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1、THEBLOCK.CO12025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO32Welcome to The Blocks 2025 Digital Assets Outlook Report,a comprehensive analysis of the past years developments in the cryptocurrency and blockchain space.This report leverages insights across the 25 analysts on our research team and is designed t

2、o provide insights to stakeholders across the digital asset ecosystem,from institutional investors and developers to policymakers and enthusiasts.The report is organized into thematic sections,each focusing on key areas of the industry:Macroeconomic Backdrop:Contextualizing crypto asset class perfor

3、mance within broader economic trends.Blockchain Networks(Layer 1s&2s):Examining advancements in scalability,and comparing user adoption.End-User Applications(DeFi,NFTs,etc.):Highlighting new innovations and competitive dynamics.Regulation and Institutional Involvement:Analyzing milestones and key ad

4、option trends.For a quick grasp of the year in review,weve compiled a few highlights:Top Takeaways from 20241.Market Surge and Legitimacy:The global cryptocurrency market soared to an all-time high of$3.8 trillion,fueled by a positive macro environment,institutional inflows,regulatory support,and te

5、chnological breakthroughs.2.Bitcoin ETFs Transform Adoption:Spot Bitcoin ETFs attracted over$110 billion in AUM,with BlackRocks fund leading the charge,solidifying Bitcoins position in mainstream finance.FOREWARD3.Solana Outpaces Ethereum in DEX Activity:A Solana driven memecoin trading frenzy helpe

6、d the chain surpass Ethereum in decentralized exchange(DEX)trading volumes for several months,signaling a shift in user preferences towards the high throughput blockchain.4.Ethereums Proto-Danksharding Impact:The adoption of EIP-4844 dramatically reduced Layer 2 transaction costs,driving exponential

7、 growth in networks like Arbitrum,Optimism,and Base.5.Bitcoins Ecosystem Evolution:The introduction of Ordinals and the exploration of smart contract enhancements like OP_CAT showcased Bitcoins expanding use cases beyond its monetary base.6.Memecoin Frenzy Boosts Solana:Solanas ecosystem thrived on

8、memecoin trading,with platforms like Pump.fun driving 43%of its DEX activity in November,underscoring retail market interest.7.Blue-Chip DeFi Innovations Take Center Stage:Leading DeFi platforms,such as Uniswap,Aave and Maker demonstrated resilience and innovation by launching new products and upgra

9、des to core offerings 8.Real-World Assets(RWAs)and Stablecoins Enter the Mainstream:Stablecoins reached new levels of adoption,with the total market cap exceeding$210 billion,while real-world asset(RWA)tokenization accelerated,driven by traditional asset managers.9.NFTs Face Market Realignment:While

10、 traditional NFTs declined in trade volumes and value,projects like Pudgy Penguins and Bitcoin Ordinals brought renewed interest with innovative use cases.10.Regulatory Milestones in the U.S.:Anticipation of a new pro-crypto administration provided clarity to DeFi projects and boosted institutional

11、confidence in crypto as an asset class.FOREWARD2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO544TABLE OF CONTENTS6PART 1:INTRO59PART 6:NFTS AND GAMING22PART 2:MINING29PART 3:LAYER-1S72PART 7:ONCHAIN APPLICATIONS36PART 4:LAYER-2S93PART 8:TRADFI AND CRYPTO50PART 5:DEFI111PART 9:REGULATION8Crypto Spot ETFs and

12、 Equities64Floor Price Performances28Mining Outlook for 202570NFTs and Gaming Outlook for 202532Stablecoins and TVL79Onchain Consumer Products37User Activity93BlackRocks BUIDL Program:Institutional Bridge to Onchain Treasury Markets51Memecoin Trading Drives Solana Activity116SEC Setbacks&U.S.Crypto

13、Regulations Post-202443Data Availability Solutions99Spot Crypto ETFs58DeFi Outlook for 202548Bitcoin L2s35Layer 1 Outlook for 202584Real World Assets38Ethereum L2 Landscape95Institutional Products Built on Ethereum,Avalanche,and Solana53DeFi Giants Stay Innovative118U.S.Crypto Regulation Outlook for

14、 202545Ethereum L2 Security43Revenue103Venture Funding49Layer 2 Outlook for 20259Crypto Markets Break New Ground65Ordinals and the Emergence of Bitcoin NFTs12Year of the Airdrops66Magic Edens Strategic Adaptations6Macroeconomic Backdrop61The Decline of Traditional NFTs25Public Bitcoin Miners67GameFi

15、29Parallel Execution Becomes Consensus73Memes&GambleFi36Total Value Locked87DePIN50Polymarket Capitalizes on US Election111U.S.Election&Crypto39Classification of Ethereum L2s97Institutional Initiative Progression55Restaking Picks Up Momentum47Centralization RisksTABLE OF CONTENTSTABLE OF CONTENTS202

16、5 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO76PART 1INTRODUCTIONThe global cryptocurrency market capitalization reached an all-time high of$3.8 trillion in 2024,nearly doubling from its levels at the start of the year.This dramatic growth was fueled by a confluence of factors,including improving macroeconomi

17、c data,increasing institutional adoption,technological advancements,and a change to a more accommodating and supportive administration in the U.S.Bitcoin continued to dominate headlines and attention,but the performance of alternative layer-1 and layer-2 solutions,particularly Solana and Base,also p

18、layed a critical role in expanding the market.MACROECONOMIC BACKDROPThe U.S.economy in 2024 showed sustained growth despite initial concerns of a slowdown in a challenging global environment.The year began with market uncertainty,influenced by sustained 5+%interest rates following the Federal Reserv

19、es year of rate hikes from mid 2022-2023,elevated inflation levels,and ongoing geopolitical conflicts in Europe and the Middle East.However,as economic indicators improved throughout the year,these concerns gradually subsided,with the economy demonstrating resilience through moderate GDP growth,decl

20、ining inflation rates,and expanding market opportunities across various sectors,including digital assets.One of the most significant economic developments of 2024 was the decline in inflation.The headline Consumer Price Index(CPI)decreased to approximately 2.5%by year-end,improving from 8%in 2022 an

21、d 4%in 2023.Multiple factors contributed to this trend,including slower wage growth,reduced rent inflation,and productivity gains that eased price pressures.While the moderation in wage growth to below 4%annually helped control inflation,it raised concerns about consumer spending power.The labor mar

22、ket underwent a gradual transformation throughout the year.Starting with an unemployment rate of 3.8%,employment conditions adjusted gradually.Unemployment increased to 4.3%by December,while monthly job creation decreased below 150,000 by midyear,reflecting business caution amid economic uncertainty

23、.Despite these changes,the labor force participation rate stayed near cyclical highs,indicating sustained worker engagement,while layoffs remained localized rather than systemic.In response to these economic shifts,the Federal Reserves monetary policy played a crucial role in guiding the economys tr

24、ansition.After raising rates aggressively in previous years,the Fed initiated an easing cycle,cutting the federal funds rate twice,first a 50 basis point(bps)cut from 5.50%to 5.00%on September 18th,and then an additional 25bps cut on November 7th and December 17th to bring the federal funds rate dow

25、n to 4.5%.This strategic pivot was driven by clear signs of disinflation and cooling labor market conditions.Federal Reserve Chair Jerome Powell emphasized the importance of recalibrating monetary policy to support sustainable economic growth while remaining vigilant against inflationary risks,demon

26、strating the Feds gradual and measured approach to providing relief without overheating the economy.The economic landscape was further reshaped by the presidential election,which brought Trump back to office,with his administration prioritizing deregulation,tariffs,tax reform,and protectionist trade

27、 policies aimed at stimulating growth.The administrations pro-crypto stance proved particularly significant for the digital asset sector,as commitments to reducing regulatory barriers and supporting blockchain innovation marked a turning point in institutional acceptance.INTRODUCTION2025 DIGITAL ASS

28、ETS OUTLOOKTHEBLOCK.CO98CRYPTO SPOT ETFS AND EQUITIESThe shift in regulatory attitude coincided with a watershed moment for cryptocurrency adoption:the U.S.approval of spot Bitcoin exchange-traded funds(ETFs).By the end of the year,ETFs collectively managed over 1.1 million BTC,with BlackRocks IBIT

29、fund emerging as the dominant player,managing over 445,000 BTC,followed by Grayscales GBTC with 216,000 BTC and Fidelitys FBTC with 188,000 BTC.These ETFs amassed over$32 billion in inflows,significantly outpacing the historical performance of Gold ETFs,which took five years to achieve similar inflo

30、w levels.While Bitcoin ETFs enjoyed unprecedented success,Ethereum ETFs followed a more modest trajectory.After an initial surge with billion-dollar trading volumes in July,these products experienced a significant cooldown,with daily trading volumes dropping below$200 million and reaching net outflo

31、ws of$687 million in late September.However,the trend reversed in November,with Spot Ether ETFs accounting for$675 million in inflows representing 19%of total spot Bitcoin ETF inflows for the month.By mid-November,the cumulative flow of spot Ethereum ETFs had finally turned positive,approaching$1 bi

32、llion.The remarkable growth in the cryptocurrency market during 2024 extended beyond digital assets themselves to crypto-focused companies.MicroStrategy emerged as a leading crypto equity,having established itself as an early adopter of corporate Bitcoin investment through a systematic accumulation

33、strategy that significantly influenced its stock performance.Following its initial Bitcoin investment in 2020,the company recorded substantial returns,with its stock increasing 400%year-to-date in 2024,following a 353%return in 2023.This exceptional performance exceeded both Bitcoins returns and mos

34、t equities over the past two years.Central to MicroStrategys approach was the use of convertible notes to fund Bitcoin acquisitions,a strategy that enabled the company to raise capital at competitive interest rates while maintaining its cash reserves.This innovative financing structure,which has led

35、 to the firm acquiring 423,000 Bitcoins,provided operational flexibility,allowing MicroStrategy to manage debt obligations according to market conditions.Additionally,the use of senior convertible notes,combining debt and equity characteristics,helped balance financial risks and maintain liquidity.H

36、owever,the strategys resilience was tested during the 2022 bear market when the company faced unrealized losses of$1.85 billion,and its market capitalization temporarily fell below its Bitcoin holdings book value.The subsequent market recovery vindicated the companys approach,resulting in unrealized

37、 profits of$14 billion.In parallel with MicroStrategys success,Coinbase experienced remarkable growth,with its stock value rising from approximately$75 per share to$210 by November 2024.This impressive performance was driven by multiple factors:a likely more favorable regulatory environment suggeste

38、d by the U.S.presidential election discourse,progress toward resolving ongoing SEC issues,increased market activity,and the companys strategic position as the primary custodian for crypto spot ETFs.Demonstrating strong business acumen,Coinbase strengthened its business model by diversifying revenue

39、streams through expanded staking services,institutional-grade products,and its Layer 2 platform,Base.This comprehensive transformation successfully reduced the companys dependence on trading volumes,with transaction fees accounting for 60%of income(down from 90%two years prior)and the remaining 40%d

