Written by: Alex Liu, Foresight News
'Trend' is the underlying color of the keywords for 2024. These keywords not only condense the core developments of the crypto industry this year but also point the way forward for future markets. Reading this year's annual keywords can help us better understand the industry and grasp trends.
Bitcoin: The expansion of the narrative
2024 is a year for Bitcoin. The approval of spot ETFs and Bitcoin's price breaking through the $100,000 barrier ... In addition to reaching new highs in price, the rise of inscriptions, runes, BTCFi, Bitcoin NFTs, and Bitcoin L2 has enriched the narrative of Bitcoin. Bitcoin is gradually evolving from a mere store of value tool to a diverse ecosystem that includes art, games, finance, and smart contracts.
The first US president to openly support cryptocurrencies, Trump, along with grand narratives like 'Bitcoin National Strategic Reserve,' may take Bitcoin to heights we cannot imagine.
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Britain makes history! Is BTC being included in pension fund portfolios? Pension funds, the mysterious unicorn of institutional investors, are the rainbow at the end of HODLers' aspirations.
$100,000 is just the starting point for BTC. Why can Bitcoin reach $100,000 each? Why is $100,000 still just the starting point for Bitcoin?
ETF: Is traditional capital entering the market?
In 2024, the approval of spot Bitcoin ETFs becomes an uplifting signal for the market, setting the tone for a bull market (at least for Bitcoin). The active applications from financial giants like BlackRock and WisdomTree bring expectations for incremental funds for Bitcoin and other crypto assets, clearing obstacles for retail and institutional entry. In July, Ethereum's spot ETF was approved, and the president of The ETF Store stated that Solana ETF is expected to be approved by the end of next year at the latest, with several institutions already applying for XRP spot ETF.
The launch of ETFs is expected to enhance institutional investor participation and further connect the crypto market with traditional finance, marking a deeper acceptance of digital assets by Wall Street.
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SOL reaches a new high; can the 'Meme chain king' become the third spot ETF?
Bitwise: Institutions are increasing their positions against the trend, and Bitcoin ETFs are rapidly growing. The rate of institutional adoption for Bitcoin ETFs is faster than that of any ETF in history.
The underestimated 'Ethereum spot ETF' surpasses 'Bitcoin ETF'; Ethereum ETFs are gaining more favor from traditional institutions.
Trump: The first president to support the crypto industry
At the beginning of 2024, many would not have anticipated that this year the Republican Party would fully turn towards the crypto industry to draw a line with the Democrats. Trump, the first major party presidential candidate to openly support Bitcoin, emphasized 'crypto-friendly' policies, aiming to make the U.S. a 'crypto center.' He even participated in the 'Bitcoin Conference' and famously stated, 'Never sell your Bitcoin,' earning him the title of 'Bitcoin President' in the industry.
After the election, various regulatory benefits emerged, triggering positive market reactions.
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How much will Trump's net worth rise after returning to the White House? For Trump, power is more important than money.
Trump returns to the White House, and BTC hits a historic high! On November 6, Beijing time, Trump was elected as the next President of the United States.
Featured on the cover of Time! A comprehensive overview of Trump-themed coins. Is there still room for these Trump-themed assets to rise before his inauguration in January?
Airdrops: Paradigm shift, increased difficulty
Airdrops remain a popular narrative throughout the year. Looking back over the year, from the beginning of Starknet and Celestia to mid-year with Dymension and Saga, and at the end of the year with ZKsync, EIGEN, Movement, and PENGU, the airdrop track has not disappointed every 'airdrop farmer' who has taken the time to engage.
However, the rise of the point system has led to a significant paradigm shift in the airdrop track. From earning tokens through interactions to a point system that favors large capital players saving money, airdrops seem to be experiencing a paradigm shift from PoW (Proof of Work) to PoS (Proof of Stake). The attribute of grassroots resurgence is weakening, and what we see more is the story of the rich getting richer.
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Prospecting Handbook | Which potential stablecoin deposit airdrop is the strongest? Every liquidity movement can bring considerable value.
Prospecting Handbook | Overview of the Eclipse ecosystem and airdrop guide. The public mainnet of Eclipse is imminent; how is the ecological development? How should we layout airdrop opportunities?
'Organic growth points' or 'top-tier PUA,' what are the pros and cons of the point incentive model? In the current heated competition in the crypto field, point incentives are becoming a powerful tool for capturing market share.
