach.
From a technical roadmap perspective, Anatoly is advancing the vision of a 120 millisecond block time global state machine, and the network architecture is naturally suited for rollup-based scaling, laying the foundation for unprecedented scalability. The upcoming Firedancer client aims to achieve one million transactions per second, further demonstrating this pragmatic progress.
In the coming year, 1.93% of tokens will enter the market, with an expected market cap of $48.593 billion at $1,000—this falls within the historical precedents 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.
In 2024, the crypto market continues to be dominated by Bitcoin. Institutional funds are continuously flowing in through ETFs, deepening the institutionalization process of Bitcoin, coupled with the positive effects brought by Trump’s election victory, allowing this cryptocurrency veteran to consistently 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 higher than the previous peak (November 2021, $2.9 trillion).
President Trump's term will be a key factor affecting the duration of this bull market. There are two possible development paths in the market:
· In an optimistic scenario, Trump will implement policies that promote economic growth, relax regulations, and maintain low tariffs and open immigration policies. This could lead to increased real interest rates, a stronger dollar, rising stock markets, but pressure on gold prices.
· In a pessimistic scenario, a trade war may break out, imposing a 60% tariff on China and a general tariff of 10-20% worldwide, while tightening immigration policies. This will lead the Federal Reserve to loosen policies and lower interest rates, with the dollar initially strengthening then weakening, the stock market adjusting, and gold prices rising.
However, regardless of the scenario, there are positive 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, which will provide favorable support for risk-seeking crypto assets.
2025 NFT rebound: monthly trading volume will reach $2 billion.
Currently, Bitcoin has reached an all-time high, but market sentiment seems different from previous instances. The magic moment of 'a rising tide lifts all boats' in the bull market cycle has yet to arrive, which is 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 with the most cultural innovation.
Current data supports the potential for this cultural revival, with NFT sales reaching $562 million in November 2024, a month-on-month increase of 57.8%. The ongoing development of the NFT subculture and its impact on broader crypto culture, from garbage art to the emergence of unique art movements like generative art, reflects an increasingly mature ecosystem.
The adoption of NFTs by mainstream brands like Nike and Sony is not only related to corporate adoption but also represents a legitimization of these digital subcultures. It is expected that at some point in 2025, monthly NFT trading volumes will exceed $2 billion (average monthly in 2021 was $2.056 billion).
Focus on fundamentals.
Ethereum rebounds: the ETH/BTC ratio will return to 0.05.
In the second half of 2024, Ethereum emerges as one of the most controversial topics in the crypto industry. While single chains like Solana achieve significant development due to 'convenience and speed,' Ethereum still faces numerous challenges:
· L2 networks lack a complete proof system.
· User experience issues caused by asset fragmentation.
· Lack of narrative cohesion.
These factors have led to the ETH/BTC ratio hitting a new low since 2021.
Despite facing challenges, Ethereum remains worthy of close attention in 2025 and beyond. It is expected that under the scenarios of Bitcoin reaching $120,000 and Ethereum climbing to $6,000, the ETH/BTC ratio may return to 0.05. Two important upgrades are worth monitoring:
1. L2 networks fragmentation reduction (ERC-7683 and EIP-7702).
In recent years, Ethereum's L2 solutions, while addressing scalability issues, have also led to ecological fragmentation, with each L2 network forming independent ecosystems, complicating cross-chain operations. New upgrades will focus on:
· ERC-7683 standardization intent (Intents): Allows users to declare desired operations without concerning themselves with specific L2 network details.
· EIP-7702 account abstraction: Allows external accounts (EOAs) to temporarily function as smart contract wallets.
· Achieving seamless cross-chain operations: users can complete cross-chain token swaps, asset transfers, and governance voting in a single action.
2. Beam Chain roadmap optimization.
The Beam Chain roadmap, announced by Justin Drake of the Ethereum Foundation at Devcon 7, lays out a long-term plan through 2029 involving nine major upgrades across three categories: block production, staking, and cryptography.
· Reducing final confirmation time from 15 minutes to 36 seconds (3-slot finality).
· Reducing block time from 12 seconds to 4 seconds.
· Reducing the minimum staking requirement from 32 ETH to 1 ETH.
According to currently available information, updates related to L2 fragmentation reduction are expected to launch in early 2025, while the Beam Chain roadmap has not yet determined a specific timeline. In particular, the core proposals of the Beam Chain roadmap involve fundamentally changing key mechanisms within the Ethereum consensus layer, which 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 need to queue in order. In contrast, DAG (Directed Acyclic Graph) technology resembles a complex road network, allowing multiple lanes to operate simultaneously. This design dramatically enhances transaction processing efficiency, marking a significant evolution in blockchain technology.
The early DAG project IOTA, while pioneering this technology in the crypto world, faced several inherent limitations, much like the first generation of iPhones. Performance declines when network transaction volumes are insufficient, and there is a need for a centralized coordinator to 'stand guard,' ultimately limiting its development.
The emergence of Sui injects new vitality into DAG technology. It hasn't completely abandoned the advantages of traditional blockchains but cleverly integrates DAG into the consensus mechanism. Through the innovative Mysticeti consensus protocol, validators can freely process blocks in parallel, ensuring decentralization and security while significantly enhancing network performance. This is akin to Tesla's perfect combination of electric motors with traditional automotive craftsmanship.
Sui's technological innovation has quickly gained market recognition. Since September 2024, Sui's token price has skyrocketed by over 300%, currently holding the third place among non-EVM public chains with a TVL of $1.6 billion. Even after experiencing a large-scale unlocking at the end of 2024, Sui continues to demonstrate strong resilience. Looking ahead to 2025, as unlocking pressure significantly eases, Sui's growth prospects look even brighter.