40、erived from subscription services,stablecoin interest,custodial fees,and other products.CRYPTO MARKETS BREAK NEW GROUND2024 proved to be a watershed year for the cryptocurrency market,with Bitcoin and Ethereum reinforcing their positions as market leaders.Bitcoins price surged nearly 140%to reach a

41、new all-time high of$101,000,while Ethereum followed with a more modest but still significant appreciation of 70%over the course of 2024.While these headline figures are impressive,they only hint at the markets increasing complexity.A key development in the crypto markets during late 2023 and 2024 w

42、as the growing dispersion across different sectors,revealing a maturing investment landscape where performance varies significantly.Traditional cryptocurrencies like Bitcoin(BTC),Solana(SOL),and Ethereum(ETH),along with other smart contract platforms,have significantly outperformed sectors like Gami

43、ng,DePIN,and NFT.This trend is particularly evident in the GMCI indices,which provide a comprehensive view of sector-specific performance.While the GMCI30(top 30 coins by market cap)posted a solid 45%year-to-date increase,INTRODUCTION2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO1110specialized sectors show

44、ed even more dramatic variations.Most notably,the GMCIMeme and GMCIAI indices emerged as frontrunners with exceptional gains of 356%and 245%,respectively,far outpacing the broader markets 11%YTD growth in total capitalization.Layer 1 protocols,as tracked by the GMCIL1 index,maintained steady growth

45、with a 16%increase,while memecoins demonstrated remarkable momentum with 116%growth.The market performance in 2024 revealed clear preferences among investors,with capital predominantly flowing into two distinct sectors:major cryptocurrencies(particularly Bitcoin and Solana)and speculative growth seg

46、ments like memecoins and AI tokens.This trend was evidenced by the sustained strength of major cryptocurrencies,which maintained their dominant market positions,alongside the explosive growth and remarkable resilience of meme and AI tokens even during broader market corrections.Investors demonstrate

47、d increasing sophistication in identifying and capitalizing on both established and emerging opportunities within the cryptocurrency ecosystem.The evolution of major blockchain networks merits detailed examination.The following analysis explores key developments across Bitcoin,Ethereum,and Solana th

48、roughout 2024.The Bitcoin mining sector(see section two for in-depth analysis)experienced significant transformations throughout 2024.In the post-halving environment,it faced considerable headwinds,marked by declining revenues due to reduced block rewards and decreased Ordinals and Runes activity.Ne

49、vertheless,activity returned to the Bitcoin blockchain in phases,and miners demonstrated resilience by expanding and upgrading infrastructure,presumably to improve efficiency amid dropping block rewards-evidenced by the growth in hashrate.Bitcoins hashrate,a key network security measure,began the ye

50、ar at 512 exahash per second(EH/s)and climbed to an astonishing 750 EH/s by November.This substantial increase in computational power not only fortified the network but also highlighted the growing competitiveness among miners.Adding to the sectors evolution,mining difficulty hit a record-breaking 1

51、01.65 trillion in November,making it the most challenging year for miners in Bitcoins history.Furthermore,miners have become increasingly aggressive in accumulating Bitcoin,competing directly with MicroStrategys buying spree.This strategic shift is evidenced by seven publicly traded bitcoin mining a

52、nd data center companies raising a combined$5.2 billion via convertible notes since June.The Ethereum ecosystem experienced significant transformations in 2024,with scalability improvements leading the way.The implementation of EIP-4844s proto-danksharding,which introduced data blobs to enhance laye

53、r-2 scalability,marked a crucial advancement,substantially reducing transaction costs and establishing the foundation for future full sharding.This breakthrough catalyzed unprecedented Layer 2 adoption,with networks like Optimism,Arbitrum,and Base seeing remarkable growth in both transaction volumes

54、 and Total Value Locked(TVL).The optimization resulted in Layer 2 paying approximately 99%less for posting data to the main chain,driving the median gas price on Ethereum Mainnet down to 3 gweia level not seen since 2020.These efficiency gains,while beneficial for scalability,have impacted Ethereums

55、 tokenomics.The reduced transaction fees have led to one of the lowest burn rates since the Merge and EIP-1559 implementation,which introduced a dynamic base fee that is burned.Since April 2024 ETH supply increased from 120.065 million to 120.442 million at a 0.2%annualized inflation rate.Despite it

56、s recent reputation as a deflationary asset,ETH has maintained an inflationary trajectory for nearly eight weeks.However,this shift aligns with Ethereums broader scaling strategy,as the reduced data posting costs enhance network accessibility and capacity for growth.In the evolving landscape of Ethe

57、reum rollups,Base emerged as a standout performer in 2024.The platform achieved remarkable growth,processing 8.8 million daily transactions in November and accumulating a TVL of approximately$3.6 billion.Network fees reached a three-month peak of$765,000 in November,driven largely by the surge in AI

58、 agent protocols.The Virtuals platform,in particular,demonstrated the potential for innovation by providing a decentralized framework for AI agent creation and monetization across gaming,entertainment,and social media sectors.Bases success exemplifies how Layer 2 solutions can differentiate themselv

59、es through specialized technological integration while contributing to Ethereums scaling objectives.INTRODUCTION2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO1312Solana emerged as a dominant force in the blockchain landscape during 2024,experiencing unprecedented growth across its ecosystem.Its combination

60、of high throughput and minimal transaction fees attracted a diverse range of applications,from DeFi protocols and memecoins to DePIN and gaming platforms.The blockchains accessibility proved particularly appealing to retail users,with platforms like Pump.fun driving massive adoption,while institutio

61、nal recognition from companies like PayPal enhanced its credibility.This broad-based growth catalyzed significant price appreciation and established Solana as a serious challenger to Ethereums dominance.The networks technical performance in 2024 effectively addressed previous concerns about reliabil

62、ity.Maintaining near-perfect uptime even under heavy transaction loads,Solana demonstrated its ability to handle sustained growth.This reliability fueled extraordinary market activity,with monthly DEX trading volumes exceeding$100 billion and surpassing Ethereums DEX volume for the first time,driven

63、 largely by the proliferation of memecoin activity.The combination of technical stability and market dynamics solidified Solanas position as a preferred platform for both active traders and long-term investors.Solanas development ecosystem flourished throughout the year,benefiting from substantial i

64、nfrastructure improvements.Enhanced governance capabilities through Realms and the introduction of rollup-like technologies expanded the toolkit available to developers,reinforcing Solanas reputation for developer-friendly innovation.A particularly significant advancement came from Jump Cryptos deve

65、lopment of Firedancer,a new validator client designed to revolutionize network performance.Although scheduled for mainnet deployment in 2025,Firedancers promise to support higher transaction concurrency,reduce node operation costs,and eliminate single points of failure became a compelling narrative

66、in 2024.Solanas technological roadmap strengthened confidence in its long-term scalability and sustainability,contributing to its growing prominence in the blockchain space.YEAR OF THE AIRDROPS2024 saw numerous high profile and long awaited airdrops.This section will analyze the distribution and per

67、formance of these airdrops.Given the main purpose of an airdrop is to distribute a token of appreciation for loyal users and to potentially provide a liquidity injection for the ecosystem,it is also relevant to track the distribution and performance of these tokens following the airdrop.NOTABLE AIRD

68、ROPS IN 2024The largest category of airdropped tokens were L2 governance tokens,however,there were several other notable airdrops,especially within the Solana ecosystem.For example,Jupiter Exchange,the leading DEX aggregator on Solana,also airdropped its governance token,JUP,in January 2024.The list

69、 of airdrops that we will cover in this section are:JTO(Dec 7,2023)MANTA(Jan 18,2024)ALT(Jan 25,2024)JUP(Jan 31,2024)DYM(Feb 6,2024)STRK(Feb 20,2024)AEVO(Mar 13,2024)SHFL(Mar 14,2024)ENA(Apr 2,2024)KMNO(Apr 4,2024)PRCL(Apr 16,2024)NIM(May 1,2024)INTRODUCTION2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO1514

70、 MODE(May 7,2024)EIGEN(May 10,2024)TAIKO(Jun 5,2024)ZRO(Jun 20,2024)ZK(Jun 24,2024)BLAST(Jun 26,2024)ARKM(Jul 10,2024)AVAIL(Jul 23,2024)SCR(Oct 22,2024)HYPE(Nov 29,2024)ME(Dec 10,2024)PENGU(Dec 17,2024)AIRDROP DISTRIBUTION AND PERFORMANCE1.Jito($JTO)Jito is a liquid-staking platform on Solana that o

71、ffers staking returns and MEV rewards to holders of JitoSOL.100 million JTO tokens,accounting for 10%of the total supply,were airdropped to 9,754 users on December 7,2023.2.Manta Pacific($MANTA)Manta Pacific is an EVM-compatible Optimium that aims to foster the deployment of ZK applications without

72、needing advanced cryptographic knowledge.5.6 million MANTA tokens,accounting for 5.6%of the total supply,were airdropped to users on January 18,2024.3.Altlayer($ALT)Altlayer is a rollup-as-a-service(RaaS)platform that allows developers to deploy EVM-compatible rollups without needing extensive codin

73、g knowledge.300 million ALT tokens,accounting for 3%of the total supply,were airdropped to 224,241 users on January 25,2024.4.Jupiter($JUP)Jupiter is a DEX aggregator on Solana that aims to make trading on Solana seamless through features like automated dollar-cost averaging.1 billion JUP tokens,acc

74、ounting for 10%of the total supply,were airdropped to 639,161 users on January 31,2024.5.Dymension($DYM)Dymension is another rollup-as-a-service platform that facilitates the deployment of EVM-compatible rollups on Cosmos.70 million DYM tokens,accounting for 7%of the total supply,were airdropped to

75、users on February 6,2024.INTRODUCTION2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO17166.Starknet($STRK)Starknet is a ZK-rollup on Ethereum that leverages STARK validity proofs to scale its transaction throughput.700 million STRK tokens,accounting for 7%of the total supply,were airdropped to approximately 1

76、.3 million users on February 20,2024.7.Aevo($AEVO)Aevo is an application-specific Optimium that facilitates options and perpetual trading.30 million AEVO tokens,accounting for 3%of the total supply,were airdropped to 96,061 users on March 13,2024.8.Shuffle($SHFL)Shuffle is an online gambling platfor

77、m that offers casino games and sports betting options,using cryptocurrency for transactions.10 million SHFL tokens,accounting for 10%of the total supply,were airdropped to 1,726 users on March 14,2024,according to Dune.However,Shuffle has commented that the actual number of SHFL claimers was 17,139.