Solana: The return of the king, retail's main battlefield
After the FTX crash, Solana briefly fell into a low valley, with prices plummeting to as low as $8. However, 2024 is entirely Solana's year of resurgence, with SOL breaking through $260 under the potential stimulus of spot ETF news, reaching a historical high. Reflecting on the year, the airdrop of Jupiter on January 31 brought significant wealth effects to Solana ecosystem users and ignited the ecology.
The starting point of the Meme craze, Pump.fun happening on Solana is almost inevitable - the best Meme, Degen culture, and the best retail liquidity have led DEX trading volume on Solana to exceed that on Ethereum multiple times. BONK, WIF, POPCAT, BOME, BAN, this year almost all golden dogs have emerged on Solana.
Besides Meme, Solana also has a vibrant presence in other development directions: re-staking on Solana, modular L2, stablecoin innovations, and more.
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Exploring innovation in the Solana ecosystem - A dialogue with the winning team of the Radar hackathon. The list of winners for Solana's Radar hackathon has been announced; what projects won and what are they about? How will these winning projects develop in the future?
A look at the Solana ZK privacy ecological dark horse project. From the release of ZK compression to the future launch of various system calls, the significance of ZK in Solana cannot be underestimated.
Binance invests in new projects; is the Solana stablecoin project Perena worth participating in? The stablecoin sector welcomes new forces; how can Perena get involved?
Modularization: The future of blockchain architecture
Looking back: The strong rally of the TIA token from $3 to $20 at the beginning of the year has propelled the modular track into the spotlight.
The rapid development of modular blockchains emphasizes the design concept of separating data availability (DA), execution layer, and consensus layer. This architecture allows developers to build application chains more flexibly, opening up new possibilities for blockchain technology.
Celestia's DA market share has now surpassed Ethereum's mainnet, with Avail and EigenDA being increasingly adopted by emerging projects, making the modular trend in blockchain architecture inevitable. Projects like Dymension and Saga are worth paying attention to.
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Interview with Fuel's Chief Growth Officer: Breaking the boundaries of modularization, all chains will be modular in the future. In a modular world, DeFi will become more accessible and efficient, with lightning-fast transaction speeds and low costs, promoting greater financial inclusivity.
Has the modularization cooled down? These key developments are brewing change. Innovative applications in the next decade will be built on modular tracks.
Re-staking: A large TVL nesting doll.
Re-staking is the keyword of this year's Ethereum ecosystem. Re-staking protocols represented by EigenLayer, by allowing users to use staked assets for verification work across multiple chains or protocols, optimize capital efficiency. While ALT L1 like Solana continues to be hot, and golden dog memes fly everywhere, it is the LRTfi based on EigenLayer that stabilizes the Ethereum ecosystem, absorbing a large amount of TVL and leaving users hopeful for future excess returns, keeping funds and confidence in Ethereum.
Staking, re-staking - a TVL nesting doll. The first half of 2024 is a grand show for various re-staking protocols, liquidity re-staking protocols with point systems, and airdrop expectations vying for TVL, while real re-staking applications are rare. Ethereum users' ETH is wrapped in various staking protocols, while Solana users' SOL lies in wallets as ammunition, representing active funds, which has, in a sense, created an unfavorable liquidity situation for the EVM ecosystem in the Meme track.
Recommended reading:
Reinterpreting EigenLayer's re-staking potential: Breaking trust boundaries. EigenLayer is not just a system for re-staking to earn extra returns.
Can the new player in re-staking, Karak, shake EigenLayer's dominance? As a rising star in re-staking, is the data growth behind it a result of false prosperity or long-term ecological construction? Will its advantage of multi-chain, multi-asset re-staking be able to challenge EigenLayer's dominant position?
Exploring re-staking: An overview of Symbiotic, Karak, and EigenLayer with a conceptual introduction + multidimensional project comparison.
Meme: The financialization of culture
If Meme coins truly exist in a so-called 'super cycle', then 2024 must be its beginning.
The influence of Meme coins continues to spread in 2024. Memes are not only symbols driven by the community but also carriers of cross-cultural communication. Unique narratives and high volatility resonate with speculators and creators, while also empowering the crypto market to financialize all culture.
The launch of Pump.fun has completely changed the way of Meme. The wealth myth of becoming rich in the internal market, with hundredfold or thousandfold returns, attracts a continuous influx of retail investors - reflecting a shift where people prefer to engage in PvP in the crypto casino rather than picking up low liquidity, high FDV (fully diluted market cap) VC tokens, yet the elite are always a minority. The alarmingly low graduation rate and profit ratio of Pump.fun tokens seem to indicate that retail investors can only be harvested in another way by conspiratorial groups and insider traders.
