Original text: Presto Research
Compiled by: Yuliya, PANews
The 2024 cryptocurrency market exhibits clear signs of differentiation. Data shows that meme coins are leading the surge, while VC-backed tokens are generally under pressure, and RWA tokenization has become the new market focus, significantly increasing transaction volumes. The market structure continues to evolve, with high FDV and low liquidity tokens performing poorly, while institutional demand for Bitcoin allocation is rising—these trends are worth continuous 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. The value storage function of Bitcoin, competition within the public chain ecosystem, 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 making forward-looking predictions for 2025.
Key predictions for 2025 include:
The Bitcoin price will reach $210,000.
The total market cap of cryptocurrencies will expand 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 cap of stablecoins will reach $300 billion.
DEX trading volume will exceed 20% of CEX trading volume.
The market cap of new EVM Layer 1 public chains will reach $20 billion, with a total locked value (TVL) of $10 billion.
A sovereign nation or S&P 500 company will include Bitcoin in its treasury reserves.
Crypto hedge funds will outperform crypto VCs.
….
2024 Review
Best and worst performance analysis of standard tokens
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 booming market is an effective way to reflect on the past. Detailed analysis will follow.
Regarding the 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 two categories: "newly listed projects (listed in 2024)" and "existing projects (listed in 2023 or earlier)."
Third, from these six subcategories, the top five best and worst-performing projects will be selected.
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 tend to 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 craze continues
Tokenization of real-world assets (RWA) is gaining attention
The rise of decentralized exchanges (DEX)
Top 5 newly listed projects in 2024 (as of November 29)
Top 5 existing projects in 2024 (as of November 29)
"VC coins" (low liquidity/high FDV) are performing poorly.
Market data shows that poorly performing projects typically exhibit two characteristics:
1. High inflation rate
New projects: Median reaches 22%
Existing projects: Median is 15%
2. Low liquidity
New projects: Median only 30%
Existing projects: Median 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 viewed as a risk factor, this year it has become the dominant narrative, with exchanges, project parties, and investors highly vigilant about it.
From a market development perspective, this change reflects that the crypto market is gradually maturing:
New tokens can no longer rely solely on flashy packaging or endorsements from well-known VCs to attract retail interest.
Using information asymmetry to treat retail investors as exit channels for CEX is becoming increasingly ineffective.
Short-term arbitrage models commonly used by some VCs are difficult to sustain.
Meme coin craze
Retail investors generally perceive unfairness in VC coins, prompting significant capital to shift towards the meme coin market. This trend has directly driven notable growth in the meme coin sector, with meme coins prominently featured across all six top-performing lists.
Meme coins and VC coins show a stark contrast:
Inflation rates are generally low.
Liquidity is overall relatively high.
The "fairness" narrative of meme coins has had a significant impact on the 2024 crypto market:
Successfully attracting a large number of retail participants
Driving market sentiment shift
Becoming one of the most significant characteristics of the annual crypto market
RWA projects surpass meme coins
The standout project of 2024 is undoubtedly Mantra (OM), which has outperformed other projects significantly.
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" through compliant on-chain protocols that support fiat currencies, stocks, and tokenized RWAs. OM, as the governance token of MANTRA DAO, provides users with reward programs related to key programs and ecosystem development.
OM's excellent performance reflects two key trends:
The RWA track is gaining market favor.
The appeal of the RWA concept may surpass the meme narrative.
Early yields shifting to DEX
Data shows that the returns of existing tokens are actually higher than those of newly listed 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 are choosing to list first on DEXs. Therefore, the steepest increases 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 undisputed venues for liquidity. However, with the rise of DEXs like Hyperliquid and Raydium, along with 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 the full participation of top institutions further accelerating this trend. Here are four major developmental predictions.
The Bitcoin price will reach $210,000 in 2025.
The MVRV ratio (market value/realized value) has become one of the recognized reliable valuation tools for Bitcoin in the digital asset industry. Market value (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 last 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 we only consider data since 2017 (excluding the early extreme volatility period), this range is narrower, between 0.5x and 4.7x. In the past two bull markets (2017 and 2021), Bitcoin's MVRV peaked at 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 growth rate of 5.3% per month to $1.2 trillion by the third quarter of 2025 (this growth rate reflects the impact of easier institutional access brought by spot ETFs), the target value for the Bitcoin network in 2025 is estimated to be $4.2 trillion (currently $1.9 trillion), equating to $210,000 per Bitcoin.
Bitcoin's "land grab": New sovereign nations or S&P 500 companies will adopt Bitcoin as a reserve.