Not only Sui, but the entire DAG track is showing a thriving trend. Aptos, which also adopts DAG technology, has jumped to the fourth place in TVL among non-EVM public chains, with a locked volume of $1.13 billion. DAG projects such as IOTA, HBAR, and FTM have also achieved at least 100% gains since September 2024.
As technology continues to mature, DAG projects are proving themselves as 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, equivalent to more than half of Solana's current TVL.
On-chain gold era.
The gold rush of DEX: spot DEX trading volume will exceed 20% of CEX trading volume, perpetual contract DEX trading volume will exceed 10%.
Although CEXes like Binance and Coinbase remain the primary trading platforms for most investors, as the bull market progresses, the trading volume ratio of DEX to CEX is gradually increasing. This trend is expected to accelerate next year, with the spot trading volume ratio potentially exceeding 20% and the perpetual contract trading volume ratio possibly exceeding 10%.
Three factors driving this shift:
· First, under the new Trump administration, a more DeFi-friendly regulatory environment will expand DeFi scenarios, encouraging exploration with less scrutiny and token value accumulation. This will enhance demand for DeFi tokens, creating a positive cycle for the entire on-chain ecosystem.
· Secondly, user experiences across multiple levels, such as wallets, trading terminals, and trading bots, have significantly improved. After the collapse of FTX, traders have become more sensitive to counterparty risks, making on-chain activities more popular. Phantom has repeatedly ranked among the top applications this year, indicating that on-chain user experience and popularity have reached unprecedented levels.
· Thirdly, the listing of high-valued tokens on CEX will drive more investors towards on-chain. As the scale of the crypto industry reaches trillions of dollars, the phenomenon of new tokens being issued with valuations of hundreds of millions or billions of dollars is becoming increasingly common. Investors are becoming more aware that the era of holding tokens on CEX for excess returns is over, and the most lucrative opportunities lie on-chain.
Although on-chain operations and self-custody still present certain thresholds, the FOMO sentiment of the bull market will undoubtedly drive more users to embrace the on-chain economy. This 'gold rush' will not only bring about an increase in user numbers but will also promote the entire blockchain industry towards an open, trustless economic system.
Digital gold surpasses gold: The value of the Bitcoin ecosystem will exceed 1% of the BTC network.
After experiencing multiple cycles, Bitcoin is increasingly accepted by the public as digital gold and a store of value. Since 2023, many 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 directly minting tokens and NFTs on its blockchain. Additionally, various L2 solutions and re-staking protocols have begun utilizing Bitcoin to generate yield.
Since the launch of the Ordinals protocol in 2023, transaction fees on the Bitcoin network surged to the high levels seen in previous bull markets. However, on the eve of the upcoming bull market, transaction fees have returned to normal, indicating that on-chain demand for Bitcoin has not been fully released. According to market rules, if a bull market arrives as expected in 2025, Bitcoin's on-chain usage and transaction fees are likely to reach all-time highs.
While most Bitcoin holders value stability more, the market's demand for Bitcoin to generate yield persists. Current data can illustrate this:
· Bitcoin ranks sixth in total locked value (TVL) among all public chains, with approximately $3.8 billion of 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.
Considering Bitcoin's status as a $2 trillion asset, its 1% supply would represent over $20 billion of investments into 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 is mainly concentrated in non-EVM ecosystems, particularly Solana and Sui:
· Solana's on-chain transaction volume has exceeded the total of Ethereum and all its L2 networks.
· The development momentum of Sui surpasses that of most Ethereum L2 solutions.
· The market share of the EVM ecosystem, excluding the Ethereum mainnet, has significantly declined in terms of TVL (total locked value).
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 was previously 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, with a TVL of $165 billion—four times that of all other ecosystems combined. This immense liquidity, primarily based on ETH, remained on the sidelines during the Solana meme coin frenzy in 2024. However, the growing interest in EVM-based protocols like Hyperliquid, Ethena, and Virtuals indicates the presence of potential demand.
This prediction is not bearish on Solana or Sui but optimistic about the 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 daily active traders exceed 500,000.
· Even if only 10% of users turn to on-chain DeFi, it will significantly enhance ecosystem vitality and liquidity.
Expected growth is mainly concentrated in EVM-compatible L1 networks rather than L2 networks:
· Challenges faced by L2 networks: Most L2 networks struggle to gain effective traction, and user adoption rates fall short of expectations.
· Advantages of L1 networks: Attracting users and liquidity through the wealth effect of native tokens, as evidenced by the success of BSC, Avalanche, and Fantom in 2021.
Promising alternative EVM L1s in this cycle include: Hyperliquid, Monad, and Berachain.
Conclusion.
The crypto world is like the vast starry sky, complex and intricate. Even the most comprehensive research reports struggle to fully depict this thriving new continent. This research focuses on the tracks with the most realistic application potential, attempting to reveal how crypto technology can break through the shackles of speculative bubbles and truly serve the real world.
However, innovation in the crypto space never stops. Experimental fields such as blockchain gaming (GameFi), decentralized physical infrastructure networks (DePIN), and decentralized social (DeSoc) may not yet have matured but contain infinite possibilities for breakthrough innovations. These emerging tracks may not have found a clear path to mainstream adoption yet, but their revolutionary potential cannot be ignored.
Looking ahead to 2025, the crypto industry will continue to evolve under a clearer regulatory environment. New ideas will continuously emerge, and new trends will continue to evolve. In this noisy market, maintaining a humble and open mindset is crucial, while also staying agile and focused. Navigating through the fog to seek true knowledge is essential to seize opportunities in this digital revolution.
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