HTX Ventures has recently released its 2024 annual report, which provides an in-depth analysis of the key developments in five sectors: Bitcoin ecosystem, blockchain infrastructure, memecoins, artificial intelligence, and The Open Network (TON) ecosystem. The report examines the changes in these areas over the last 12 months, offering a comprehensive overview of the market trends and projections.
Download the Full Report for Free
To access the full version of the report, you can download it here [link to free download]. This article will provide an overview of the key findings from the report.
Bitcoin has been at the forefront of discussions in 2024. The year started with the approval of Bitcoin ETFs and came to an end with Bitcoin breaking the psychological price level of $100K. In terms of market dominance, BTC rallied from 51.92% to 60.1% before dropping to 57.09% (Figure 1). Despite this drop, Bitcoin still holds most of the liquidity in the crypto market.
Bitcoin Scaling Solutions
One of the key areas of interest in 2024 has been Bitcoin scaling solutions. Multiple layer-2 chains were launched this year, expanding the landscape for Bitcoin scalability. The layer-2 ecosystem now includes technologies such as spider-chains (Botanix), zk-Rollups (Nexio and Critea), EVM-compatible chains (BOB and BSquared), and Sidechains (Merlin, Element, RSK). The cumulative TVL (total value locked) of the 19 dominant Bitcoin layer-2 blockchains has surpassed $2.5 billion.
Bitcoin Development
The main chain has also seen increased discussion and activity in 2024. New inscription protocols such as BRC-20, Ordinals, and Runes were created recently. However, the true game-changer for Bitcoin-based assets is expected to happen next year if OP_CAT or some alternative covenant proposal is activated.
OP_CAT: Unlocking New Possibilities
For a deeper dive into what OP_CAT unlocks for the Bitcoin blockchain, HTX Ventures has published a detailed report that can be downloaded here [link to free download]. This report provides an in-depth analysis of the potential implications of OP_CAT and its impact on the Bitcoin ecosystem.
Memecoins Drive Retail Crypto Adoption
The memecoin sector has once again become a hotspot in 2024. Characterized by their accessibility and low barrier to entry, Meme projects have attracted new users to the crypto market. Solana was the epicenter of the memecoin boom this year.
Pump.fun: A Fair Launch Platform
One of the key players in the memecoin sector is Pump.fun, a fair launch platform on Solana. This platform provides simple and intuitive token creation tools and mechanisms for automated liquidity injection into decentralized exchanges. As of November 2024, over 40,000 projects have graduated from Pump.fun to Raydium, generating a cumulative revenue of over 1.17 million Solana (SOL), equivalent to about $200 million.
Other Blockchains Adopt Meme Strategies
Other blockchains, such as Tron and Sui, have also quickly adopted meme strategies. This trend is expected to continue in the coming year, with more blockchains exploring ways to attract new users through memecoins.
The Open Network (TON) Ecosystem Witnesses Exponential Growth
The TON ecosystem has experienced a full-scale boom in both its ecosystem development and valuation (Figure 2). From decentralized finance and memecoins to non-fungible tokens and gaming, TON has attracted a user base in various sectors.
Tap-to-Earn Games
One of the key areas of growth for TON is the "tap-to-earn" games sector. These games have drawn in a large number of Web2 users via Telegram’s Mini Apps. Notcoin, the first tap-to-earn project in Telegram, was launched in May 2024 and quickly gained popularity.
Notcoin: A Success Story
Notcoin’s success marks the successful implementation of TON’s ecosystem gaming model and signifies that the gaming sector has entered a new era. Later, hundreds of projects tried to replicate its success with their own Telegram apps.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article is for general information purposes only and is not intended to be taken as legal or investment advice.
Conclusion
The 2024 annual report from HTX Ventures provides a comprehensive overview of the key developments in five sectors: Bitcoin ecosystem, blockchain infrastructure, memecoins, artificial intelligence, and The Open Network (TON) ecosystem. This article has provided an overview of the report’s findings, highlighting the growth of Bitcoin scaling solutions, the impact of memecoins on retail crypto adoption, and the exponential growth of TON’s ecosystem.
References
- HTX Ventures: 2024 Annual Report
- Pump.fun: A Fair Launch Platform
- Notcoin: The First Tap-to-Earn Project in Telegram
By reading this article, you will gain a deeper understanding of the key trends and developments in the crypto market. However, it is essential to conduct your own research and consult with experts before making any investment decisions.