78、9.Ethena($ENA)Ethena is a decentralized finance(DeFi)protocol that focuses on creating a synthetic,censorship-resistant dollar(USDe)within the crypto ecosystem.750 million ENA tokens,accounting for 5%of the total supply,were airdropped to 46,037 users on April 2,2024.10.Kamino($KMNO)Kamino is a DeFi

79、 application on Solana that integrates concentrated liquidity management and lending in a single platform.750 million KMNO tokens,accounting for 7.5%of the total supply,were airdropped to users on April 4,2024.11.Parcel($PRCL)Parcl is a real-world asset(RWA)tokenization platform that focuses on perp

80、etual futures for real-estate markets.80 million PRCL tokens,accounting for 8%of the total supply,were airdropped to users on April 16,2024.12.Nim Network($NIM)NIM is a blockchain that aims to integrate artificial intelligence with gaming,allowing developers to more easily deploy AI-augmented blockc

81、hain games.90 million NIM tokens,accounting for 9%of the total supply,were airdropped to over 500,000 users on May 1,2024.13.Mode Network($MODE)Mode is an optimistic rollup that leverages the OP Stack,with a focus on enabling AI-assisted financial applications.550 million MODE tokens,accounting for

82、5.5%of the total supply,were airdropped to users on May 7,2024.Another 500 million MODE tokens were airdropped to users in a second round on October 18,2024.INTRODUCTION2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO191814.EigenLayer($EIGEN)EigenLayer is an Ethereum-based protocol that enables the restaking

83、of Ether to secure other decentralized platforms,allowing stakers to earn additional yield from the platforms renting this added security.Over 102 million EIGEN tokens,accounting for 6%of the total supply,were airdropped to 218,015 users on June 5,2024.An additional 10 million EIGEN tokens were dist

84、ributed later in June,bringing the total airdropped tokens to nearly 113 million EIGEN tokens.15.Taiko($TAIKO)Taiko is a EVM-compatible ZK rollup that aims to scale Ethereum while offering a consistent experience for both developers and users of the Ethereum ecosystem.50 million TAIKO tokens,account

85、ing for 5%of the total supply,were airdropped to users on June 5,2024.16.LayerZero($ZRO)LayerZero is an interoperability protocol that facilitates secure communication across multiple blockchain networks.85 million ZRO tokens,accounting for 8.5%of the total supply,were airdropped to 737,101 users on

86、 June 20,2024.17.zkSync Era($ZK)zkSync Era is another EVM-compatible ZK rollup with similar goals as Taiko,albeit zkSync Era was launched significantly earlier than Taiko.367 million ZK tokens,accounting for 17.5%of the total supply,were airdropped to users on June 24,2024.18.Blast($BLAST)Blast is a

87、n optimistic rollup that first introduced the concept of native yield for Ether held on the rollup by staking Ether deposited to the L2 bridge.14 billion BLAST tokens,accounting for 14%of the total supply,were airdropped to 536,099 users on June 26,2024.19.Arkham($ARKM)Arkham is a blockchain intelli

88、gence platform that leverages AI technology to analyze onchain data in order to deanonymize cryptocurrency transactions and provide insights into onchain activities.30 million ARKM tokens,accounting for 3%of the total supply,were airdropped to 64,718 users on July 10,2024.20.Avail($AVAIL)Avail is a

89、modular blockchain infrastructure designed to enhance data availability for decentralized applications such as L2s.600 million AVAIL tokens,accounting for 6%of the total supply,were airdropped to 354,605 users on July 10,2024.INTRODUCTION2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO212021.Scroll($SCR)Scrol

90、l is another EVM-compatible ZK rollup with similar goals as zkSync Era and Taiko.Out of these three ZK rollups,Scroll is the latest to airdrop its token.55 million SCR tokens,accounting for 5.5%of the total supply,were airdropped to 500,760 users on October 22,2024.22.Hyperliquid($HYPE)Hyperliquid i

91、s an L1 with high throughput,optimized for perpetual trading.On November 29,2024,Hyperliquid airdropped 310 million tokens,accounting for 31%of the total supply to over 90,000 users.23.Magic Eden($ME)Magic Eden is a Solana-focused NFT marketplace that also facilitates the trading of Bitcoin ordinals

92、 and Ethereum NFTs.125 million tokens,accounting for 12.5%of the total supply,was earmarked to be airdropped but only 106 million tokens have been claimed by 177,176 wallets.24.Pudgy Penguins($PENGU)Pudgy Penguin is an Ethereum-based NFT community that was launched in July 2021.It has grown to becom

93、e a notable NFT community since then.23 billion tokens,accounting for 25.9%of the total supply,was airdropped to NFT holders.Over 17 billion tokens have been claimed by 877,353 wallets.While it is not possible to accurately compare the performance of all airdrops,there are a total of ten L2 governan

94、ce token airdrops this year,which gives us a basis to compare the relative performance of these coins following their airdrop date.The main takeaway here is that the airdrops conducted in the earlier half of 2024,such as MANTA,ALT and DYM,appear to outperform the airdrops conducted in the later half

95、,such as BLAST and SCR,for the first 30 days after the airdrop.As the market sentiment was more bullish in Q1 2024 than Q2/Q3 2024,the data suggests,at least for L2 governance tokens,that prevailing market sentiment has a significant influence on the short-term price action of the airdropped token.T

96、his highlights the relative importance of timing an airdrop for L2s.As such,upcoming L2 airdrops are likely to capitalize on the growing bullish sentiment brought on by Bitcoins rally and launch in the near future.That said,this analysis considers only 10 different data points in 2024 and could be d

97、isproven with future airdrops.INTRODUCTION2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO2322PART 2MINING2024 marked Bitcoins fourth quadrennial halving,a watershed moment for the worlds largest cryptocurrency and the industry as a whole.On April 19,2024,block 740,000,the number of bitcoins a successful mine

98、r is rewarded with for finding a block,was reduced from 6.25 BTC to 3.125.While the halving drew cheers from investors and holders as a celebratory milestone,bitcoin miners faced a much harsher reality:their revenue streams have been cut in half.And since bitcoins price continued to range in the mid

99、$60,000 range,miner revenues from subsidy rewards paid by the Bitcoin network went from an average of$1.49 billion a month in the four months leading into the halving to$882 million a month in the months following the halving.In a perhaps surprising twist,however,miner revenues,in dollar terms,have

100、already surpassed 2023s highs,with bitcoin miners generating$13.3 billion in 2024 compared to$10.5 billion in 2023.This was due,in no small part,to the precipitous rise of bitcoins price,going from$16,615 at the beginning of 2023 to highs of over$100,000 near the end of 2024.Miners also benefited fr

101、om increased onchain activities brought on by Bitcoin Ordinals,BRC-20 tokens,and Runes tokens,which are discussed in more detail throughout this report.Fees generated from these onchain activities reached 16%of total monthly revenue for miners in April before plummeting down to 3%at the time of writ

102、ing,forcing miners to continue to be reliant on block subsidies as their primary source of revenue.Bitcoins growing hash rate has also weighed heavily on miners.Currently,the hash rate is 727/Exahash per second,a 43%increase from year to date.For context,estimates have suggested that Bitcoins electr

103、icity consumption is roughly 0.65%of global consumption.PART 2:MINING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO2524As hash rate continues to grow,with limited bitcoin issuance,mining bitcoin becomes increasingly more competitive.Daily mining revenue per TeraHash per second(TH/s)produced by the Bitcoin n

104、etwork suggests that miners are earning roughly$0.046 per day for each TH/s they contribute to the Bitcoin network.This is down 50.98%from roughly$0.095 at the beginning of the year.As profitably mining bitcoin continues to become more difficult,it has become a standard for miners to collectively co

105、ntribute their hash powers to mining pools to maintain a more reliable stream of income.The leading bitcoin mining pool and one of the youngest is Foundry USA,a five-year-old subsidiary of crypto conglomerate Digital Currency Group.The U.S.-based mining pool has maintained an average of 29.50%share

106、of hash power contributed to Bitcoin.Asia-based Antpool and ViaBTC round up the top three with 22.95%and 13.30%,respectively.PUBLIC BITCOIN MINERSIn terms of performance,Bitcoin mining companies this year have mostly underperformed Bitcoin itself.The average return of a dozen top publicly traded Bit

107、coin-centric mining companies year to date is 70%,with the median returning 30%,against bitcoins 100%.The two publicly traded companies that outperformed Bitcoin at the time of writing are Core Scientific and TeraWulf,at 420%and 243%,respectively.PART 2:MINING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO27

108、26This year,publicly traded bitcoin miners have mined 42,154 bitcoins so far,which is roughly 22.69%of the bitcoins produced by the Bitcoin Network.While the majority of companies sell their bitcoin immediately after them,some continue to hold them in their reserves.The bitcoin treasuries of these c

109、ompanies equate to 72,668 bitcoins or$7.1 billion at current prices,with Marathon Digital making up the bulk of these holdings with 27,562 bitcoins in its treasury.In fact,Marathon Digital has more recently announced its plans to issue debt to accumulate even more bitcoin for its treasury.2024 also

110、saw a handful of mergers&acquisitions(M&A)in the bitcoin mining industry.While this year did not reach the scale of 2021,2024 is the second-largest year for bitcoin mining M&A deals with 16 deals done to date.2024 also had some of the largest deal counts by dollar amount with Northern Data completin

111、g its$435 million acquisition of Damoon,Bitfarms$140 million acquisition of Stronghold Digital,and BitDeers$140 million acquisition of Desiweminer.These deals allowed acquirers to leverage economies of scale as well as reorganize and smooth out their supply chain operations to improve business effic

112、iencies.Part 1:IntroductionDespite significant market activity and bitcoin price action,2024 has been a relatively lackluster year for growth in the Bitcoin mining landscape.The halving reduced subsidy income to miners by half and the slowdown of onchain trading activities shows miners that they sti

113、ll cant rely on a sustainable fee market to fund their operations.Furthermore,there is still ongoing concern about the centralization of mining pools,with two pools making up the majority of hash rate contributed to the Bitcoin network.That said,because Bitcoin is akin to a growing organism,there ar

114、e many upcoming developments such as the activation of OP_CAT to look forward to to make the network maintain its dominance and help the mining industry grow.Being able to operate based on transaction fees over subsidies has been a loosely agreed-upon goal for many bitcoin miners.As subsidy rewards

115、ultimately head toward zero,a larger portion of mining revenue must come from transaction fees to(sustainably)maintain economic security.Ordinals,Runes,and B2C-20 token trading prove that there is indeed demand to make onchain transactions on bitcoin beyond that of just sending the cryptocurrency ar

116、ound making up over 1/5th of mining revenue in December 2023.While onchain asset trading has more recently died down,there are many upcoming developments that can bring a resurgence back to bitcoin onchain trading.One of these developments is OP_CAT,which is a proposal that will enhance Bitcoins cur

117、rently limited smart contract functions.If OP_CAT is activated,more complex spending conditions and PART 2:MINING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO2928transaction types like smart contract vaults and tree signatures will reduce the friction of creating onchain assets on Bitcoin as well as open t

118、he gates for potential Layer 2 networks to launch on Bitcoin,the latter of which is being worked on by many firms including Starkware,Alpen Labs,and Bitlayer.A more expressive language may ultimately lead to products that could retrigger demand for Bitcoin block space and ultimately generate fee rev

119、enue beneficial to miners.The concentration of over 50%of Bitcoins hash rate between Foundry USA and Antpool has spurred numerous initiatives to decentralize pool functionality.Traditionally,when a miner connects to a mining pool they give up the block-building control to the pool.In other words,the

