Top 11 Crypto Stories of 2024
The year 2024 started with many people's expectations that this would be the time for a price increase, when Bitcoin halving took place in April and Bitcoin value even surpassed 50,000 USD in February 2024.
So, below are the top 11 crypto narratives that could lead the trend in the next bull run.
Inscription is the narrative with the strongest growth in 2023, when it began to emerge in April 2023 on the Bitcoin network, and within the next 8 months, Inscription's capitalization increased from 100 million USD to 2 billion USD. , a very impressive parameter during the downtrend period.
Brief overview of Inscription, this is a crypto narrative that creates the BRC-20 token standard along with a feature that allows users to "engrave" images, sounds, data... on Satoshi. And users can trade tokens This is engraved.
Immediately after the BRC-20 and Inscription trends on Bitcoin cooled down, the Inscription "niche" continued to land on other ecosystems such as Sui, Aptos, Fantom, Injective... causing these networks to continuously attract users' attention and The token value of these blockchains is gradually increasing. A typical example can be mentioned is the Sui network, when Inscription landed on Sui in December. Immediately after that, the SUI price increased by 0.7 USD to 1.3 USD.
Layer 1
Blockchain Layer 1 is a crypto narrative worth paying attention to in 2024, when at the end of 2023, users witnessed Solana increase from 20 USD to 120 USD, followed by Injective increasing from 7 USD to 40 USD or Sei increasing from 0.15 USD. USD up 0.7 USD…
Although the growth of the majority of Layer 1 mentioned above does not come from the internal ecosystem, the value of these networks increases thanks to the indirect influence from a number of other crypto narratives. For example, Inscription causes the price of SUI, APTOS... to increase, DePIN contributes a lot to the growth of Solana...
Therefore, Layer 1 may be a "niche" that users should be interested in even if the general trend of the crypto market is not a Layer 1 network.
DePIN
DePIN is a relatively new term, but the operating model and operating mechanism has begun in 2021 with projects such as IoTeX... In 2023, the community gradually pays attention to the DePIN trend when many investment funds participate. participating, typically include Filecoin, Helium...
In addition, many DePIN projects have begun to benefit from Solana providing software such as Render, Hivemapper... Even, the DePIN "niche" is still being highly appreciated by the community when Solana launched Solana mobile chapter 2 - version Second version of Solana mobile and sold 100,000 devices in less than 1 month.
A.I (Artificial Intelligent)
In early 2023, OpenAI company launched ChatGPT - an A.I chatbot that can chat with users, which has caused a stir around the world and the crypto market is no exception. Many Web3 projects have taken advantage of the "hotness" of A.I keywords to attract more users and increase project value. Some projects include Near, Alethea AI...
Previously, according to Mr. Andre Cronje - founder of Fantom, he thought that Web3 projects were trying to follow the keyword A.I to attract users to use the project. In fact, integrating A.I into blockchain technology is almost very difficult hard.
However, despite the opposition from crypto giants, at the end of 2023, the A.I trend began to emerge again with projects from Binance Launchpool such as NFPrompt, Sleepless A.I... Therefore, even though A.I is a technology, it is not yet In line with blockchain, users should also pay attention to narrative A.I in the next bull-run.
GameFi
GameFi is the narrative that users should pay attention to in the next bull run. According to reports by Xangle and Coin98 Insights, the investment rate in the blockchain gaming industry reached 57.2% in 2023, an increase of nearly 20% compared to 2022.
But with a large amount of investment in blockchain gaming, the GameFi niche has not had much of a breakthrough in the crypto market because of a number of issues such as barriers to blockchain knowledge and hardware that is still not suitable for blockchain games.
However, the above problems can be solved in 2024 when the crypto market gradually has games with Fully On-Chain mechanism, allowing all activities on the game to be performed through smart contracts and stored on -chain, thereby increasing transparency and user experience.
Additionally, with many networks focusing on improving hardware, GameFi may experience a new chapter in 2024.
