Original article: Presto Research
Compiled by: Yuliya, PANews
In 2024, the cryptocurrency market will show obvious differentiation characteristics. Data shows that Meme coins lead the rise, VC-backed tokens are generally under pressure, and RWA tokenization has become the new focus of the market, with transaction scale increasing significantly. The market structure continues to evolve, the performance of high FDV and 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 releases its first annual report, comprehensively reviewing key market trends and making forward-looking predictions for 2025.
Key predictions for 2025 include:
Bitcoin price reaches $210,000.
The total market capitalization 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.
The market capitalization of stablecoins reaches $300 billion.
DEX trading volume exceeds 20% of CEX trading volume.
The market capitalization of new EVM Layer 1 public chains reaches $20 billion, with total locked value (TVL) reaching $10 billion.
A sovereign nation or S&P 500 company will incorporate Bitcoin into its treasury reserves.
Crypto hedge funds outperform crypto VCs.
….
2024 Review.
Analysis of the best and worst performing representative coins.
In well-functioning markets, asset prices encapsulate 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. Detailed analysis on this aspect will follow.
Regarding research methodology, the following points need to be clarified:
Firstly, the analysis is limited to three major centralized exchanges: Binance, Bybit, and OKX.
Secondly, the analysis further segments into two categories: new projects (listed in 2024) and existing projects (listed in 2023 or earlier).
Thirdly, from these six subcategories, the five best and worst performing projects will be selected.
Notably, this analytical approach may not fully reflect trends for mainstream assets like Bitcoin or Ethereum, as low-market cap assets often exhibit more extreme volatility. Rather, 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 craze continues.
Tokenization of real-world assets (RWA) is receiving much attention.
The rise of decentralized exchanges (DEXs).
Top 5 new listings in 2024 (as of November 29):
Top 5 existing projects in 2024 (as of November 29):
VC-backed tokens (low circulation/high FDV) perform poorly.
Market data shows that underperforming projects generally have two characteristics:
1. High inflation rates
New projects: median at 22%
Existing projects: median at 15%
2. Low circulation rate.
New projects: median only 30%.
Existing projects: median at 78%.
This trend has become a unique phenomenon in the cryptocurrency market in 2024. While the negative impact of large-scale token unlocks has always been viewed as a risk factor, this year it has become a dominant narrative, with exchanges, project teams, and investors highly vigilant.
From a market development perspective, this change reflects the gradual maturation of the crypto market:
New tokens are increasingly difficult to gain retail interest based solely on flashy packaging or well-known VC endorsements.
The strategy of using information asymmetry to position retail investors as exit channels for CEXs is gradually losing effectiveness.
Some short-term arbitrage models commonly used by VCs are not sustainable.
The meme coin craze.
Retail investors generally believe that VC-backed tokens have unfair factors, leading to a significant shift of funds toward the meme coin market. This trend has directly propelled the significant growth of the meme coin sector, evident in the standout positions of meme coins across all six top-performing lists.
Meme coins and VC-backed tokens present a stark contrast:
Inflation rates are generally low
Overall circulation rate is relatively high
The fairness narrative of meme coins had a significant impact on the crypto market in 2024:
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 brightest project in 2024 is undoubtedly Mantra (OM), which has surged far beyond 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 currencies, stocks, and compliant on-chain protocols for tokenizing RWAs. 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 that of meme narratives.
Early returns shift to DEXs.
Data shows that the yield of existing tokens is higher than that of newly launched projects, contrasting with traditional perceptions. This phenomenon reflects significant changes in the crypto market in 2024: DEXs have become the primary venues for early price discovery of tokens.
Thanks to improvements in DEX functionality and user experience, many projects choose to launch on DEXs first. Thus, the steepest increases often occur on DEXs, while centralized exchanges can only capture the latter stages of the rise. In the early days of the crypto market, centralized exchanges were the undisputed venues for liquidity provision. However, with the rise of DEXs like Hyperliquid and Raydium, and applications like Moonshot and Pump.fun, the market landscape has changed.