120、 mining pools ultimately get to use their contributing miners hash rate to determine how blocks are built and which transactions are included whenever the pool finds a block.Given that the two largest mining pools are in heavily regulated countries,this opens up opportunities for transaction censori

121、ng.Currently,there are two major attempts to give the block-building power back to the individual miners,they are Stratrum by Braiins and Oceans DATUM protocol.While adoption has still been low for these two protocols,there continue to be ongoing calls from the Bitcoin community pressuring mining po

122、ols to start adopting them.Successfully pressuring mining pools to decentralize block building would add another layer of security for Bitcoin.MINING OUTLOOK FOR 2025Each halving cycle forces Bitcoin miners to prepare and readjust their operations as their revenues get slashed by half.This cycle is

123、no more different.However,unlike previous cycles,the Bitcoin community has grown increasingly receptive to new technologies and tradeable assets on the largest blockchain in the cryptocurrency industry.These new technologies and assets may lead to a scenario where miners no longer have to rely on su

124、bsidies for the majority of their revenue and operate in a future where their businesses primarily sustained by transaction fees,driven by a steady flow of active Bitcoin users and traders.PART 3LAYER-1sThe blockchain ecosystem underwent a transformative year in 2024,driven by advancements in scalab

125、ility,parallel execution,and the rise of consumer-focused applications.High-performance Layer 1(L1)networks,exemplified by Solana and Sui,captured outsized demand as their technical capabilities supported surging user activity across decentralized exchanges(DEXs),stablecoins,and DeFi protocols.Paral

126、lel execution became a pivotal innovation,not only redefining competitive dynamics among L1s but also influencing investor sentiment and valuations.Meanwhile,Ethereum maintained dominance in key sectors like lending,though emerging ecosystems challenged its market share across other metrics,undersco

127、ring the growing diversity and specialization in blockchain adoption.PARALLEL EXECUTION BECOMES CONSENSUSConsumer applications were a powerful driver of growth and user activity on Layer 1(L1)blockchains in 2024.L1 chains that prioritized scalability,low fees,and user experience were best positioned

128、 to support these apps,capturing outsized demand and market share relative to their peers.This dynamic was exemplified by Solana in 2024,whose PART 3:LAYER-1S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO3130high throughput and parallel execution allowed it to sustain a surge of new demand for memecoin trad

129、ing and reach new highs in terms of network activity.For the first time ever,monthly DEX volumes on Solana surpassed Ethereum to claim the largest share among both L1 and L2 chains-in July,October,and November-underscoring the dramatic shift in market dominance.Despite having significantly lower tra

130、nsaction fees on average compared to other L1s,cumulative fees paid by Solana users also surged to a new high,behind only Ethereum and Tron,again highlighting its outsized user demand this year.From a valuation perspective,Sui was the largest beneficiary of the markets newfound recognition of parall

131、el execution capabilities being a potential leading indicator for long-term performance and growth.Despite a large supply unlock in May that increased its circulating supply by 82%,SUI was the top-performing L1 in 2024,up 316%YTD as of December 1.SOL was the 2nd-best performing L1,up 118%YTD,cementi

132、ng parallel execution as a key theme for investors in 2024.Other L1s focusing on network performance via parallel execution did not garner as much market interest as SUI and SOL,with APT up 31%and SEI down 6%YTD.This suggests that investors primarily coalesced their attention and capital around Suis

133、 abilities to compete with Solana on a technical level in the long term,especially given Suis major Mysticeti upgrade in July that brought major latency improvements to the network.Nonetheless,it remains to be seen whether investment interest in Solanas competitors will eventually catch up to their

134、continued technical development over time.One major area of active development is the integration of parallel execution with the Ethereum PART 3:LAYER-1S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO3332virtual machine(EVM),which has traditionally been limited to single-thread processing and slower executio

135、n as a result.Monad,which claims to have solved this longstanding problem,raised over$200 million at a$3 billion valuation in March,demonstrating the markets appetite for EVM chains that might be able to match Solanas throughput figures.For comparison,Sei,which is also slated to introduce a parallel

136、ized EVM in Sei V2,is currently valued at$6 billion as of December 1,2024.STABLECOINS AND TVLStablecoin flows were another indicator of growth and adoption of specific L1 ecosystems.In percentage terms,L1 chains with parallel execution were among the fastest-growing ecosystems in 2024 with respect t

137、o stablecoins,led by Sui,with a YTD gain of 6167%as of December 1.NEAR,Aptos,and Solana also saw significant gains in stablecoin market cap,with YTD gains of 855%,533%,and 152%,respectively.NEARs stablecoin growth was likely related to the ecosystems focus on consumer apps,which we found to be a str

138、ong driver of user behavior throughout the year.Sui and Aptos also saw the rise of so-called“clicker games”that contributed to brief but extreme spikes in user activity.However,for the most part,stablecoin growth was indicative of rising user interest in specific ecosystems,bolstered by an increase

139、in institutional adoption,as well as the deployment of native stablecoins through issuers like Circle and Tether.In September,Circle introduced native USDC to the Sui ecosystem,and in August,Tether announced the deployment of native USDT to the Aptos ecosystem.Both ecosystems have seen the emergence

140、 of institutional usage on their respective blockchains,with Ondo deploying its Treasury-backed USDY stablecoin on Sui in May and BlackRock launching its BUIDL Fund on Aptos in November.On Solana,most of the stablecoin growth can be attributed to the networks rise as the leading memecoin platform,th

141、ough it also passed a major milestone with the introduction of PayPals PYUSD on the network in May.Since then,PYUSD has grown to become the 3rd largest stablecoin in the Solana ecosystem,with a market cap of$146 million as of December 1.From a broader perspective,Ethereum remained dominant in the st

142、ablecoin sector,with a total stablecoin market cap of over$104 billion as of December 1.Ethereums unwavering dominance in terms of stablecoins was partly a reflection of its continued role as a global settlement layer.In The Block Researchs report on consumer apps this year,we noted PART 3:LAYER-1S2

143、025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO3534how each L1s individual strengths were ultimately strong predictors of the leading apps in their respective ecosystems.Whereas Solanas high throughput and low fees allowed it to gain significant market share in the DEX sector,Ethereums superior liquidity and

144、stablecoin supply allowed it to remain dominant in the lending sector.Ethereums dominance in the lending sector is so great that TVL in Ethereum lending protocols is larger than all other ecosystems combined.Since lending protocols are the largest category of DeFi protocols by TVL,Ethereums grip on

145、DeFi remained unchallenged in 2024,with a TVL of$70.2 billion as of December 1.Nonetheless,it is worth noting the extent to which Solana was able to penetrate into L1 DeFi market share overall,in spite of Ethereums continued lending dominance.As of December 1,Solana is the 2nd largest DeFi ecosystem

146、 with$9.1 billion in TVL.Much of this rise can be attributed to a surge in liquidity on Solana DEXs.Over the course of 2024,TVL in Ethereum DEXs rose from$6.5 billion to$8.2 billion as of December,whereas TVL in Solana DEXs rose from$449 million to$3.1 billion over the same period.Clearly,user deman

147、d for trading on Solana was a force powerful enough to impact not only the distribution of trading volumes on L1s but also TVL overall.The rising dominance of high-performance L1s was the most significant theme of 2021,with broad implications for the L1 landscape overall.Among the most negatively im

148、pacted by this development were Ethereum L2s,which lost market share to Solana in terms of DEX liquidity and volume.Multi-chain ecosystems were also negatively affected by the rise of the monolithic L1 thesis,with Cosmos ecosystem networks failing to see significant growth across all metrics,especia

149、lly compared to newcomers like Sui and Aptos.In the Avalanche ecosystem,which has leaned heavily into the subnet thesis in recent years,one standout was the Dexalot subnet,which saw significant gains in DEX volumes compared to other app-chains but nonetheless trailed behind larger L1s,including the

150、Avalanche C-Chain.Meanwhile,the Bitcoin ecosystem ate further into Ethereums DeFi dominance with the rise of Ordinals and Runes.TVL in Bitcoin protocols,largely composed of capital allocated to NFTs,has risen to over$4.3 billion as of December 1,challenging Ethereums claim as the leading L1 monetary

151、 asset and settlement layer for high-value digital artifacts.LAYER 1 OUTLOOK FOR 2025If there is one takeaway from the dramatic evolution of the L1 landscape in 2024,it is that performance and UX will continue to be paramount issues for users in the coming years.Consumer apps are becoming more influ

152、ential than ever in driving user adoption,and the chains that are best positioned to support these rapidly evolving apps will likely have a significant competitive advantage going forward.PART 3:LAYER-1S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO3736PART 4LAYER-2sThe L2 landscape has grown considerably i

153、n 2024,with numerous mainnet launches and token airdrops.This brought renewed interest in the L2 space for the first half of the year but tapered off towards the latter half.It also highlights the prevalence of mercenary capital in the L2 ecosystem,as many of these users are farming the L2 ecosystem

154、s for potential rewards.While farmers do not necessarily harm L2 ecosystems,the decline of ecosystem activity post-airdrop suggests that many of the newer L2s lack significant user retention.TOTAL VALUE LOCKEDL2 Total Value Locked has grown significantly in 2024,from$22.4 billion to$42.8 billion,as

155、of this writing.However,most of this increase came in the first 3 months of 2024,and TVL has stagnated ever since.This growth in TVL was also bolstered by the ten different L2 governance token airdrops this year,which have cumulatively injected over$2.6 billion in liquidity into the L2 ecosystem.We

156、have covered the the distribution and performance of these airdrops in the“Year of the Airdrops”section above.USER ACTIVITYUser activity on L2s has been climbing steadily for most of 2024,with monthly total transactions increasing from 169 million in January 2024 to 562 million in November 2024.The

157、sustained activity on L2s suggests that there is a growing number of long-term users on L2s in general.This is an important point to determine if L2s are finding a product-market fit.PART 4:LAYER-2S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO3938The sustained growth in user activity is caused by two main

158、factors:reduced transaction costs on L2s and a growing number of L2s.We will dive more into the former in the L2 Revenue section.As for the latter,there has been a rapid proliferation of L2s,and even L3s,in 2024.While a handful of L2s,such as Arbitrum One and Base,saw consistent onchain activity thi

159、s year,many others struggled with growing and maintaining sizable TVLs,and experienced short-lived onchain activity.Ultimately,L2s need long-term returning users to generate revenue reliably.ETHEREUM L2 LANDSCAPEThe Ethereum L2 landscape has grown substantially in 2024,with over 100 different L2s th

160、at have deployed and another 85 that have announced their upcoming deployments.This pales in comparison to the 36 listed on L2Beat in January 2024.The rapid growth in the number of deployed L2s indicates a potential overcrowding in the space for the foreseeable future,with several L2s competing for

161、the same set of users.This crowding effect has already led to the visible consolidation of economic and user activity towards the biggest and most liquid L2s like Base,Optimism,and Arbitrum.Additionally,the L2 companies have received nearly$630 million in private funding year-to-date(YTD),with a not