NFTs
NFT is a narrative that cannot be ignored in the upcoming uptrend. In 2023, NFT collections are gradually being accepted by many people because of the value the project brings. For example, MadLads with a value of 1,000 USD/NFT, some people will certainly take profits if holding MadLabs, but many people have other ideas of holding MadLads to capture the value from this collection.
If a person holds MadLads in 2023, this person will receive airdrops from Pyth equivalent to 400 USD, WEN, Jupiter, Pika Finance, Wormhole...
Some other examples include the Pudgy Penguin NFT collection, which continues to bring brand value to holders, transitioning from PFP NFT development to exclusive brand (IP) development, and partnering with Walmart, Selling teddy bears in the US, Canada...
In addition, the application and technology of NFT is still emphasized in many fields from the crypto market such as GameFi, Metaverse... to real life such as Seekhype with NFT tickets, allowing users to buy tickets for events through NFTs like GM Vietnam events, Harem side stories...
Therefore, users can see that NFT has the potential to become a leading trend in the crypto market, as projects begin to appear that successfully leverage NFT technology to achieve value for both themselves and others use.
Layer 2
Layer 2 are blockchains that increase scalability and interactivity for Layer 1 such as Ethereum, Avalanche... The Layer 2 war has not ended yet because this is an indispensable technology, when Layer 1 projects such as Avalanche, Ethereum, BNB Chain... are currently facing many problems related to network congestion and high transaction fees from "Inscription".
Not only that, narrative Layer 2 is also receiving attention, as many projects are aiming to solve the "holy grail" of blockchain trilemma through the development of Layer 3, a network layer that helps focus on a specific action. in Layer 2 and 1, thereby increasing scalability and transaction speed. Examples include Arbitrum developing Orbit Chain, zkSync developing HyperChain...
Bitcoin Layer 2
Although Bitcoin is the foundation for the development of the crypto market with a capitalization exceeding $1,000 billion, decentralized financial activities related to Bitcoin have not really developed. By 2023, the narratives BRC-20, Ordinals... emerged and made many people pay attention to the Bitcoin network.
Therefore, the construction around the Bitcoin network is also a narrative that attracts many people's attention. According to DWF Venture, the Bitcoin Layer 2 niche is being built by many projects and has reached the number of more than 25 in 2023, while Ethereum's Layer 2 has only had more than 38 projects developed from 2020 to present.
SocialFi
SocialFi are platforms that combine social media (social networking sites) with decentralized finance, thereby creating a space where users can freely create content and not be managed by a third party. . In 2023, SocialFi projects will receive a positive wave from the community, notably Friend.tech with revenue of 20 million USD in October, TVL reaching 300,000 ETH. Or Farcaster with the support of Vitalik Buterin, when he is more active on Warpcast than social platform X (old Twitter).
However, if compared between social media platforms such as X or Facebook, SocialFi is still somewhat inferior in terms of number of users and access. X has about 528 million visitors, while SocialFi like Friend.tech has only reached 400,000 users. Therefore, narrative SocialFi still has many things to improve to attract more users.
LST/Restaking
LST (Liquid Staking Token) are projects that allow users to use staking tokens such as stETH... to stake into their protocol, thereby helping users gain more profits and making LST a better source of liquidity. Similar to LST, restaking also allows users to use LST tokens to stake into restaking protocols.
Some outstanding LST projects in 2023 include Frax, Lido... with TVL exceeding 27 billion USD, this proves that the LSD segment meets the needs of the majority of users in the crypto market. Restaking is no less competitive with a TVL that has exceeded 1 billion USD in 2023, although the number of projects can only be counted on the fingers of one hand.
Launchpad
If the 2024-2025 forecast is the upcoming uptrend, new projects calling for capital on launchpad platforms can help users easily change their positions. Users can see the uptrend year of 2017 with ICO, a relatively large series of x100 small projects. Or in 2020-2021 with Coinlist launchpad, some projects include Solana, Flow, Near, Casper...
Therefore, the narrative about the project's launchpad and token may interest the community during the upcoming uptrend.
In addition, there are still some narratives and events that users can pay attention to such as ERC-404, Ethereum Decun...