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 proposals to include Bitcoin in treasury reserves. In the past three years, at least one country has taken similar actions each year. Trump's campaign promise regarding Bitcoin reserves after being elected president may encourage other countries to explore similar strategies for game theory considerations.
In terms of corporate adoption, MicroStrategy's parabolic rise in stock price this year has unprecedentedly attracted attention from the corporate world. With the FASB announcing earlier this year a shift from the lower of cost or market method to fair value accounting, this accounting 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 concern for 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, making it the largest category of cryptocurrency applications.
99% of stablecoins are pegged to the U.S. dollar, which is no coincidence. Tokenizing assets does not create demand out of thin air; the assets to be tokenized must possess global demand. Besides the U.S. dollar, few currencies enjoy such universal demand, which is evident from the dollar's dominant position as a settlement currency. This is why blockchain and dollar-pegged stablecoins can achieve the best product-market fit.
It is expected that the market cap of stablecoins will 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 U.S. Congress on stablecoin legislation. Cyclical drivers include the broader cryptocurrency bull market cycle. Even if reaching $300 billion, this would only represent 1.4% of the dollar M2 supply, indicating significant upside potential.
More corporate actions: Circle/Ripple/Kraken will IPO
In a crypto-friendly environment under the Trump administration, previously shelved opportunities due to political risks may be unleashed. Traditional companies will view crypto startups as attractive assets for entering the crypto space, driving more M&A activities and higher valuations. There are already signs of this trend, as even the struggling Bakkt has found a buyer in Trump Media.
Companies in the late growth stage will not miss this IPO opportunity. Well-known crypto companies like Circle, Ripple, and Kraken have long been viewed as potential IPO candidates. For reference, Coinbase went public during the peak of the last bull market in April 2021.
The trend of stockification of cryptocurrencies
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 realm. To ensure that the U.S. remains ahead of competitors like China in the global cryptocurrency landscape, the government may implement a series of supportive policies. Rumors suggest plans to eliminate capital gains taxes on cryptocurrencies issued by U.S.-registered companies, indicating the government's intent to attract crypto innovation. This may be just the beginning of a series of policies.
This transformation will fundamentally change the crypto industry. Currently, cryptocurrencies are viewed as global assets, regardless of the project or founder's location. However, with the U.S. achieving differentiation through favorable policies, this perception will change. Just as the nationality of companies is significant in traditional stock markets, so too will it be in the crypto space.
"American cryptocurrency" will command a significant 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's chain reaction will extend to trading dynamics.
Trading volumes and volatility during U.S. trading hours may significantly increase, as macro and project-level news events will concentrate in U.S. hours.
Moreover, U.S. exchanges (especially Coinbase) are expected to see substantial growth, with listings on their platforms signaling global legitimacy similar to major IPOs on NASDAQ.
At the project level, Coinbase's Base ecosystem will be one of the biggest beneficiaries of U.S. dominance.
Cryptocurrency shifts to fundamentals: liquidity hedge funds will perform exceptionally 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 the way projects are evaluated, financed, and traded, making crypto investments more standardized and closer to traditional financial principles.
As projects generate revenue through staking rewards, token buybacks, and transaction fees, they become systematically assessable. Investors can now calculate the actual returns for token holders and assess project sustainability. Metrics like TVL/market cap ratios and protocol revenue multiples are gaining recognition.
In 2025, liquidity hedge funds are expected to outperform venture capital funds, utilizing 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 officially cover digital assets.
The rise of crypto indices: Index trading volume will rank among the top five.
As cryptocurrencies become mainstream asset classes, ordinary investors are increasingly recognizing the importance of incorporating them into their portfolios, leading to a growing demand for simplified and diversified investment methods. This shift mirrors the trajectory of traditional stock markets, where investors transitioned from choosing 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 providing a portfolio of assets across industries or themes.
Currently, projects are developing unique use cases and behavioral patterns, with performance across different industries driven by unique fundamentals, no longer merely following Bitcoin's price movements. Indexes are expected to become the main products of major exchanges, with cryptocurrency equivalents of $SPDR products (such as the Coinbase 50 index) potentially emerging and consistently ranking among the top five in trading volumes.
Second stage of the bull market
Solana will reach $1000
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, combined 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 is showing unprecedented growth, with Solana accounting for over 50% of all on-chain daily trading volume, with activity increasing by 1900% year-on-year. This explosive growth reflects a deeper truth about network success—just as Placeholder's Mario Laul has explored, 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 rapid innovation over theoretical perfection, contrasting sharply with Ethereum's research-oriented approach.
