Crypto in 2024: Mid-Year Reflections

4 takeaways 👇

Crypto moves fast – like blink-and-you-missed-it fast.

The first half of this year has been no different, with new chains and applications emerging daily and the crypto industry gaining mainstream acceptance in the financial world.

Amid the Twitter echo chambers and the frenzy of bull market price action, it's easy to lose sight of the bigger picture. So, let's zoom out and focus on the signal amid the noise.

TL;DR Crypto is just getting started; don't get shaken out.

Today, we’ll take a step back to reflect on the key developments of H1 2024, exploring the significant events and trends that highlight the progress we've made this year. 👇

1️⃣ Crypto is now mainstream
Remember the days when crypto was a niche plaything for cypherpunks? Those days are well over.

In the first half of 2024, crypto broke through to the mainstream with a vengeance.

The turning point was the long-awaited approval of spot Bitcoin ETFs in January. Suddenly, Wall Street had a comfortable on-ramp to crypto, and they took it in a big way. Eleven ETFs launched in one day, and volumes broke records.

And it didn’t stop at Bitcoin. The SEC finally greenlit eight spot ETH ETFs in May, further validating the entire crypto ecosystem, and opening the door for even broader institutional adoption.

2️⃣ Crypto Adoption Accelerating
Crypto adoption is accelerating at a remarkable pace. The number of active users across blockchains is up big time, hitting an all-time high of 42.92 million active addresses in April.

Another factor is the resurgence of DeFi. DeFi activity and mindshare are on the rise again, signaling a renewed interest and activity onchain, one that's moving beyond simple speculation to perhaps some real-world utility, like in the form of stablecoins for payments and asset tokenization for RWAs such as government securities.

The momentum is clear: more people are coming onchain, and they're finding more reasons to stay.

3️⃣ Ethereum Still Dominant, But Solana Rising
Ethereum remains the dominant force in crypto. Over 60% of the total value locked in DeFi sits on Ethereum, a testament to the lindy ecosystem, which acts as a foundation for countless applications and chains.

This dominance is not just a matter of capital but also technological progress on the roadmap. Ethereum is scaling through L2s like Base who have seen robust adoption this year, and thanks to the most recent Dencun upgrade, offer users significantly lowered gas fees.

Moreover, Solana’s innovation engine is running hot. Tech advancements like zk-compression and user-friendly features like Blinks are setting the stage for broader adoption, and we can see that Solana’s network effects are taking root in real time.

Make no mistake: Ethereum isn't going anywhere. Its established network effects and vast developer community ensure its continued importance in crypto. But Solana's impressive strides can't be ignored. Both ecosystems are thriving, each in its unique way. This parallel adoption is a win for crypto users, as it accelerates innovations and drives the entire industry forward.

4️⃣ More Chop Ahead, Then Up-Only
Bitcoin broke its all-time high in March, briefly breaching the $70 ,000 mark. While that party seemed to end pretty abruptly, let's not get carried away. This bull market is far from over.

The long-awaited ETH ETFs are nearly here, interest rate cuts are likely on the way, and crypto will likely continue to earn a place on the national stage during the U.S. elections with potential positive policy shifts in play.

💭 Closing Thoughts
So, has the first half of 2024 been all smooth sailing for crypto? Not quite.

The bull market must go

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WBTC (Wrapped Bitcoin) is now officially live on #Solana by Wormhole. This mew development is expanding its utility in the Solana DeFi ecosystem.

Bonfida the name service platform on Solana has announced the expansion of Solana Name Service to #Base

There you'd get
➢ Cross-chain identity
➢ Enhanced user experience
➢ Boosted adoption

These are advancements that align with the mission of global decentralized identities, anchored by Solana as the definitive source.

DefiLlama is showing support for Solayer Labs, a new restaking protocol on the Solana blockchain.

What Solayer Labs does is to enhance the security and efficiency of the Solana network by allowing users to restake their staked tokens, essentially staking them a second time to secure additional layers of applications.