162、able spike in February 2024.The funding has since trended downwards but still sees a monthly average of$57 million,which is significantly higher than the monthly average of$22 million in 2023.CLASSIFICATION OF ETHEREUM L2SThere are four main types of L2s,differentiated by the types of state proofs u

163、sed as well as the data availability.The two types of state proofs are fraud proofs and validity proofs,while the two types of data availability are onchain and off-chain.With the ever-diverging landscape of L2s,classifying them is useful to understand the marginal innovation that each L2 makes.PART

164、 4:LAYER-2S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO4140We are seeing more L2s opting for off-chain data availability due to the lower associated costs of posting data off-chain.However,with the Dencun upgrade in March 2024,we have also seen data costs for L2s drop significantly,which will be analyzed

165、in greater detail in the next section.The landscape for cheap data availability solutions is also starting to heat up,with notable alternatives such as Celestia,Avail and EigenDA deploying their mainnet this year.ETHEREUM L2S DATA COSTSL2s are expected to post state proofs and transaction data in a

166、permissionless environment.Typically,this environment has been Ethereum for most L2s,but we have seen the proliferation of various alternatives,ranging from data availability committees(DACs)to data availability layers,such as Celestia.DACs are committees where members are expected to maintain and i

167、f necessary,post all data for all transactions that had been processed on the L2.DA layers,on the other hand,are generalized layers that ensure the availability of data that had been posted on it.The main reason for the proliferation of alternative data solutions is the high costs associated with po

168、sting transaction data on Ethereum as calldata.To minimize these costs,we have seen a divergence in data solutions that L2s have opted for.PRE-DENCUNThe Dencun fork is a combination of two Ethereum upgrades,Cancun,which targets transaction management and processing on the execution layer,and Deneb,f

169、ocusing on enhancing the consensus layer.The focus here is on the Cancun upgrade,which enabled proto-danksharding,allowing L2s to use data blobs to post transaction data to Ethereum.Prior to the Dencun hard fork in March 2024,L2s could only post transaction data as calldata on Ethereum.This has been

170、 relatively expensive as opposed to cheaper off-chain data alternatives.Additionally,most L2s utilizing Ethereum for transaction data also opted to use the data blobs in order to save on data costs.The cost savings associated with off-chain data has proven to be a strong incentive for L2 deployers,e

171、videnced by the number of L2s opting for off-chain data availability(DA).The implementation of data blobs with the Dencun hard fork in March 2024 has since reduced onchain data expenditure significantly.POST-DENCUNAs a result of L2s using data blobs for transaction data,the data costs for L2s that w

172、ere previously using Ethereum for data availability have come down significantly,with a cumulative average decrease of 81.8%in the month following the implementation of data blobs.The bulk of the cost savings stemmed from L2s using Ethereum for data availability,such as Base,Arbitrum One and OP Main

173、net.Another notable adopter of data blobs is Taiko,which has averaged 17.1%of all data blobs posted to Ethereum once it opted to use data blobs instead of calldata.PART 4:LAYER-2S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO4342Overall,we expect the usage of data blobs to continue growing as L2s reap the b

174、enefits of reduced data costs.These cost savings also get passed on to L2 users in the form of lower gas costs on L2s,which can be observed from the decline in L2 operator revenue,a trend that we look at in the L2 Revenue section.DATA AVAILABILITY SOLUTIONSCurrently,there are three main types of dat

175、a availability solutions:1.EthereumThis refers to posting transaction data on Ethereum,either as calldata or in data blobs.2.External DA LayersExternal DA solutions exist,such as MEMO Labs cloud storage,which Metis uses,or Celestias data availability sampling layer,which Manta Pacific uses.3.DA Comm

176、itteesThese are pseudo-decentralized entities with a handful of independent members who hold a copy of the transaction data for the L2.Many Validiums deployed under Starkwares StarkEx,such as ImmutableX and ApeX,adopt this model.The landscape for L2s and their design choices in data availability wil

177、l likely continue to evolve,though there appears to be limited room for innovation in data availability options that can further reduce data costs substantially at the moment.Perhaps the next major breakthrough in L2 design will come from other factors,such as a hybrid proof system that leverages bo

178、th fraud proofs and validity proofs in a single L2.REVENUEThe biggest incentive for L2 operators to continue running L2s is the revenue generated by the transaction fees collected from L2 users.This revenue stream can be estimated from the amount of gas spent by users on L2s.L2 REVENUEThe revenue L2

179、s generate largely depends on two factors:the number of user transactions and the prevailing gas price on L2s.The more user transactions are made and the higher PART 4:LAYER-2S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO4544the gas price,the larger the revenue that L2 operators collect.The largest grossin

180、g L2s are Base and Arbitrum One,averaging$6.74 million and$3.69 million in monthly revenue,respectively.L2 PROFITSInterestingly,if we exclude the outlier in the month of November,Base has a lower profit,compared to other L2s,after accounting for L1 data costs,despite holding the largest revenue stre

181、am.In descending order,we have Arbitrum One at$1.96 million in average monthly profit,followed by Scroll at$1.76 million.Then we have zkSync Era and OP Mainnet at$1.39 million and$1.35 million,respectively.Without Novembers outperformance,Bases average monthly profit was approximately$920K.This puts

182、 Bases and Arbitrum Ones data costs at 72.9%and 46.9%of their revenue streams,respectively.This highlights that the cost of posting data to Ethereum is still substantial for L2 operators and that a high revenue stream does not necessarily translate to high profits.That said,Bases outperformance towa

183、rds the tail end of 2024 was propelled mainly by increased trading activity on memecoins as well as the surge in the popularity of an AI-integrated application known as Virtuals,which aims to monetize the deployment and use of AI agents.This also proves how important applications are for L2s to cont

184、inue operating profitably,especially since L2 fees are relatively low,which drives them to host applications that demand high transaction volume.ETHEREUM L2 SECURITYCRITERIA FOR L2 SECURITYWe explore the 5 criteria for L2 security,as laid out by L2Beat.These criteria determine the relative safety of

185、 using L2s in general,covering failsafes and exit windows.While no L2 have managed to meet the standards in all 5 aspects,this framework offers a succinct comparison between L2s current security benchmarks.1.State ValidationState validation refers to the type of proof system that L2s use for ensurin

186、g the correctness of their state.Typically,L2s use either fraud proofs or validity proofs,but PART 4:LAYER-2S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO4746there are nascent efforts at using a hybrid of both.That said,several L2s today lack a working state validation mechanism.2 Proposer FailureProposer

187、failure refers to the situation where proposers,who are responsible for submitting state roots from L2s to L1s,knowingly or unknowingly do not.This can cause L2s to halt indefinitely,which is very detrimental,especially if there are no safeguards to appoint another proposer or withdrawal mechanisms

188、for users.3.Sequencer FailureSequencer failures also have detrimental consequences,albeit less dire,than proposer failures.As sequencers are responsible for transaction verification on Layer 2 and submitting state reconstruction data to Layer 1,sequencer failure can be mitigated by enabling forced s

189、equencing mechanisms on L1,such that Ethereum validators can process queued updates sent to an L2 smart contract if the sequencer goes offline for too long.4.Exit WindowThe exit window refers to the time in which users can withdraw their funds before an L2 undergoes an upgrade.This matters since man

190、y L2s are upgradeable and it is possible for malicious actors to undermine an L2 if they gain access to the private keys with permissions to upgrade the L2 contract code.In this unlikely scenario,it would be crucial for users to have a window to withdraw their funds.Most L2s currently do not have su

191、ch a window,while L2Beat considers a 7-day window a minimum.5.Data AvailabilityData availability refers to the accessibility of the data needed for state reconstruction of the L2.Without access to said data,it is possible to censor the L2 indefinitely in the event of a sequencer or proposer failure.

192、While using Ethereum for data availability offers the highest security,it also costs L2 operators the most.As such,we have seen the growing adoption of several cheaper alternatives with weaker security or centralization assumptions,as mentioned in earlier sections.CENTRALIZATION RISKSThe L2 landscap

193、e is very much centralized in its current state of development,but that is expected considering that many L2s are still works-in-progress.That said,it is worth noting the centralization risks associated with many of the L2s today.PART 4:LAYER-2S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO4948In terms of s

194、afeguards for proposer and sequencer failures,most L2s have some means to ensure the safety of users funds.However,many of them lack an exit window in the event that the private keys controlling the L2 smart contracts are compromised.While this is a tail-end risk,it is something that should be addre

195、ssed once an L2 has a decentralized operator network.More importantly,there are several L2s that lack a working state validation system.This not only implies that there is a high degree of centralization risk,since only a centralized group of entities can verify the state of the L2 but this also req

196、uires a high degree of trust,as no other entity can independently verify newly proposed states of the L2.Although L2 operators are financially incentivized to behave honestly,this remains a significant security risk for users of such L2s.BITCOIN L2SBitcoin scalability will largely rely on building h

197、igh-performance L2s with the limited programmability that Bitcoin offers.This year,we see several notable developments that could catalyze the landscape for Bitcoin L2s.Some examples include the reintroduction of OP_CAT and the conceptualization of BitVM.OP CAT ON BITCOINOP_CAT is a Bitcoin upgrade

198、that allows the concatenation of data elements,which would enable more advanced smart contracts and enhance Bitcoins scripting capabilities.The advancement in Bitcoin scripting capability opens up the door to the potential deployment of Bitcoin L2s,as state validation mechanisms can be coded into Bi

199、tcoin smart contracts.While OP_CAT has yet to be implemented,it has been suggested that this could go live in 2025,which could then lead to the proliferation of Bitcoin L2s.BITVMBitcoin Virtual Machine(BitVM)is a concept aiming to enable Turing-complete smart contract capabilities to Bitcoin.BitVM w

200、orks by processing computations off-chain before verifying them on Bitcoin,similar to the working principles of L2s.While the concept seems promising,there are still several hurdles to overcome,such as significant off-chain computational overhead and onchain footprint.However,the promise of Turing-c

201、omplete smart contracts is a feature that has the potential to scale and grow the Bitcoin ecosystem.EXISTING SOLUTIONSWe have also seen a rapid rise in the adoption of Bitcoin scaling solutions in 2024.Apart from the deployment of new Bitcoin scaling solutions,such as Bitlayer,we also see steady inc

202、reases in the TVLs of older solutions,such as Stacks and Lightning Network.Cumulatively,the TVL of Bitcoin scaling solutions has surged from over$385 million to$3.2 billion(as of Nov 21,2024).LAYER 2 OUTLOOK FOR 2025As 2024 draws to a close,we are seeing renewed strength in the crypto sector.With Bi

203、tcoin reaching all-time highs,activity on L2s is also starting to ramp up.While stakeholders are certainly incentivized by rising token prices and potentially increasing revenue streams,the main point of L2s is to scale blockchains.In other words,the real metrics for their success would be the trans

