In 2024, driven by the market recovery and technological innovation, the crypto industry ushered in a new wave of growth. From infrastructure upgrades to breakthroughs in emerging tracks, many projects have emerged, attracting a lot of attention with their unique technical paths and business models, and profoundly changing the industry landscape.
Hyperliquid: Reshaping the decentralized trading market
Hyperliquid is undoubtedly one of the most impressive projects in 2024. As a high-performance perpetual contract decentralized exchange (perp DEX), it quickly attracted a large number of users and became a new favorite in the market with its excellent transaction execution speed and liquidity. More importantly, Hyperliquid's tokens were not raised through traditional VC financing or listed on centralized exchanges (CEX), but through airdrops, becoming one of the most successful airdrops in the history of crypto. As the platform launched its own HyperEVM ecosystem and joined multiple native decentralized applications (dApps), it not only greatly enhanced the practicality of the spot trading ecosystem, but also earned a lot of fees through on-chain clearing and market making, quickly eroding the market share of the top DEX and CEX.
Pump.fun: Igniting the Spark in the Meme Coin Market
Chris, the co-founder of Web3Port, highly praised Pump.fun, calling it the most successful Meme coin launch platform of the year. Unlike traditional platforms, Pump.fun elevates the concept of a 'Meme launch platform' to a new height, successfully igniting a frenzy in the Meme market. Chris pointed out that behind Pump.fun's success is a showcase of how Web3 projects can win user and market favor through practical, high user experience, and market-fit products.
Emerging DeFi Protocol: The Revival of AAVE and New Stars
Ryan Rodenbaugh, CEO of Wallfacer Labs, expressed great interest in the revival of the DeFi sector, especially the continuous development of established lending protocols like AAVE and Compound, as well as the rise of emerging protocols like Morpho, Euler, and Ajna. Although DeFi's attention in the current cycle is somewhat low-key, these protocols continue to inject endless vitality into the market through high-quality innovations and underlying mechanisms.
Pudgy Penguin: The Leader in the NFT Track
Pudgy Penguin is undoubtedly one of the biggest highlights in the NFT space for 2024. Joanna, the founder of Jsquare, praised Pudgy Penguin, believing it not only revitalized the entire NFT market but also became a model for the integration of Web2 and Web3. As an early investor and holder of Pudgy NFTs, Joanna deeply felt the innovative thinking and strong energy displayed by the Pudgy team under the leadership of founder Luca, which also reinforced her core philosophy of 'investing in the next generation.'
Ethena: The New Star in the Stablecoin Field
Ethena has attracted much attention in the DeFi space with its USDE stablecoin's outstanding performance. By establishing 1x long and 1x short positions on CEX, Ethena profits from high funding rates, demonstrating strong market operation capabilities. Jsquare partner Dinghan specifically mentioned Ethena's collaboration with the BlackRock BUIDL fund, ensuring that even in negative funding rate conditions, USDE can still maintain stable returns, solidifying its long-term viability in the stablecoin market.
In 2024, these projects not only showcase the innovative potential of the crypto industry but also bring new opportunities and challenges to the entire market.
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