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MetaMask co-founder's 48-hour Meme experiment. There is no roadmap here, no development plan, only reflections on this experiment.
Clanker, the 'blockbuster meme machine' on Base, integrates three hot topics: AI Agents, meme platforms, and Web3 social. Will clanker surpass pump.fun?
Telegram: New narrative for social platforms
Telegram is becoming an important player in Web3. Through wallet functions and TON blockchain integration, Telegram provides millions of users with a simplified experience of crypto assets. The deep integration of traditional social networks and blockchain technology has become a fiercely contested field in crypto.
Can crypto welcome 'Mass Adoption' through this? Who can catch the massive traffic of nearly 1 billion Telegram users? Various simple mini-programs: Dogs, hamsters, are NOT attempts the optimal solution? Can the close connection between Telegram and TON guarantee it as the sole entry chain for Telegram's traffic, or might it be overtaken by Solana's introduction of Blinks (Blockchain links)?
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Update | Relying on 1 billion Telegram users, an overview of the TON ecosystem on the verge of explosion. TON has a technical logic centered on high-speed applications: transactions are directly on-chain based on messages, supporting peer-to-peer.
Telegram's popular game Catizen: In six months, it attracted 800,000 paying users. Catizen claims its total user base has reached 30 million and ranks first in revenue within the Telegram app.
RWA: Blockchainization of traditional assets
Tokenization of Real World Assets (RWA) is another big highlight this year. From tokenized bonds to real estate projects, RWA bridges DeFi and traditional finance, injecting more liquidity and trust into the market. The Ondo protocol's TVL is less than $1 billion, yet the token's FDV (fully diluted valuation) exceeds $10 billion, indicating the market's high expectations for the development potential of the RWA track.
BlackRock's entry with the RWA fund BUIDL further stimulates the market's imagination. Will a trillion-dollar asset management giant transfer tens of trillions of U.S. treasury yields and more traditional financial notes onto the blockchain? Ethena, Curve, Frax Finance, whoever establishes cooperation with BUIDL will see their token price uplifted; the market is voting with its feet.
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Data report: Stablecoins, TradFi, and RWA are leading the next wave of Web3. The activity level in this market cycle far exceeds that of the last bull market.
A classical instrument is used as collateral for a loan of millions of dollars; RWA is expanding the boundaries of crypto finance. Yat Siu borrowed millions from Galaxy using a violin with a 316-year history as collateral.
Grayscale report: 'Public chain and tokenization revolution,' who are the biggest beneficiaries of RWA? Although various assets can benefit from the tokenization trend, the most potential lies with protocols that can provide a universal global platform.
AI: The combination of artificial intelligence and blockchain
2024 is the year of AI. With AI large models like chatGPT continuing to be popular, Nvidia has become the world's most valuable company. The massive wealth effect has prompted the crypto industry to explore 'AI + blockchain.' In addition to hot AI projects like WLD, RENDER, and AI, the exploration of AI + Meme has further heightened the track's popularity and retail participation - Truth Terminal has emerged, with Meme coins led by GOAT, ACT, and Fartcoin being extremely popular.
There are more and more AI Agents on Twitter, with frameworks like ai16z and zerebro playing a crucial role. Will the future on-chain belong to AI? Agents interacting and investing with each other on-chain creates a strong cyberpunk vibe.
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Averages rise 98% in three days; a review of AI Meme potential coins. 14 rise, 2 fall; the average rise in three days is 98%, with Shoggoth, LUM, and ai16z leading the way.
Ten ways to find the leaders of AI Agents in the crypto industry. A practical methodology for AI Agents is needed.
Sui: The main character of this round of public chains
Every cycle has a strong rise of a Layer 1 public chain; who will be the protagonist of this cycle? Sui has risen strongly in the second half of this year, attracting attention and driving ecological projects and data to develop significantly.
The strong rise of Sui is backed by more and more people betting on the Move language and Move language public chains. At the same time, the development of ecological protocols and airdrops has brought wealth effects to ordinary users, allowing users and the ecosystem to grow together.
Betting on games, launching the game console SuiPlay 0X1, new products like the decentralized storage protocol Walrus ... 2025 for Sui is worth looking forward to.
