From 2021 to 2024, the cryptocurrency sector underwent a magnificent development, with numerous hot topics emerging each year, guiding the industry's direction.
I. 2021: The Rise of Public Chains and Attention on Tokens like LUNA and SOL In 2021, the most significant characteristic of the cryptocurrency sector was the rise of major public chains. Ethereum continued to solidify its position, while emerging public chains like LUNA, SOL (Solana), and AVAX (Avalanche) also garnered significant attention from investors. These public chains expanded their throughput and reduced transaction costs through different methods, attracting talented developers to join in the competition for market share. Additionally, the NFT (non-fungible token) market began to emerge, providing a new platform for the trading of digital artworks and collectibles. Particularly, the launch of Luna 2.0, with a fixed total supply of about 1 billion tokens and decoupled from USTC, was significant as it redefined the direction of development, allowing the team to introduce new initiatives at any time, leading market trends and inspiring great imagination.
II. 2022: Scaling Wars and the Rise of the Cosmos Ecosystem Entering 2022, the scaling war among public chains continued to heat up. Ethereum's high fees and congestion problems prompted developers to seek other L1 (Layer 1) and L2 (Layer 2) solutions. Meanwhile, the Cosmos ecosystem gradually emerged, with its interoperability and cross-chain bridge technology enabling communication and asset transfers between blockchains. Additionally, the stablecoin market exhibited explosive growth, with a total market capitalization exceeding $150 billion, becoming a 'killer application' in the cryptocurrency sector. Notably, the algorithmic stablecoin USTC, with its low market cap and price, is one of the most noteworthy algorithmic stablecoins.
III. 2023: AI, GameFi, and Meme Coins Become Hot Topics By 2023, artificial intelligence (AI), GameFi (gaming finance), and Meme Coins became the most talked-about topics in the cryptocurrency sector. AI tokens such as Akash Network (AKT) and Render (RNDR) surged significantly, attracting a large number of investors. GameFi rose strongly with the emergence of blockchain game development, as seven top video game companies entered this field. Furthermore, Meme Coins experienced a long season, with meme coins represented by HarryPotterObamaSonic10Inu (BITCOIN) and Bonk (BONK) showing astonishing gains, contributing to the rise of new crypto millionaires.
IV. 2024: Bitcoin Shines and the Mainstreaming of the Crypto Market In 2024, the cryptocurrency sector welcomed the shining moment of Bitcoin. The price of Bitcoin broke through the $100,000 mark, signaling the end of the crypto market's stigmatization. At the same time, cryptocurrencies began to enter a path of mainstream elevation, with institutionalization, compliance, and politicization becoming the core narratives. The approval of Ethereum spot ETFs also brought new vitality to the market. In addition, the approval of virtual asset spot ETFs in Hong Kong and the rise of concepts such as stablecoins and RWA (real-world assets) also demonstrated the infinite potential of the cryptocurrency sector for future development. With an increasing number of L1 and L2 solutions emerging, it is still too early to pick a specific asset or even a group of assets that will ultimately win this race. However, it is certain that the competition in this field will only intensify. From 2021 to 2024, the cryptocurrency sector experienced a journey from the rise of public chains, a scaling war, to the shining of Bitcoin. Each year has seen numerous hot topics that lead the transformation and development of the industry. In the future, as technology continues to advance and the market matures, the cryptocurrency sector will continue to bring us more surprises and opportunities. What do you think will be the topic in 2025?