How has DeFi evolved since the last bull run?

Bitcoin restaking protocols have driven significant TVL growth, while Solana continues to rise as a rival to Ethereum. Platforms like Base, Hyperliquid, Sui, and Aptos are also gaining ground, challenging established leaders.

Base had an outstanding year in 2024, with daily transactions surging by an incredible 2,632.4% since January.

Other key metrics also showed explosive growth:

• DEX volumes: +7770.4%
• Fees: +642.8%
• Unique wallets: +256.8%

Ethereum staking continues to soar, with over 54 million ETH locked in.

Notably, ETH restaking now makes up nearly 10% of the total, showcasing its rising popularity.

Monthly fees of top protocols could hit $5 billion by 2025, up from the $3 billion peak in 2021.

Key drivers include a surge in onchain users, heightened DeFi activity, L2 interactions pushing L1 capacity, and Solana’s expanding ecosystem.

The top 5 networks by daily active addresses, along with their YTD changes, are:

• Base: +1,310.1%
• Solana: +930.3%
• Near: +225%
• Tron: +76.9%
• BNB Chain: -41%

Over the past 30 days, AI Agents emerged as the most profitable narrative with a 75% ROI, followed by CEX tokens at 37%.

In contrast, Modularity (-33.6%), LRT (-32.4%), and Memecoins (-30.4%) were the least effective.

How much wealth is actually stored on the Bitcoin's network?

By analyzing both on-chain and off-chain data, the estimated figure is $1.03 trillion, marking an 85% growth this year.

Goodbye, 2024.
You were a good one.

We'll always remember you as the year when BTC crossed $100K, and institutions finally started investing in crypto.

Thank you for the success stories you told us—like $HYPE—and for the new narratives to ride early—like AI Agents.

2024 was a good year.

And now, hello, 2025.
Let's have a great ride.

10 predictions for 2025

1. $SOL will reach $300.

2. Ethena's $USDe will surpass an $8 billion market cap and become one of the top 20 on CMC.

3. $NEAR will overtake $DOT, $HBAR, and $XLM by market cap.

4. $MNT will reach a new all-time high of $1.5.

5. BTCfi protocols in the top 100 on CMC: $SOLV, $CORE, $STX.

6. OG AI Agents – $GOAT, $ZEREBRO, $AIXBT, $AI16Z – will have another FOMO ride.

7. Bitcoin's TVL will surpass $20 billion.

8. $MORPHO and $PENDLE will join the top 100 on CMC.

9. $WLD will have a hated rally.

10. Research companies like Delphi, Messari, Nansen, and Kaito will launch their AI Agents.

Starting the new year with knowledge is a great idea, isn't it?

General
➖ Cryptorank: 2024 Recap: Milestones and Narratives
➖ Binance: Navigating Crypto: Industry Map
➖ Footprint: Blockchain Landscape 2024: From Infrastructure Competition to Application Innovation
➖ Galaxy: Crypto Predictions for 2025

Market
➖ CoinGecko: Top 10 Crypto Gainers’ Prices Soar 1,401% to 23,079% in 2024
➖ CoinGecko: Top Crypto Narratives Record -21% to +2,940% Returns in 2024

Tokens & currencies
➖ CoinShares: Bitcoin Mining Report - Q3 2024

As the world greets a new year, I dedicate my holidays to reading research and sharing highlights with my subscribers.

Today, I'm focusing on the latest report, "The Year Ahead for AI and DePIN in 2025" from Delphi.

Read the report summary on my Substack.

When TON's price rises, staking TVL tends to fall, suggesting that investors withdraw tokens from staking to sell them.

Recently, staking TVL hit a new low, coinciding with what appears to be TON's local price bottom.

The BTC supply on layers chart reminds me of the DeFi TVL chart across chains in 2021.

Two core players, WBTC and BTCB, dominated at the beginning of the year. Sliced pie today, with WBTC's dominance already below 50%.

Current ranking:
• WBTC (BitGo)
• BTCB (Binance)
• cbBTC (Coinbase)
• LBTC (Lombard)
• SolvBTC.BBN (Solv)

Source: BitcoinLayers

Ethereum's relevance was under pressure in 2024, with competitors outpacing its innovation and raising doubts about its leadership and vision for decentralization.

The delayed Dencun upgrade missed key opportunities, as trends like the meme coin craze had already shifted to Solana.