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Sui, a 'distinctive' public chain. 'Sui is a public chain with a very clear development direction,' said a developer.
Overview of Sui developer product matrix: not just a public chain. Deepbook launched and skyrocketed 7 times, SuiNS is about to TGE, and Walrus is also going to issue a token?
At the new high of SUI, let's talk about the differences among the three major Move public chains from the user's perspective. Sui and Aptos are formulaic rivals, each with its strengths; the ecological effect of Movement is not to be underestimated.
Ethereum: Developing through reflection
In 2024, Ethereum navigates through the 'FUD' skepticism. The return of Solana as the king and the Meme track's capture of retail user traffic puts significant pressure on Ethereum.
The price trend of cryptocurrencies is weak, with the ETH/BTC exchange rate once falling to near historical lows. A researcher from the Ethereum Foundation has been questioned for losing neutrality due to becoming an advisor to EigenLayer, which may bring conflicts of interest to Ethereum L1.
But is Ethereum truly worthless in 2024?
No, from the smooth completion of the Cancun upgrade at the beginning of the year to the end of the year where the Beam roadmap aims to upgrade Ethereum's execution layer to solve technical accounts, Ethereum, although slow, has always been following its roadmap, progressing step by step, developing through reflection and adjustment.
Recommended reading:
A concise understanding of Based Rollup: How to bring Ethereum back to glory? Based Rollup can restore interoperability to Ethereum's Layer 2 ecosystem.
Bull market charge (II): The dawn of Ethereum is near, and $10,000 is not a dream. After navigating through a difficult path, there is light at the end of the tunnel.
Looking into 2024: An annual review of the Ethereum ecosystem. Ethereum encountered challenges first because it has come the farthest.
DeFi: From low point to revival
DeFi tokens have seen their mindshare plummet to a low point in the crypto circle that favors new over old, far below that of Meme tokens.
But DeFi is indeed the core use case of blockchain, and now we have a bet from the US president: Trump's World Liberty recently purchased various DeFi assets, including ETH, WBTC, AAVE, LINK, ENA, and ONDO. DeFi tokens show signs of price recovery, and a 'Renaissance' in DeFi may be happening.
What innovations have occurred in DeFi this year? Why are we confident that DeFi will revive?
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Why has the long-established DeFi leader CRV seen a price increase? Which related tokens are worth paying attention to? Curve is the infrastructure of DeFi, and DeFi is the core use case of blockchain, and institutions are rushing to enter.
Breakthrough moments for DeFi: Financial transformations of ether.fi, Aave, Sky, and Lido. After years of liquidity guidance and moat building, we are witnessing some DeFi protocols move towards a sustainable profit phase.
Did the Federal Reserve's interest rate cuts signal the revival of DeFi? The Fed's loose monetary policy has created perfect conditions for the booming of DeFi.
NFT: Is issuing tokens a new solution?
After experiencing a two-year-long bear market of one-way declines, NFTs finally started to rotate sectors by the end of the year. What ignited all this was - the blue-chip NFT Pudgy Penguins releasing the Meme token PENGU, bringing wealth effects to NFT holders and even the broader crypto community.
As the token issuance operation of Pudgy Penguin has doubled the floor price of NFTs within a week, other projects are scrambling to follow suit: Azuki officially retweeted a video tweet from Animecoin with the caption, 'A new chapter is waiting to be opened.' This move may be a preview of a planned token issuance; Doodles founder burnt toast tweeted, 'take ownership, keep evolving new ideas, shape communities, open minds, inspire new growth.' A user subsequently discovered that the first letter of each word spelled out 'token is coming,' hinting at an upcoming token release.
Is issuing tokens really the panacea for NFTs? Can the revival of NFTs continue next year? 2025 is worth looking forward to.
Recommended reading:
Data analysis: ETH liquidity overflow, Ethereum NFT sector warms up. Ethereum liquidity overflow suggests that trapped NFTs may have a chance for recovery.
Year-end benefits! A comprehensive analysis of the PENGU wealth effect and airdrop eligibility. The NFTs that can receive the most PENGU tokens are surprisingly not the Pudgy Penguins.
Speculations on OpenSea 2.0: Points? Airdrops? NFT Launchpad? Points? Airdrops? A deeper integration with GameFi? Bitcoin ordinals? NFT Launchpad?
Further reading
Top 10 crypto moments of 2024: Trump's election, approval of spot ETF, Bitcoin breaking 100,000 dollars for the first time.