204、action throughput they enable while keeping transaction costs for users low.PART 4:LAYER-2S2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO5150PART 5DEFIAs the DeFi landscape continued to mature and consolidate in 2024,several key trends emerged that shaped the industrys direction,from prediction markets to m

205、emecoin trading and restaking protocols.This section examines the major developments that defined the year in DeFi.POLYMARKET CAPITALIZES ON US ELECTIONThe year 2024 marked a watershed moment for prediction markets,primarily driven by unprecedented trading activity surrounding the United States pres

206、idential election.The Polygon-based platform Polymarket achieved record-breaking trading volumes exceeding$6.9 billion this year,with activity predominantly concentrated in the months leading up to the November election.This milestone cemented its position as the worlds preeminent prediction market

207、platform,substantially outperforming traditional Web2 competitors like Kalshi and PredictIt.Polymarket demonstrated its efficacy as a reliable source of market intelligence.Its betting odds accurately signaled likely winners in swing states well ahead of mainstream media projections and political an

208、alysts official calls.The platforms continued success will depend on its ability to maintain user engagement through diversified market offerings beyond electoral events.MEMECOIN TRADING DRIVES SOLANA ACTIVITYAmid a prolonged altcoin bear market characterized by subdued price action,crypto-native tr

209、aders have pivoted their focus to memecoin trading.The Solana-based platform Pump has established itself as a leading token launchpad since its January inception,distinguished by its“fair launch”methodology that eliminates premine allocations for insiders a feature that resonates strongly with many

210、memecoin traders.Throughout the year,Pump has significantly amplified trading activity on Solana,with Pump-affiliated tokens constituting 43%of Solana DEX volume in November.The platforms success is particularly evident in its protocol revenue performance.Despite being the sole player in the launchp

211、ad space with significant traction,the launchpad category has outperformed many other DeFi segments in protocol revenue generation,surpassing the likes of liquid staking,lending,and DEXs.PART 5:DEFI2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO5352This surge in memecoin trading activity has also catalyzed g

212、rowth for trading bots,which facilitate streamlined trading via Telegram.Both Pump and major trading bots implement a 1%fee structure on all transactions,captured entirely as protocol revenue a model that diverges from traditional DeFi categories,which typically employ lower fee rates and allocate s

213、ubstantial portions to supply-side revenue.Together,Pump and trading bots have engineered an efficient ecosystem for memecoin creation and trading during this period of broader altcoin market stagnation,securing higher protocol revenue shares than DeFi liquidity layers such as DEXs.This development

214、suggests two key implications.First,user-facing frontends may possess stronger competitive advantages and asymmetric pricing power due to higher switching costs.Second,backend liquidity layers may be approaching market saturation and unable to match their counterparts fee structures as evidenced by

215、Uniswap,the leading DEX,which currently does not generate protocol revenue.On the contrary,Pumps impressive revenue trajectory could face questions of sustainability once the broader altcoin market volatility resumes and trader attention shifts.The platforms resilience remains untested against evolv

216、ing market dynamics,and its long-term viability will require demonstrated adaptability across varying market conditions.DEFI GIANTS STAY INNOVATIVESpeaking of Uniswap,leading DeFi protocols continue to demonstrate significant technological advancement.The recently announced Unichain is a Uniswap-nat

217、ive,Ethereum-based optimistic rollup that enables MEV internalization through trusted executable environments(TEEs)for verifiable block building potentially creating a new revenue stream to enhance liquidity provisioning incentives and generate protocol revenue.Beyond Unichain,Uniswap V4s imminent r

218、elease introduces substantial protocol improvements,including gas optimization via singleton contract implementation and programmable“hooks.”These hooks enable developers to integrate custom logic at various stages in the lifecycle of a token swap transaction,fostering ecosystem-wide innovation.Prac

219、tical applications of hooks include limit order functionality,volatility-based dynamic fee adjustment,and automated deployment of out-of-range liquidity into yield-generating protocols.PART 5:DEFI2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO5554Aave,another DeFi cornerstone,has reinforced its position as t

220、he premier lending protocol by more than tripling its total outstanding debt year-to-date.The protocols forthcoming V4 upgrade introduces a unified liquidity layer supporting both supplied and natively minted assets,enhancing integration with GHO,its native,yet relatively nascent,stablecoin.This exp

221、ansion into crypto-backed stablecoins promises to diversify Aaves product offerings and revenue streams,further solidifying its market leadership in loan liquidity provision.In a parallel development,Makers recent rebranding to Sky signals its strategic expansion.The transformation encompasses the u

222、pgrade of its governance token from MKR to SKY and the evolution of its native stablecoin from DAI to USDS,which stands for Sky Dollar.The brands inaugural product,Spark,functions as a lending protocol facilitating native USDS issuance and savings.Sparks innovative model allows USDS depositors to ea

223、rn a portion of collected borrowing fees,incentivizing USDS adoption.This development notably highlights the convergence of Aaves and Skys strategic objectives.Spark has emerged as the second-largest lending protocol on Ethereum,more than doubling its total outstanding debt year-to-date.Demand for U

224、SDS has risen steadily,with the stablecoins outstanding supply ratio in the Sky ecosystem reaching 21%.In November,the Sky community voted overwhelmingly in favor of retaining the Sky brand amidst a rebranding controversy,clearing the pathway for the protocols future expansion and validating its str

225、ategic repositioning.RESTAKING PICKS UP MOMENTUMRestaking(or cross-staking)emerged as a breakthrough DeFi sector in 2024,representing a novel approach to rehypothecating collateral to economically secure multiple decentralized infrastructures simultaneously via proof-of-stake consensus.While the con

226、cept has been enshrined in Avalanche and Cosmos ecosystems,emerging protocols are now enabling restaking on Ethereum and Bitcoin.Restaking protocols facilitate the utilization of exogenous collateral with higher market cap and lower volatility such as BTC,ETH,and stablecoins mitigating the systemic

227、risk arising from endogenous collateral.The Ethereum-based EigenLayer has spearheaded the restaking movement,beginning the year with a$1.3 billion TVL,predominantly in liquid-staked ETH.By June,its TVL reached an all-time high of$20 billion.PART 5:DEFI2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO5756The mo

228、derate TVL decline in Q3 was likely a result of the departure of mercenary capital after the announcement of a retroactive airdrop to protocol participants.Still,EigenLayer has remained resilient,with the current TVL hovering around$16 billion a twelvefold increase year-to-date.Notably,there has bee

229、n a drastic increase in TVL in native-staked ETH.The native restaking ratio has exceeded 70%,ensuring the restaking protocol remains permissionless and censorship-resistant,thereby maintaining alignment with core decentralization principles.EigenLayer is the third-largest DeFi application by TVL,beh

230、ind Lido and Aave,demonstrating the colossal amount of supply for shared security.Concurrently,demand for shared security is gradually increasing,with consumer applications such as oracles,data availability provisioning,shared sequencing,and cross-chain messaging being onboarded.Beyond EigenLayer,20

231、24 saw the launch of multiple alternative restaking protocols bootstrapping their liquidity.Babylon emerged as the largest Bitcoin-based restaking protocol with$2.3 billion in TVL at the time of writing.Meanwhile,the Ethereum-based Symbiotic,with$2.4 billion in TVL,is a modular restaking protocol th

232、at maximizes the configurability of economic security provision,catering to the needs of individual consumer applications.The natural evolution of restaking is liquid restaking derivatives,allowing users to retain liquidity through a tokenized representation of their restaked assets.PART 5:DEFI2025

233、DIGITAL ASSETS OUTLOOKTHEBLOCK.CO5958Ether.fi emerges as the leading liquid restaking protocol with a$7.3 billion TVL,ranking as the fourth-largest DeFi application.Its dominance stems from its first-mover advantage and users speculation on potential airdrops.Over half of the outstanding supply of e

234、ther.fi Staked ETH resides in Aave,making it Aaves fourth-largest reserve asset.The early success of liquid restaking tokens underscores the markets robust appetite for yield and leverage.As we potentially enter the later stage of a bull market,demand for liquid restaking is poised to expand further

235、.DEFI OUTLOOK FOR 2025As we potentially enter the euphoric stage of the bull market in 2025,market dynamics appear poised for further bifurcation.On one side,the rising tide of financial nihilismpropagated through social media platformscontinues to normalize memecoins.On the other,the sectors increa

236、sing maturity drives protocols toward sustainable protocol revenue generation.PART 6NFTs AND GAMINGNFTs and Gaming faced another challenging year in 2024,continuing the prolonged market downturn that began in previous years.Projects in these segments experienced continued declines in total sales vol

237、ume,transaction counts and average floor prices.Gaming in particular,saw notable changes,with projects that have found relative success this year being ones that pivoted away from the speculative“play-to-earn”models that had dominated in years prior.Meanwhile,the Ronin network was also a positive ex

238、ception,showcasing impressive network metrics during the first half of the year.In the NFT sector,Milady Maker,Pudgy Penguins and Bitcoin-based Ordinals,at least in Q1,were standout performers.Private market funding and venture deals remained relatively uneventful,echoing the trend of subdued fundin

239、g from 2023.The number of venture deals in the sector for the year declined quarter-over-quarter at a rate of-14%,from 159 venture deals in Q1 2024 to just 93*in Q4 2024,although this data only takes into account the months of October and November.PART 5:NFTS AND GAMING2025 DIGITAL ASSETS OUTLOOKTHE

240、BLOCK.CO6160Source:The BlockQ4 2024 exhibited a notable difference in terms of sub-categories.Total venture funding in Q4 increased by 62%compared to the previous quarter,with over 3/4th of the quarters total funding raised coming from the VR/Metaverse sub-sector with$525 million.The entirety of thi

241、s$525 million came from Praxis latest round on October 15th.Praxis is a project aiming to build a city that integrates decentralized governance and blockchain technology,it previously raised a$15 million series A round in 2022 which included Paradigm and Robot Ventures,among others.Source:The BlockT

242、hroughout the year,the gaming sub-sector remained the most active in terms of the number of deals,and NFT infrastructure remained the most active in terms of amount raised,with the exception of VR/Metaverse in Q4 2024.With funding and deal activity continuing to decline and no sub-sector emerging as

243、 a standout leader,this subdued environment reflects a market still grappling with the aftermath of the speculative boom in years prior,with private investor sentiment remaining fairly depleted despite positive wider market valuations of publicly traded NFT or gaming-related tokens.THE DECLINE OF TR

244、ADITIONAL NFTSThe year 2024 was largely uneventful in the traditional NFT market,as the era of explosive growth and speculation that characterized the early days of NFTs gave way to a more subdued reality,where oversaturation,reduced novelty and evolving buyer expectations reshaped the landscape.Bit

245、coin-based NFTs called Ordinals notably made waves in Q1.In early 2024,Ethereums NFT market had trade volumes averaging$82M per week in January and$140M per week in February.However,this optimism was short-lived,as volumes began a downward trend from March onwards,with average weekly trade volumes d