The Open Network has been a rare rocket ship during choppy markets 🚀

Here's how you can get started with the chain 👇

It's been hard to miss the rise of $TON over the past few months

Thanks to its integration with Telegram
& persistent price action The Open Network ecosystem continues to gain traction rapidly

These are the most active areas in the ton_blockchain
:

🎮 Telegram-Based P2E Games

Gaming has become a stand-out feature for TON, first with Notcoin and now with other games like CatizenAI and Hamster Kombat.

In summary, gaming on TON, whether through Catizen or Hamster Kombat, offers some (very) simple entertainment and real-world rewards, making it an attractive option for early speculators.

🔒 Liquid-Stake your TON for additional rewards

Like most PoS ecosystems, liquid staking with Tonstakers or Bemo Finance lets you use your TON to earn additional rewards.

- bemo_finance is another non-custodial liquid staking protocol on TON. It allows users to stake TON tokens and receive $stTON tokens in return that can be freely used in DeFi and increase in value as staking rewards are earned.

Both Tonstakers and Bemo Finance offer excellent opportunities for users to earn rewards through staking, making them valuable tools for maximizing your TON holdings.

🫳 Swap tokens on DEXs

DEXs lie at the center of TON’s DeFi ecosystem to drive the network forward, particularly http://STON.fi and DeDust.

💰 Lend through money markets

Lending platforms on TON offer additional ways to leverage your assets and turn a profit.

- evaaprotocol is a lending platform on the TON network that allows users to lend and borrow assets like TON, stTON, $tsTON , and $USDT directly from Telegram.

With double-digit interest rates for TON and USDT, the platform stands out as a competitive option for participating in DeFi and earning additional yield on your TON — way higher than with staking! The protocol currently has an XP points program, which can be later burned in exchange for the $EVAA token when it launches.

-
daolama_ton offers NFT lending for TON, currently supporting over 35 collections. On the platform, users can choose an NFT they’d like to rent out in exchange for TON, create a proposal, and then, when confirmed, receive TON based on the proposal's guidelines. Additionally, DAOLama’s marketplace offers a Buy Now, Pay Later feature for NFTs, allowing you to purchase NFTs like Anonymous Telegram Numbers 👀 for 41 TON instead of 113 TON.

In conclusion, Evaa Protocol and DAOLama TON offer unique and user-friendly lending solutions, providing even more avenues for earning yield on TON.

🤑 Trade crypto derivatives

For fans of derivatives trading, TON comes ready for platforms for trading crypto assets on up to 50x leverage.

storm_trade_ton is a decentralized derivatives trading platform built on TON and directly integrated with Telegram. Accessible via a web app and Telegram bot, Storm Trade provides trading features like leverage up to x50, instant price updates, and trading pairs with collateral in TON and USDT.

In addition, Storm Trade offers opportunities to earn through tournaments or by providing liquidity. In their daily tournaments, users compete for Storm Trade NFTs, which will whitelist them for the exchange’s token at launch. In their vaults, users can provide liquidity to act as a counterparty to traders on the platform and earn 70% of protocol fees. This can all be done directly from Telegram, making trading available on the go.

Written by
davewardonline✍️

DeFi perpetual trading platform ZetaMarkets on Solana releases the Airdrop checker for their airdrop $ZEX

https://token.zeta.markets/

This is the only official link so be careful not to click on phishing links and connect your wallet to unknown sites so as not to get scammed

KaminoFinance has recently integrated Solana's Token22 into its Kamino Lend platform, hinting at significant upcoming developments.

This integration aligns with Kamino's strategy of enhancing its decentralized finance (DeFi) offerings, which includes:

➢ lending

➢ liquidity provision and

➢ leveraging capabilities within the Solana ecosystem.

The integration of Token22 is expected to further streamline and optimize these processes, attracting more users and increasing the platform's overall utility.

Solana-based DeFi perpetual trading platform Zetamarket, has hit Total trading volume of $10 billion, a new all-time high.