From a technical roadmap perspective, Anatoly is advancing the vision of a global state machine with a 120-millisecond block time, and the network architecture is naturally suitable for rollup-based scaling, laying the groundwork for unprecedented scalability. The upcoming Firedancer client aims to achieve 1 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 $485.93 billion at $1000—this falls within the historical precedents of Ethereum. This combination of cultural differentiation, institutional adoption, technological evolution, and favorable token economics creates compelling reasons 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 continuously flowing in through ETFs, deepening Bitcoin's institutionalization process, and coupled with the positive impact of Trump's victory, this cryptocurrency veteran consistently outperforms 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 development paths for the market:
In an optimistic scenario, Trump will pursue policies that promote economic growth, relax regulations, maintain low tariffs, and keep immigration policies open. This could 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 may erupt, imposing a 60% tariff on China and a 10-20% tariff globally, while tightening immigration policies. This would lead the Federal Reserve to loosen policies and lower interest rates, with the dollar initially strengthening and then weakening, stock markets adjusting, and gold strengthening.
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 U.S. 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-tolerant crypto assets.
2025 NFT rebound: Monthly trading volume will reach $2 billion.
Currently, Bitcoin is reaching historic highs, but market sentiment seems different from previous times. The magical moment of "a rising tide lifts all boats" during the bull market cycle has not yet arrived, which is precisely why there is optimism for NFTs in 2025. The current market is entering a mature phase, and historical experience shows 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 NFT subcultures and their impact on the broader crypto culture, including the emergence of unique artistic movements from junk art to generative art, reflect a maturing ecosystem.
Mainstream brands like Nike and Sony adopting NFTs not only concerns corporate adoption but also legitimizes 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 rebounds: The ETH/BTC ratio will restore to 0.05.
In the second half of 2024, Ethereum will become one of the most controversial topics in the crypto industry. While monolithic chains like Solana achieve significant development through "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 the ETH/BTC ratio hitting a new low since 2021.
Despite challenges, Ethereum remains worthy of close attention in 2025 and beyond. It is expected that as Bitcoin reaches $120,000 and Ethereum rises to $6,000, the ETH/BTC ratio may return to 0.05. Two important upgrades are worth noting:
1. L2 network 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 various L2 networks forming independent ecosystems, complicating cross-chain operations. New upgrades will address this by:
ERC-7683 Standardized Intent: Allows users to declare desired operations 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 perform cross-chain token swaps, asset transfers, and governance voting all at once.
2. Optimizing the Beam Chain roadmap
The Beam Chain roadmap proposed by Ethereum Foundation's Justin Drake at Devcon 7 outlines a long-term plan up to 2029, involving nine major upgrades across three categories: block production, staking, and cryptography.
Shortening confirmation time from 15 minutes to 36 seconds (3-slot finality)
Reducing block time from 12 seconds to 4 seconds
Lowering the minimum staking requirement from 32 ETH to 1 ETH
According to currently available information, L2 fragmentation-related updates are expected to be launched in early 2025, while the Beam Chain roadmap has yet to determine a specific timeline. In particular, the core proposal of the Beam Chain roadmap involves fundamentally changing the key mechanisms of Ethereum's consensus layer, which may take 1-2 years to complete.
Focus on DAG-based blockchains (SUI, APTOS, HBAR, FTM)
Traditional blockchains are like one-way streets, where all transactions need to queue in sequence. In contrast, DAG (Directed Acyclic Graph) technology resembles a complex road network, allowing multiple lanes to operate simultaneously. This design provides a qualitative leap in transaction processing efficiency, marking an important evolution in blockchain technology.
The early DAG project IOTA, while pioneering this technology in the crypto world, has inherent limitations, much like the first-generation iPhone. Performance tends to decrease when network transaction volume is insufficient, and it still requires a centralized coordinator to stand guard, ultimately limiting its development.
Sui's emergence injects new vitality into DAG technology. It does not completely abandon the advantages of traditional blockchains but cleverly integrates DAG into its consensus mechanism. Through the innovative Mysticeti consensus protocol, validators can process blocks in parallel freely, 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 innovations have quickly gained market recognition. Since September 2024, Sui's coin price has surged over 300%, currently holding the third position among non-EVM public chains with a TVL of $1.6 billion. Even after a large-scale unlock at the end of 2024, Sui continues to demonstrate strong resilience. Looking ahead to 2025, as unlock pressure significantly eases, Sui's development prospects appear brighter.
Not only Sui, but the entire DAG track is showing vigorous development. Aptos, which also adopts DAG technology, has risen to fourth in TVL among non-EVM public chains, with a locked amount of $1.13 billion. Other DAG projects like IOTA, HBAR, and FTM have also achieved at least a 100% increase since September 2024.
