2024

Solana

when

<p><img alt="HTX Ventures 2024 Report: Key Developments and Insights" src="https://s3.cointelegraph.com/storage/uploads/view/4c857ce97f38529e423ed7d0c5e521e9.jpg"></p>
<p>HTX Ventures recently released the 2024 annual report that discusses the key developments in five sectors: the 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. Its analysis is complemented by a macroeconomic overview and market projections.</p>
<div style="background-color: #f0f0f0; padding: 8px 21px; font-weight: bold; color:#253137;"><a href="https://s3.cointelegraph.com/Htx-Ventures-2024-Year-In-Review-Report.pdf" rel="noopener noreferrer nofollow" style="color: #253137;" target="_blank">Download a full version of the report for free here</a>
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<h2 id="bitcoin-as-an-epicenter-of-innovation">Bitcoin as an epicenter of innovation</h2>
<p>Bitcoin has been the foremost subject of discussion throughout 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<a href="https://www.tradingview.com/symbols/BTC.D/" rel="noopener noreferrer nofollow" target="_blank"> 57.09%</a> (Figure 1) most recently. The asset still holds most of the liquidity in the crypto market.</p>
<p><img alt="Bitcoin dominance" src="https://s3.cointelegraph.com/storage/uploads/view/e6fd229438d31a2e0666a9f17a65d187.jpg" title="Bitcoin dominance"></p>
<p>Meanwhile, Bitcoin scaling solutions have once again attracted interest and multiple layer-2 chains were launched in 2024. The layer-2 landscape for Bitcoin now involves technologies as diverse as spider-chains (Botanix), <a href="https://cointelegraph.com/learn/articles/a-beginners-guide-to-the-zksync-ecosystem" rel="noopener noreferrer nofollow">zk-Rollups</a> (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 <a href="https://defillama.com/chains/Bitcoin%20Sidechains" rel="noopener noreferrer nofollow" target="_blank">surpassed</a> $2.5 billion.</p>
<p>Bitcoin development has also seen increased discussion and activity on the main chain. New inscription protocols such as <a href="https://cointelegraph.com/learn/articles/what-is-a-brc-20-token-standard-an-overview" rel="noopener noreferrer nofollow">BRC-20</a>, <a href="https://cointelegraph.com/explained/what-are-bitcoin-ordinals" rel="noopener noreferrer nofollow">Ordinals</a> and <a href="https://cointelegraph.com/learn/articles/bitcoin-runes" rel="noopener noreferrer nofollow">Runes</a> were created in recent months. However, the true game-changer for Bitcoin-based assets is expected to happen next year if <a href="https://cointelegraph.com/news/bitcoin-upgrade-ethereum-defi" rel="noopener noreferrer nofollow">OP_CAT</a> or some alternative covenant proposal is activated. For a deeper dive into what OP_CAT unlocks for the Bitcoin blockchain, read HTX Ventures’ detailed report.&nbsp;</p>
<div style="background-color: #f0f0f0; padding: 8px 21px; font-weight: bold; color:#253137;"><a href="https://s3.cointelegraph.com/Htx-Ventures-2024-Year-In-Review-Report.pdf" rel="noopener noreferrer nofollow" style="color: #253137;" target="_blank">Download a full version of the report for free here</a>
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<h2 id="memecoins-drive-retail-crypto-adoption">Memecoins drive retail crypto adoption</h2>
<p>In 2024, the memecoin sector once again became a hotspot of the crypto market. Characterized by their accessibility and low barrier to entry, Meme projects have become attractive to new users. Solana was the epicenter of the memecoin boom this year. Pump.fun, a fair launch platform on Solana, 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. This activity generated a cumulative revenue of over 1.17 million Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>), equivalent to about $200 million. Other blockchains, such as <a href="https://cointelegraph.com/learn/articles/what-is-tron-trx-and-how-does-it-work-a-beginners-guide" rel="noopener noreferrer nofollow">Tron</a> and <a href="https://cointelegraph.com/explained/sui-blockchain-explained-is-it-the-future-of-decentralized-networks" rel="noopener noreferrer nofollow">Sui</a>, have also quickly adopted meme strategies.</p>
<h2 id="ton-ecosystem-witnesses-exponential-growth">TON ecosystem witnesses exponential growth&nbsp;</h2>
<p>In 2024, <a href="https://cointelegraph.com/news/real-potential-the-open-network-ton" rel="noopener noreferrer nofollow">The Open Network</a> 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 and pioneered the monetization of Web2 social applications through crypto.</p>
<p><img alt="TON overview" src="https://s3.cointelegraph.com/storage/uploads/view/284d7c85d8bc998818f26cef8c9fa20e.jpg" title="TON overview"></p>
<p>TON has drawn in a large number of Web2 users via “tap-to-earn” games. Many of these games provided token airdrops after Telegram introduced <a href="https://cointelegraph.com/news/telegram-mini-apps-rise-ton-foundation" rel="noopener noreferrer nofollow">Mini Apps</a>. Notcoin, the first tap-to-earn project in Telegram, was launched in May 2024 and quickly gained popularity. Relying on its simple gameplay and Telegram’s vast user base, it almost instantly gained over 1 million monthly active users and was listed on major exchanges. 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.</p>
<div style="background-color: #f0f0f0; padding: 8px 21px; font-weight: bold; color:#253137;"><a href="https://s3.cointelegraph.com/Htx-Ventures-2024-Year-In-Review-Report.pdf" rel="noopener noreferrer nofollow" style="color: #253137;" target="_blank">Download a full version of the report for free here</a>
</div>
<p class="post-content__disclaimer" data-ct-non-breakable="true">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.</p>
<p class="post-content__disclaimer" data-ct-non-breakable="true">This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.</p>
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HTX Ventures 2024 Report: Key Developments and Insights

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Cointelegraph

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