2025 predictions.
The institutionalization process is accelerating.
The mainstreaming of cryptocurrencies is ongoing and is expected to reach new heights in 2025, with comprehensive participation from top institutions further accelerating this trend. Here are four major development forecasts.
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 most recent 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 0.4 and 7.7. If only data since 2017 is considered (excluding early extreme volatility periods), this range narrows to between 0.5 and 4.7. In the past two bull markets (2017 and 2021), Bitcoin's MVRV peaks were 4.7 and 4, respectively.
Adopting a more conservative multiplier of 3.5, and assuming that the realized value grows from the current $722 billion to $1.2 trillion by the third quarter of 2025 at a compound growth rate of 5.3% per month (reflecting the impact of the institutional accessibility brought by spot ETFs), leads to a target value for the Bitcoin network of $4.2 trillion (currently $1.9 trillion), which translates to $210,000 per Bitcoin.
The Bitcoin land grab: new sovereign nations or S&P 500 companies will adopt Bitcoin as reserves.
It is expected that a sovereign nation or S&P 500 company will announce plans to incorporate Bitcoin into its reserve strategy. For sovereign nations, adoption refers to proposals by government departments to include Bitcoin in treasury reserves. Over the past three years, at least one country has taken similar actions each year. The campaign promise made by Trump after being elected president regarding Bitcoin reserves may prompt other countries to explore similar strategies for game-theoretic reasons.
In terms of corporate adoption, MicroStrategy's parabolic stock price increase this year has unprecedentedly attracted attention from the corporate world. With FASB announcing earlier this year the shift from the lower of cost or market method to fair value accounting, this accounting hurdle will be alleviated. MicroStrategy plans to implement this change before the first quarter of 2025, providing clearer guidance and stronger adoption incentives for other companies.
The market capitalization 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 capitalization of stablecoins has now reached $200 billion, becoming the largest category of cryptocurrency applications.
99% of stablecoins are pegged to the U.S. dollar, which is not a coincidence. Tokenizing assets does not create demand out of thin air; instead, the assets to be tokenized must already possess global demand. Aside from the U.S. dollar, few currencies enjoy such widespread demand, as evidenced by the dollar's dominant position as a settlement currency. This is why blockchain and U.S. dollar stablecoins achieve the best product-market fit.
The market capitalization of stablecoins is expected to reach $300 billion in 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 U.S. Congress. Cyclical drivers include the broader cryptocurrency bull market cycle. Even at $300 billion, this would only represent 1.4% of the dollar's M2 supply, leaving significant room for growth.
More corporate actions: Circle/Ripple/Kraken will IPO.
In the crypto-friendly environment under the Trump administration, opportunities that were previously set aside due to political risks may be released. Traditional businesses will view crypto startups as attractive assets for entering the crypto space, driving more mergers and acquisitions and higher valuations. Signs of this trend are already evident, with even struggling Bakkt finding a buyer in Trump Media.
Companies in later stages of growth won't miss this IPO opportunity. Well-known crypto companies like Circle, Ripple, and Kraken have long been seen 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.
United States: 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 that the U.S. leads the global cryptocurrency map against competitors like China, the government may adopt a series of supportive policies. Rumors have already suggested 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 viewed as global assets, with the location of projects or founders being unimportant. However, as the U.S. implements differential policies through favorable measures, this perception will change. Just as the nationality of companies is significant in traditional stock markets, it will also be the case in the cryptocurrency space.
U.S. cryptocurrencies will gain a significant premium, attracting top talent and projects.
The U.S. will replicate its successful model from the stock market, where U.S. listed companies enjoy valuation premiums due to the country's legal and economic stability.
The ripple effect of U.S. dominance will extend to trading dynamics.
Trading volume and volatility during U.S. trading hours may increase significantly as macro and project-level news events concentrate during U.S. hours.