As technology matures, DAG projects are demonstrating their suitability as public chain solutions for large-scale applications. It is expected that by 2025, the total TVL of major DAG projects will grow from the current $3.1 billion to $5-6 billion, equivalent to over half of Solana's current TVL.
The Golden Age of On-Chain
The gold rush of DEX: The spot DEX to CEX trading volume ratio is expected to exceed 20%, while the perpetual contract DEX to CEX ratio is expected to exceed 10%.
While CEXs like Binance and Coinbase remain the main trading platforms for most investors, the trading volume ratio of DEXs to CEXs is gradually increasing as the bull market progresses. This trend is expected to accelerate next year, with the spot trading volume ratio potentially exceeding 20% and perpetual contract trading volume ratio possibly exceeding 10%.
Three factors driving this transformation are:
First, under the new Trump administration, a DeFi-friendlier regulatory environment will expand DeFi scenarios and encourage exploration with less scrutiny and token value accumulation. This will boost demand for DeFi tokens, creating a virtuous cycle for the entire on-chain ecosystem.
Second, user experience across multiple layers, such as wallets, trading terminals, and trading bots, has significantly improved. Following the collapse of FTX, traders have become more sensitive to counterparty risk, leading to greater popularity of on-chain activities. Phantom has repeatedly ranked among the top applications this year, indicating that on-chain user experience and adoption have reached unprecedented levels.
Third, the listing of high-valuation tokens on CEXs will drive more investors toward on-chain. As the scale of the crypto industry reaches the trillion-dollar level, it is increasingly common for new tokens to be issued with valuations in the hundreds of millions or billions. Investors are becoming more aware that the era of holding tokens on CEXs for excess returns is over, and the most profitable opportunities lie on-chain.
Although on-chain operations and self-custody still have 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 increase user numbers but also promote the entire blockchain industry towards an open, trustless economic system.
Digital gold outperforms gold: The value of the Bitcoin ecosystem will exceed 1% of the BTC network.
After several cycles, Bitcoin is increasingly 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 allow for direct minting of tokens and NFTs on their blockchain, making Bitcoin the foundational layer of native DeFi. Additionally, various L2 solutions and re-staking protocols have begun to utilize Bitcoin for yield generation.
Since the launch of the Ordinals protocol in 2023, Bitcoin network transaction fees once soared to levels seen in previous bull markets. However, on the eve of the upcoming new bull market, transaction fees have returned to normal, indicating that on-chain demand for Bitcoin has not yet been fully released. According to market laws, if a bull market arrives as expected in 2025, the on-chain usage rate and transaction fees of Bitcoin are likely to reach historical highs.
While most Bitcoin holders value stability, the market's demand for Bitcoin to generate returns has always existed. Current data can illustrate this:
Bitcoin ranks sixth in total locked value (TVL) among all public chains, with approximately $3.8 billion in Bitcoin used for yield generation.
With the total market cap of Ordinals and Runes, the entire Bitcoin on-chain ecosystem has reached $7 billion.
Considering Bitcoin's position 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 achieve market capitalizations exceeding $20 billion and TVL exceeding $10 billion.
In 2024, on-chain growth will be mainly concentrated in non-EVM ecosystems, particularly Solana and Sui:
Solana's on-chain trading volume exceeds the total of Ethereum and all its L2 networks combined.
Sui's growth momentum surpasses that of most Ethereum L2 solutions.
The EVM ecosystem's market share in terms of TVL (total locked value), excluding Ethereum's mainnet, 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 target was 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 other ecosystems combined. This massive liquidity, primarily based on ETH, has remained on the sidelines during the 2024 Solana meme coin frenzy. However, 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 rather optimistic about the development 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 averages over 500,000 active traders daily.
Even if only 10% of users transition to on-chain DeFi, it will significantly enhance the ecosystem's vitality and liquidity.
Expected growth will be mainly focused on EVM-compatible L1 networks, rather than L2 networks:
Challenges facing L2 networks: Most L2 networks struggle to gain effective traction, with user adoption rates falling short of expectations.
Advantages of L1 networks: Attracting users and liquidity through the wealth effect of native tokens, as evidenced by the success stories 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 a vast starry sky, complex and intricate. Even the most comprehensive research reports struggle to fully depict this thriving new territory. This research focuses on the most practically applicable tracks, 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 networks (DeSoc) are still maturing but hold endless possibilities for breakthrough innovations. These emerging tracks may not yet have found a clear path to mainstream adoption, but their revolutionary potential cannot be overlooked.
Looking ahead to 2025, the crypto industry will continue to evolve in 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, while also remaining agile and focused. Navigating through the fog to seek true knowledge can help seize opportunities in this digital revolution.