Jupiter, one of the biggest decentralized exchange on Solana, introduced perpetual futures trading with up to 100x leverage, marking its expansion into a comprehensive DeFi platform.

DriftProtocol a perpetual DEX on Solana partners with OndoFinance to integrate tokenized real-world assets (RWAs) like treasury bills into Solana DeFi.

USDY will be integrated on Drift, enhancing capital efficiency and utility, with plans to bring more assets on-chain.

Circle recently minted $250 million worth of USDC on the Solana blockchain. This event was detected by Whale Alert and marks a significant move for the USDC stablecoin and the Solana network.

This minting is expected to enhance liquidity within the Solana ecosystem, benefiting various DeFi applications and DEXs that operate on the network.

DID YOU KNOW

Zeus Network provides a communication layer for bridging Bitcoin and Solana, allowing Bitcoin users with Ordinals and Runes to access DeFi opportunities on Solana.

$ZEUS , the native token for the Zeus Network, was launched via the Jupiter Launchpad, with 3% of its total supply allocated as airdrops to its community

SolanaPay powered by Helio is a means to pay for goods you purchase using crypto tokens.

It offers merchants perks such as:
•Reduced fees

•Instant payouts

•No chargebacks
&
•Global reach.

SolanaPay has been operating on Shopify and recently, new features have been added to make user experience even better.

Some of these features includes; Acceptance of a wide range of tokens, Stablecoin payouts in various currencies, Sub-1-second transactions, Premium offers for NFT holders and many more.

This form of Crypto Commerce would definitely elevate user buying experience.

EVERYTHING SOLANA

1. NETWORK PERFORMANCE AND UPGRADES
Solana is enhancing network stability and scalability, maintaining high throughput and low transaction costs.

2. MOST USED DAPPS
- DeFi Platforms: Serum, Raydium, Orca.
- NFT Marketplaces: Magic Eden, Solanart.
- Gaming: Star Atlas, Aurory.
- Web3 Apps: Jupiter Aggregator.

3. BIGGEST MEMECOIN
- Bonk (BONK): It is the biggest memecoin by market cap and has gained significant attention and a strong community presence.

4. NEW NARRATIVES
- Mobile Integration: Solana's mobile stack and the upcoming Saga phone.

...

Solana has created an avenue for better staking on the blockchain with the launch of Marinade Finance. It's works by routing assets to the best-yielding validators. This offers liquid staking through its mSol token, allowing for flexible staking and integration with various DeFi protocols. There's Over $1 billion worth of assets locked in Marinade Finance's smart contracts

Solana Foundation has reported over 2,500 monthly active developers, showcasing a strong community growth. Also, New Solana-to-Bitcoin cross-chain bridge, Zeus Network, set to launch in Q3 2024, bridging DeFi, GameFi, and more between various ecosystems

Solana's top liquid staking service Jito, reached a new milestone in May, underpinned by
solana's impressive performance In May, when it's network fees hit $43 million, and its DEX volume has remained steady at $35 billion over the past two months, highlighting strong DeFi demand in the ecosystem.

Hottest projects I've seen in various narratives

DeFi --$TARA

SocialFi -- $LINGO

Gamefi -- $PIXEL

RWA -- $SKEY

DEPIN -- $WIFI

I'm i right??

Pick 1 of the 3

1. Defi

2. GameFi

3. SocialFi

#Bitcoin Dominance

So yes, ETHBTC Pump!

But hey, let's not forget that the big boss always has more than 50% dominance on the market so he must be respected.

That's why, in my opinion, we can see a mini Altseason as we have often seen for a year, but the real Altseason is not for now.

I can't wait to see Gaming, Metaverse and NFT explode!

It's not FUN AI, DeFi and RWA 😂

The market cap of Bullv is too small to push the coin.. coin with good potential will definitely have good and solid market cap

What do you guys think, should we give the cat very colorful suit for its mission?
-
#aurora #space #Cat #crypto #Blockchain #TokenFi #news #Launchpad #defi #memecoin #CommunityEngagement

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