Additionally, U.S. exchanges (especially Coinbase) are expected to grow significantly, with listings on their platforms becoming signals of global legitimacy, akin to major IPOs on Nasdaq.
On the project level, Coinbase's Base ecosystem will be one of the biggest beneficiaries of U.S. dominance.
Cryptocurrencies are shifting towards fundamentals: liquidity hedge funds will perform excellently.
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 assessed, financed, and traded, making crypto investment more regulated and closer to traditional financial principles.
As projects generate income 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 like 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 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 in the top five.
As cryptocurrencies become a mainstream asset class, ordinary investors are beginning to recognize the importance of incorporating them into their portfolios, leading to an increasing demand for simplified and diversified investment methods. This shift is similar to the trajectory of traditional stock markets, where investors transitioned from selecting individual stocks to purchasing the S&P 500 index; the crypto market is undergoing 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 cross-industry or thematic asset portfolios.
Currently, projects are developing unique use cases and behavior patterns, with the performance of different industries driven by unique fundamentals, no longer merely following the price trends of Bitcoin. Indices are expected to become the main products of major exchanges, and cryptocurrency equivalents of products like $SPDR (such as the Coinbase 50 index) may emerge, consistently ranking in the top five for trading volume.
Second phase of the bull market.
Solana will reach $1,000.
The path for Solana to reach $1,000 is built on its transition from a high-performance blockchain to a deeply institutionalized ecosystem. The surge in institutional adoption, combined with the $173 million raised by projects in the third quarter of 2024, reflects that the platform has reached a critical intersection of technical excellence and institutional embedding.
Network activity shows unprecedented growth, with Solana accounting for over 50% of all on-chain daily transaction volumes, with activity increasing by 1900% year-on-year. This explosive growth reflects the deep truth of network success— as explored by Mario Laul of Placeholder, a network's success relies 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 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 120-millisecond block time, and the network architecture is inherently suited for rollup-based scaling, laying the groundwork for unprecedented scalability. The upcoming Firedancer client aims to achieve one million transactions per second, further exemplifying this pragmatic progress.
Next year, 1.93% of tokens will enter the market, with an estimated market cap of $485.93 billion at $1,000—within the historical precedents for Ethereum. This combination of cultural differentiation, institutional adoption, technological evolution, and favorable token economics creates compelling reasons for SOL's rise.
The total market capitalization of cryptocurrencies will reach $7.5 trillion.
The crypto market in 2024 continues to be dominated by Bitcoin. Institutional funds are continuously flowing in through ETFs, further deepening Bitcoin's institutionalization process, and the favorable conditions following Trump's election are causing this cryptocurrency elder 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 the previous peak (November 2021, $2.9 trillion).
Trump's presidency will be a key factor influencing the duration of this bull market. There are two potential development paths in the market:
On the optimistic path, Trump will implement policies to promote economic growth, relax regulations, maintain low tariffs, and open immigration policies. This may lead to rising real interest rates, a stronger dollar, and a rising stock market, while gold prices may face pressure.
On the pessimistic path, a trade war may erupt, imposing 60% tariffs on China and 10-20% tariffs globally, alongside tightening immigration policies. This would lead the Federal Reserve to ease policies and lower interest rates, with the dollar initially strong then weak, stocks adjusting, and gold strengthening.
However, regardless of the situation, 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.
Given 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.
NFT rebound in 2025: monthly trading volume will reach $2 billion.
Currently, Bitcoin is reaching historic highs, but market sentiment seems different from before. The magic moments of a rising tide lifting all boats during bull market cycles have yet to arrive, which is why optimism towards NFTs in 2025 is warranted. The current market is entering a mature phase, and historical experience indicates that this is often the most culturally innovative stage.
Current data supports the potential for this cultural renaissance, with NFT sales reaching $562 million in November 2024, a month-on-month increase of 57.8%. The ongoing development of NFT subcultures and their impact on the broader crypto culture, from junk 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 about corporate adoption but also a legitimization of these digital subcultures. It is expected that at some point in 2025, monthly trading volume for NFTs will exceed $2 billion (the average for 2021 was $2.056 billion).