246、ecreasing by roughly 35%per month for the following 3 months.By June,the average weekly trade volume of the Ethereum NFT market had dropped to about$33M,less than half of the weekly average at the beginning of the year,and remained stagnant for the rest of the year.Bitcoin,in contrast,experienced an

247、 early-year surge,with sales volumes averaging nearly$200M per week in April,driven by the popularity of Bitcoin Ordinals.Yet,this trend proved unsustainable,as by October,NFT sales volume on Bitcoin averaged just$16M per week.The initial fascination with Bitcoin NFTs,while impactful,seemed more abo

248、ut novelty than lasting utility.PART 5:NFTS AND GAMING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO6362The NFT landscape on Solana offered a different narrative altogether.While it had some relatively high points in Q1,much like its counterparts on Ethereum and Bitcoin,it failed to capture any sustainabili

249、ty in subsequent months as well.Source:The Block ProAs we delve deeper into Ethereum,Blur and OpenSea still dominate market share,with Blurs 51%and OpenSeas 33%.Blur,thanks to its aggressive incentive programs in previous years,had a yearly peak market share of over 80%in early 2024,yet as the year

250、progressed,Blurs monthly volumes fell significantly,from a high of around$673 million in January to just$107 million in November.Meanwhile,OpenSea started to steadily gain ground against Blur in the second half of the year,increasing its market share from 19%in January to over 38%by the end of Novem

251、ber.Blurs decline highlights the challenges of sustaining dominance when reliant on overly-aggressive incentive campaigns.However,it is also worth noting that OpenSeas increased market share is likely a result of Blur itself losing volume and then conceding market share,as opposed to OpenSea gaining

252、 an influx of volume itself,as noted by the sector-wide declines in activity and volume for the entire sector.Source:The Block ProSource:The Block ProOn the other hand,Solanas NFT marketplaces exhibited a similar pattern to its Ethereum counterparts,with significant declines from Q1 onwards.PART 5:N

253、FTS AND GAMING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO6564Source:The Block ProFLOOR PRICE PERFORMANCESLegacy NFT collections continued to face challenges in 2024,with CryptoPunks and Bored Ape Yacht Club(BAYC)seeing 28%and 42%declines in their respective floor prices from January to November.Milady Ma

254、ker and Pudgy Penguins,however,stood out as outliers as their floor prices increased by 105%and 165%,respectively,up to the third week of December.Interestingly,both these projects have launched fungible tokens this year,with Remilia Corporation,the team behind Milady Maker,initiating a$20.5 million

255、 presale for its CULT memecoin in June before launching in December.Pudgy Penguins also launched their Solana-based official token,PENGU,in the third week of December.Two weeks earlier,the token announcement caused the collections floor price to double in value.These performances underscore the impo

256、rtance of community-driven momentum and cultural relevance as collectors are shifting their focus toward projects that offer sustained community engagement and cultural relevance rather than relying on the prestige of traditional“blue-chip”collections.As the market continues to evolve,the ability to

257、 cultivate a dedicated and active community will likely be a key determinant of long-term success for NFT projects.Source:The Block ProORDINALS AND THE EMERGENCE OF BITCOIN NFTSWhile traditional NFTs on Ethereum and Solana generally struggled in 2024,Bitcoin-based Ordinals initially emerged as a pro

258、mising countertrend,attracting attention from collectors and sparking conversations across the NFT community.By allowing NFTs to be inscribed directly onto individual satoshis,Ordinals introduced a new concept that created a novel use case for Bitcoin as a platform for digital assets.However,despite

259、 the initial surge in interest,with over$740 million in total trade volume per month in March and April,Ordinals faced a steep decline in the following months,gradually fading into relative obscurity.Without the network effects and development momentum found on Ethereum or Solana,Ordinals gradually

260、faded,and by year-end,they were less significant in the broader NFT space.Two of the most popular Bitcoin NFTs at the time,NodeMonkes and Bitcoin Puppets peaked early in the year.The former peaked at a floor price of 0.8 BTC,while the latter peaked at 0.4 BTC.They have since failed to reach anywhere

261、 near those levels.PART 5:NFTS AND GAMING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO6766Source:The Block ProSource:The Block ProMAGIC EDENS STRATEGIC ADAPTATIONSMagic Eden navigated 2024 by expanding its user base from to Ethereum,Polygon,and Bitcoin,setting it apart from competitors that mostly focused

262、on one ecosystem.The addition of Bitcoin Ordinals was a particularly successful expansion,tapping into the heightened interest in Bitcoin-based NFTs in Q1,where it facilitated over a total of$1.27 billion worth of trading volume in the first 4 months of the year,averaging over$318 million worth of t

263、rading volume per month in this period.For further reference,Ordinal sales volume on Magic Eden totaled just$600 million from May to November 2024,highlighting the drastic downturn the narrative experienced.Source:DuneGAMEFIRONINWhile not many notable things occurred this year in the gaming sector,R

264、onin has stood out as one of the few clear exceptions.At the time of writing,Ronin is the 4th most used blockchain when measured in terms of the number of active addresses and transaction count,behind Ethereum,Bitcoin and Solana.PART 5:NFTS AND GAMING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO6968This co

265、mes as the network averaged just 1M active addresses in the first week of January to a peak of nearly 3.2M active addresses during the last week of July 2024,representing an average week-over-week increase of 5%in this period.The impressive growth the Ronin network experienced during the first 3 qua

266、rters of the year likely came from various gaming guilds migrating over following the networks rebuild post-Axie Infinity.This was also helped by the well-built infrastructure surrounding the network,most notably with native direct fiat onramps and the Katana DEX.Source:Dune(ronin)Ronin has generate

267、d over 811K RON,currently worth over$1.8 million at the time of writing,in fees from January to the end of November 2024,averaging 16.9K RON generated per week in this period.Up until July 2024,the fees generated by the network were increasing at a weekly rate of 5.1%every week,before a more gradual

268、 cool off and decline in the following 3 months during which they declined by 5%per week.The fees generated by the Ronin Network have since seen a notable recovery,averaging 19.5K RON generated per week in November 2024,with week-over-week increases of nearly 19%for the month.Source:Dune(Ronin)OFF T

269、HE GRIDOff the Grid,a battle royale game developed by Gunzilla Games,also stands out as a success story,as it briefly became one of the Epic Games Stores most popular free-to-download games following its early access launch.Source:FlipsidePART 5:NFTS AND GAMING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO7

270、170The games blockchain integration is optional from its core gameplay,allowing players to engage with the game without interacting with its NFT marketplacea design choice that has likely contributed to its early success.Following its launch,the custom Avalanche L1 blockchain(GUNZ L1)used by Off the

271、 Grid saw significant upticks in both transaction volume and active address growth and has remained fairly heightened compared to the levels it displayed prior to Off the Grid.In addition to blockchain metrics,Off the Grid initially attracted considerable attention on streaming platforms like Twitch

272、,where it reached nearly 30,000 average viewers within its first few days.However,this viewership declined sharply over the following weeks,averaging just 620 daily viewers in November,excluding a single-day spike that occurred on the 20th of that month.Source:TwitchTrackerNFTS AND GAMING OUTLOOK FO

273、R 2025One of the most anticipated trends for 2025 is the integration of artificial intelligence within NFT and GameFi projects.AIs ability to create personalized,dynamic experiences offers a compelling new layer for games,allowing for adaptable in-game environments,procedurally generated content,and

274、 responsive non-player characters(NPCs)that can learn and evolve with the player.Additionally,AI-driven analytics could enable more sophisticated personalization and player feedback,enhancing user engagement and retention.As speculative trends shift,we may see a unique convergence of memecoins,NFTs,

275、and GameFi in 2025.Memecoins,which captured cultural and market interest in 2024,may intersect with NFTs and GameFi in novel ways.This convergence could manifest through NFT-backed memecoins,gamified experiences involving meme-based characters,or community-driven ecosystems where memes,NFTs,and gami

276、ng rewards overlap.The playful,socially driven aspects of memecoins could create opportunities for cross-over appeal in both GameFi and NFT markets.PART 5:NFTS AND GAMING2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO7372PART 6ONCHAIN APPLICATIONSThe cryptocurrency ecosystem has evolved dramatically since Bi

277、tcoins inception in 2009,growing from a single digital currency to a complex landscape of financial products and services worth trillions of dollars.Despite this expansion,some argue that Bitcoin and stablecoins represent the only blockchain applications with real staying power.This perspective is d

278、riven by Bitcoins outsized success as a store of value and the crypto industrys decade-long focus on refining payment use cases,much of which has culminated in the development of stablecoins.However,this view overlooks the many applications that are showing real signs of product-market fit in sector

279、s such as memes and gambleFi,onchain consumer,real-world assets,and DePIN.The growth of these new applications follows a pattern observed in previous technological shifts:the apps-infrastructure cycle.Early applications drive the development of supporting infrastructure,which then enables more sophi

280、sticated applications to emerge.In crypto,weve seen this play out repeatedly:the explosion of DeFi in 2020 led to the development of better oracle infrastructure and standardized smart contract libraries,which in turn enabled more complex DeFi applications.Similarly,the NFT boom drove improvements i

281、n metadata standards and marketplace infrastructure,laying the foundation for more advanced NFT applications in gaming and social.Now,with increasingly mature and capable infrastructure,were seeing a new wave of applications demonstrate genuine signs of product-market fit and sustainable user growth

282、.MEMES&GAMBLEFIThe first category of applications showing clear signs of traction centers around speculation.While critics often dismiss these applications as merely gambling platforms,their rapid growth and sustained user engagement reveal cryptos ability to create compelling entertainment experien

283、ces.These platforms have found ways to blend financial incentives with engaging social and gaming elements.Importantly,many of these applications have demonstrated both impressive user growth and revenue generation.This section will cover four platforms that exemplify this trend,each taking a unique

284、 approach to combining social engagement with speculative mechanics:Pump.funs social trading platform,Fantasy Tops competitive portfolio games,Rollbits crypto-native casino,and Polymarkets prediction markets.Each of these platforms has carved out a distinct niche while demonstrating impressive growt

285、h metrics and user engagement.PUMP.FUNPump.Fun is a decentralized platform on Solana that lets users easily create and trade meme-inspired cryptocurrencies through a simple interface.The platform resonates with users by democratizing token creation,making it accessible to anyone regardless of techni

286、cal expertise.It also offers a fair trading experience with no presales or team allocations,while Solanas fast speeds and low fees make trading affordable and efficient,with instant liquidity allowing quick responses to market changes.GROWTH METRICSPump.Fun has demonstrated impressive revenue growth

287、 since its launch earlier this year.As the above chart shows,the platforms daily revenue consistently ranged between$500K to$1M from April to October.In November,it steadily increased before spiking to reach its highest all-time daily revenue,over$14M toward the months end.Pump.PART 6:ONCHAIN APPLIC

288、ATIONS2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO7574Fun primarily generates revenue through listing fees charged to projects that launch memecoins on their platform in addition to a 1%fee on transactions.The rising revenue indicates growing activity on the platform.Since roughly March 2024,Pump.Fun has