Focus on fundamentals
Ethereum rebounds: the ETH/BTC ratio will recover to 0.05.
In the second half of 2024, Ethereum has become one of the most controversial topics in the crypto industry. While single-chain solutions like Solana gain significant development due to convenience and speed, Ethereum still faces numerous challenges:
L2 networks lack a robust proof system.
User experience issues caused by asset fragmentation.
Insufficient narrative cohesion.
These factors have led to a new low in the ETH/BTC ratio since 2021.
Despite facing challenges, Ethereum remains worth close attention in 2025 and beyond. It is expected that with 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 (ERC-7683 and EIP-7702).
In recent years, while Ethereum's L2 solutions have addressed scalability issues, they have also led to ecological fragmentation, with each L2 network forming its own independent ecosystem, complicating cross-chain operations. New upgrades will be achieved through:
ERC-7683 Standardized Intentions: Allows users to declare expected actions without worrying about 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 exchanges, asset transfers, and governance voting in one go
2. Beam Chain roadmap optimization.
The Beam Chain roadmap announced by Ethereum Foundation's Justin Drake at Devcon 7 outlines a long-term plan through 2029, involving nine major upgrades across three categories: block production, staking, and cryptography.
Shortening the 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 are expected to be launched in early 2025, while the Beam Chain roadmap has yet to determine a specific timeline. Notably, the core proposal in the Beam Chain roadmap involves fundamentally changing key mechanisms of Ethereum's consensus layer, which may require 1-2 years to complete.
Focus on DAG-based blockchains (SUI, APTOS, HBAR, FTM).
Traditional blockchains are like one-way streets, where all transactions must queue up sequentially. In contrast, DAG (Directed Acyclic Graph) technology resembles a complex road network, allowing multiple lanes to operate simultaneously. This design yields a qualitative leap in transaction processing efficiency, marking a significant evolution in blockchain technology.
The early DAG project IOTA, while pioneering the introduction of this technology into the crypto world, has inherent limitations like the first-generation iPhone. Its performance declines when network transaction volumes are insufficient, and it requires centralized coordinators to function, ultimately limiting its development.
The emergence of Sui injects new vitality into DAG technology. It does not completely abandon 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 improving network performance. This is akin to Tesla's perfect fusion of electric motors with traditional automotive craftsmanship.
Sui's technological innovation has quickly gained market recognition. Since September 2024, Sui's token price has surged over 300%, currently securing the third position among non-EVM public chains with a TVL of $1.6 billion. Even after experiencing large-scale unlocks by the end of 2024, Sui still demonstrates strong resilience. Looking forward to 2025, with significantly reduced unlock pressure, Sui's development prospects are even brighter.
Not only Sui, but the entire DAG track is showing vigorous development. Similarly, Aptos, which also employs DAG technology, has risen to fourth place among non-EVM public chains in TVL, with a locked amount of $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 themselves 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 more than half of Solana's current TVL.
The on-chain golden age.
The gold rush of DEXs: the spot DEX to CEX trading volume ratio will exceed 20%, and the perpetual contract DEX to CEX ratio will exceed 10%.
Although 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 in the coming year, with the spot trading volume ratio potentially exceeding 20% and the perpetual contract trading volume ratio possibly exceeding 10%.
Three factors are driving this transition:
Firstly, under the new Trump administration, a more DeFi-friendly regulatory environment will expand DeFi scenarios, encouraging exploration with less censorship and token value accumulation. This will enhance the demand for DeFi tokens and create a positive cycle for the entire on-chain ecosystem.
Secondly, user experiences across various 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 activities more popular. Phantom has repeatedly ranked among the top applications this year, indicating that on-chain user experience and adoption have reached unprecedented levels.