289、consistently accounted for a significant portion of new token launches on Solana.While the percentage of tokens launched has fluctuated,Pump.Fun has maintained a dominant position since March,growing throughout the year to become responsible for roughly 70%of all Solana tokens launched as of Novembe

290、r 2024.This substantial share of total token launches on Solana highlights the impressive scale at which Pump.Fun is now operating.FANTASY TOPFantasy Top is a social trading card game on the Blast network where players collect,trade,and compete with NFT cards featuring Crypto Twitter influencers.For

291、 players,the game offers an exciting and dynamic experience that combines the thrill of collectible card games with the strategic elements of fantasy sports.The use of real-time Twitter engagement data to determine scores creates a sense of authenticity and unpredictability,keeping players engaged a

292、nd invested in the performance of their chosen influencers.For Crypto Twitter influencers,Fantasy Top presents a novel way to monetize their content and engage with their audience.GROWTH METRICSThe above graph shows a clear decline in daily active users(DAU)for Fantasy Top since its peak in mid-2024

293、,where activity occasionally exceeded 4,000 users per day.Over the following months,DAU steadily dropped,stabilizing at lower levels by late 2024,with daily PART 6:ONCHAIN APPLICATIONS2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO7776figures often below 1,000 users.Despite the decrease,the consistent baseli

294、ne activity indicates that a core group of users remains active on the platform.This stability suggests Fantasy Top has retained some level of traction and could serve as a foundation for future growth if the platform can introduce new features,incentives,or strategies to re-engage users and attract

295、 new participants.Fantasy Top trading value declined steeply from its peak in mid-2024,when volumes frequently exceeded$5 million,to consistently lower levels by late 2024,often below$1 million.This decline mirrors the trend seen in user activity,suggesting reduced engagement and trading on the plat

296、form over time.However,even if the platforms early success was transient,the initial spike in trading volume demonstrates that there is clear potential for this type of application to capture significant user interest and activity under the right conditions.ROLLBITRollbit is an online crypto casino

297、that offers a wide range of gaming options,including slots,table games,game shows,sports betting,and exclusive in-house games.The platform appeals to users through its diverse gaming selection and generous rewards program that returns up to 70%of the house edge,while its high-leverage options attrac

298、t thrill-seeking players and its crypto integration provides convenient deposits and withdrawals for crypto natives.GROWTH METRICSThe chart above displays the cumulative amount of Rollbit token(RLB)burns measured in USD over time.Rollbit utilizes a portion of its revenue to buy back and burn RLB tok

299、ens,removing them from circulation.The data shows a consistent and significant increase in the total value of RLB tokens burned since August 2023.The cumulative burn value grew from approximately$5 million in August 2023 to over$100 million by November 2024,representing a substantial 20-fold increas

300、e in the span of just 15 months.POLYMARKETPolymarket is a decentralized prediction market platform on Polygon where users trade USDC on binary outcomes of future events,with share prices between$0 and$1 representing market-determined probabilities.The platform appeals to users by enabling them to pr

301、ofit from their forecasting insights across a wide range of events including politics,sports,and entertainment,while offering transparent price discovery,real-time trading capabilities,and incentives like liquidity provider rewards and trading competitions.PART 6:ONCHAIN APPLICATIONS2025 DIGITAL ASS

302、ETS OUTLOOKTHEBLOCK.CO7978Growth MetricsPolymarket shows a significant increase in open interest over the observed period in the chart above.Starting at approximately$5 million in September 2020,the open interest started to meaningfully increase in 2024,reaching around$50 million by July 2021.From t

303、here,it experienced a dramatic surge,peaking at over$550 million in November 2024.Polymarkets trading volume,measured in USD,experienced significant growth over the observed period.The volume increased steadily from 2020 reaching well over$2B in October and November of 2024.The number of active trad

304、ers on the platform also witnessed substantial growth,closely mirroring the trend in trading volume.Active traders peaked at over 270,000 in November of 2024.ONCHAIN CONSUMER PRODUCTSThe second category of applications demonstrating clear traction focuses on onchain consumer products.While early blo

305、ckchain adoption focused primarily on financial use cases,were now seeing compelling evidence that this technology can enhance and transform traditional consumer experiences across gaming,social media,content creation,and community engagement.Lets explore three platforms that exemplify this trend,ea

306、ch offering a unique approach to onchain consumer experiences:Farcasters decentralized social network,Blackbirds restaurant loyalty program,and Galxes onchain credential system.These platforms have attracted significant user bases and investment,showcasing the potential for blockchain technology to

307、transform how we interact and transact online.Across these categories,were seeing signs of product-market fit and sustained user growth,suggesting that consumer crypto applications may be approaching an inflection point in mainstream adoption.FARCASTERFarcaster is a decentralized social network prot

308、ocol on Ethereum that lets users maintain ownership of their social data while accessing it through various client applications,featuring interactive“Frames”that enable mini-applications within the social feed.The platform has attracted users by providing complete control over their digital identiti

309、es and social connections,while its open architecture has attracted developers to build diverse clients for niche communities,offering a compelling alternative to traditional social medias walled gardens.PART 6:ONCHAIN APPLICATIONS2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO8180GROWTH METRICSFarcasters re

310、venue has dropped significantly from its February peak,highlighting the challenges of sustaining momentum in the SocialFi space.However,its earlier success,with daily revenues exceeding$50,000,demonstrates the potential for decentralized social applications to capture user interest and generate mean

311、ingful activity.While its recent decline suggests that its success may have been transient,it also underscores the broader viability of these platforms as they continue to iterate and refine their models to meet user needs.Farcasters daily activity has seen significant fluctuations throughout the ye

312、ar,peaking in mid-2024 when reactions and likes exceeded 5 million daily,indicating strong engagement during this period.However,activity has declined sharply since its peak,reflecting challenges in sustaining long-term user interaction.Despite this decline,the platforms ability to drive such high l

313、evels of engagement earlier in the year underscores the potential for decentralized social applications to capture user attention.BLACKBIRDBlackbird is a blockchain-powered loyalty and payment platform that helps restaurants reduce transaction costs while enabling diners to earn$FLY cryptocurrency r

314、ewards redeemable at participating venues.The platform appeals to restaurants by providing lower payment processing fees and valuable customer insights through its proprietary Guest Value Score,while diners appreciate the seamless reward system and personalized experiences they receive as valued cus

315、tomers.GROWTH METRICSPART 6:ONCHAIN APPLICATIONS2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO8382After a strong start in February 2024,when over 10,000 NFTs were issued,activity sharply declined,suggesting an initial surge of interest followed by cooling demand.However,from mid-2024 onwards,the data reveal

316、s a more stable pattern,with consistent NFT issuance and a gradual increase in unique addresses,reflecting steady user engagement and adoption.The upward trend in unique addresses,particularly from mid-year,highlights a growing user base.This suggests that Blackbird is managing to attract and retain

317、 new participants in its program,underscoring its potential to sustain engagement in the long term.GALXEGalxe is a Web3 ecosystem that combines AI,digital identity,and blockchain solutions to help users manage their decentralized identities and discover opportunities through tools like Quest,Passpor

318、t,and Compass.The platform resonates with users by consolidating identity verification and credential management in one place,while its structured quest system makes Web3 exploration more accessible to newcomers and allows users to build their reputation while maintaining control over their personal

319、 data.GROWTH METRICSGalxes growth trajectory tells a compelling story about its product-market fit.Since launching in April 2022,the platform has seen steady growth in passport holders,reaching nearly 1 million users by late 2024.Whats particularly notable is the acceleration in adoption-after an in

320、itial period of modest growth through early 2023,the platform experienced several significant user spikes,with the largest occurring in early 2024 when monthly new holders peaked at around 200,000.While new user growth has moderated from these peak levels,the platform has maintained its user base,su

321、ggesting that those who obtain Galxe passports continue to find value in them.The cumulative holder curve shows consistent upward momentum without major dropoffs,indicating that Galxe has moved beyond just temporary hype cycles to achieve more sustainable growth.The above chart highlights Galxes imp

322、ressive growth in cumulative unique addresses,reflecting its expanding user base.The platform experienced accelerated adoption starting in mid-2022,with particularly sharp growth through 2023 and 2024.By late 2024,Galxe surpassed 35 million unique addresses,underscoring its traction within the ecosy

323、stem.PART 6:ONCHAIN APPLICATIONS2025 DIGITAL ASSETS OUTLOOKTHEBLOCK.CO8584REAL WORLD ASSETSThe tokenization of real-world assets has emerged as another area showing meaningful adoption.While stablecoins,often considered a form of tokenized real-world assets themselves,have become one of cryptos most

324、 successful applications,the tokenization of other real-world assets is also showing promise.Real-world assets(RWAs)are physical or financial assets-like real estate,bonds,or commodities-that are represented onchain through tokens.These tokens can then be traded,borrowed against,or used in DeFi appl

325、ications.This model changes how people can invest in several ways.Instead of having to buy an entire office building,investors can purchase tokens representing just a small portion.These tokens can be traded more easily than traditional real estate,potentially making previously illiquid assets more

326、accessible.Smart contracts can also automate many processes that traditionally require paperwork and middlemen,like distributing rental income or interest payments.Several protocols are building infrastructure to bring these assets onchain.The appeal is practical:tokenization could make traditionall

327、y illiquid assets easier to trade,reduce minimum investment sizes,and automate many manual processes through smart contracts.Unlike many speculative crypto applications,RWA protocols have attracted significant institutional interest and real-world usage.Major financial institutions have begun piloti

328、ng RWA programs,and the total value of tokenized assets has grown steadily even during broader crypto market downturns.GROWTH METRICSThe growth in tokenized real-world assets provides compelling evidence for this categorys emerging product-market fit.The total market capitalization has grown from ne

329、ar zero in early 2020 to over$4 billion by late 2024,with particularly strong acceleration since 2023.Whats notable is the diversity of assets being tokenized.Government securities and commodities make up significant portions of the market,suggesting that both traditional financial institutions and

330、crypto-native teams are finding practical applications for the technology.Real estate and asset-based finance have also seen steady growth,indicating demand across multiple sectors rather than just one type of asset.This steady expansion,particularly during the 2022-2023 crypto market downturn,sugge

331、sts that RWA tokenization is driven by genuine utility rather than speculative interest.The growth appears more measured and sustainable compared to previous crypto boom-bust cycles,with new asset categories gradually being added as the infrastructure matures.PART 6:ONCHAIN APPLICATIONS2025 DIGITAL

332、ASSETS OUTLOOKTHEBLOCK.CO8786Looking more closely at government securities,the data shows significant institutional adoption of tokenization.The market has grown from under$500 million in early 2023 to over$2 billion by late 2024.BlackRocks entrance marks a particularly notable milestone-a major tra

333、ditional finance player committing to the technology.The growth hasnt been limited to a single product or region.While U.S.T-Bills represent the foundation,the market includes products from multiple issuers(FOBXX,BUIDL,IB01)and spans both U.S.and EU securities.The steady upward trajectory,especially during a period of broader market uncertainty,indicates that investors are finding practical value