Thirdly, high-valuation tokens being listed on CEXs will drive more investors toward on-chain. As the scale of the crypto industry reaches trillions of dollars, the phenomenon of new tokens being issued with valuations in the hundreds of millions or billions is becoming increasingly common. Investors are increasingly aware that the era of holding tokens on CEXs for excess returns is over, and the most lucrative 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 gold rush will not only increase user numbers but also promote the entire blockchain industry toward an open, 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 accepted by the public as digital gold and a store of value. Since 2023, numerous protocols have emerged to realize Bitcoin's full potential as digital gold. Native Bitcoin protocols such as Ordinals and Runes have turned Bitcoin into the foundational layer of native DeFi by minting tokens and NFTs directly on its blockchain. Additionally, various L2 solutions and re-staking protocols have begun to leverage Bitcoin to generate yields.
Since the launch of the Ordinals protocol in 2023, Bitcoin network transaction fees once surged to the peak levels of previous bull markets. However, on the eve of the upcoming new bull market, transaction fees have returned to normal, indicating that Bitcoin's on-chain demand has not yet been fully unleashed. According to market principles, if a bull market unfolds as expected in 2025, Bitcoin's on-chain utilization and transaction fees are likely to set historical highs.
While most Bitcoin holders prioritize stability, the market's demand for Bitcoin to generate returns remains persistent. Current data illustrates this point:
Bitcoin ranks sixth among all public chains in total locked value (TVL), with approximately $3.8 billion of Bitcoin used for yield generation.
Including the total market capitalization of Ordinals and Runes, the overall market size of the Bitcoin on-chain ecosystem has reached $7 billion.
Considering Bitcoin's status as a $2 trillion asset, its 1% supply will represent over $20 billion injected into the ecosystem.
The return of the EVM era: new alternative EVM L1s will reach market capitalizations of over $20 billion and TVLs of over $10 billion.
In 2024, on-chain growth will primarily focus on non-EVM ecosystems, particularly Solana and Sui:
Solana's on-chain transaction volume exceeds the total of Ethereum and all its L2 networks.
Sui's momentum exceeds that of most Ethereum L2 solutions.
Excluding Ethereum's mainnet, the market share of the EVM ecosystem in terms of 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 capitalization of $20 billion.
TVL is expected to reach $10 billion.
This target was already achieved by Avalanche in 2021.
Despite significant growth in networks like Solana and Sui, the EVM ecosystem still has unparalleled depth. It boasts the largest user and developer base, unmatched liquidity, and a TVL of $165 billion, which is four times that of other ecosystems combined. This substantial liquidity, primarily 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 does not indicate a bearish outlook on Solana or Sui, but rather a positive outlook on the development prospects of EVM networks. EVM networks have the following advantages:
Technological advantages.
More convenient cross-chain bridging.
Simpler DApp deployment.
Better wallet compatibility.
User base.
Solana (especially the Phantom wallet) has excelled in attracting new users.
Jupiter has over 500,000 daily active traders.
Even if only 10% of users shift to on-chain DeFi, it will significantly enhance ecosystem vitality and liquidity.
Growth is expected to concentrate primarily on 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 demonstrated by the successful cases of BSC, Avalanche, and Fantom in 2021.
Potential alternative EVM L1s in this cycle include: Hyperliquid, Monad, and Berachain.
Conclusion.
The crypto world is vast and complex, akin to a starry sky. Even the most comprehensive research reports struggle to fully depict this burgeoning new land. This study focuses on the most promising tracks for real-world applications, attempting to reveal how crypto technology can break free from the shackles of speculative bubbles and truly serve the real world.
However, innovation in the crypto space never stops. Experimental areas like blockchain gaming (GameFi), decentralized physical infrastructure networks (DePIN), and decentralized social (DeSoc), although not yet mature, hold infinite possibilities for breakthrough innovations. These emerging tracks may not have found clear paths to mainstream adoption yet, but their revolutionary potential cannot be overlooked.
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 keep evolving. In this noisy market, maintaining a humble and open mindset is crucial, while also staying agile and focused. Navigating through the fog to seek the truth is essential to seize opportunities in this digital revolution.
