DeFi Guru Reveals 2024 Investment List—Check If Your Coins Are Included?
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DeFi Guru Reveals 2024 Investment List—Check If Your Coins Are Included?
INJ, SUI, SEI, FTM, CANTO, and Monad are the ones I'm most interested in.
Navigating Web3 tides with focused insightsAuthor: FIROUTE 2 FI
Translation: Luccy, BlockBeats
Editor's Note: The author of this article, FIROUTE 2 FI, is Growth Officer at Silent Protocol and a Bybit partner. In this piece, he shares his list of promising cryptocurrencies for 2024 across multiple categories including Layer 1, Layer 2, AI, DEX, and more. BlockBeats has translated the original text as follows:
Hey friends!
Today, I want to show you my watchlist of tokens I believe will perform well in 2024. Please note that I’m not talking much about $SOL here—but that doesn’t mean I’m bearish on it. For me, it’s simply part of a core portfolio made up of BTC, ETH, and SOL.
As 2023 comes to a close, it’s time once again to look ahead to the new year.
Like many others, I’m very optimistic about 2024. The reasons? A spot BTC ETF is most likely to be approved in January, followed by the BTC halving in April. Most importantly, Ethereum’s Dencun upgrade is scheduled for Q1 2024.
One of Dencun’s key features is the inclusion of Ethereum Improvement Proposal (EIP) 4844, also known as “proto-danksharding.”
It allows Layer 2 (L2) rollup networks to temporarily store certain transaction data using a new format called “blobs.” These blobs can be deleted after 18 days, significantly reducing transaction fees on Layer 2s. This is a highly anticipated upgrade for L2s like Arbitrum and Optimism.
Anyway, I’d like to list some tokens I think will perform strongly next year. It’ll be interesting to see where prices stand after 3, 6, 9, and 12 months.
Layer 2: ARB/OP/CANTO/MATIC/METIS
Let’s start with Layer 2 projects. As I mentioned, proto-danksharding (EIP-4844) will go live in Q1 next year. Layer 2s should ride this narrative wave (we’ve already seen early signs), but I believe a fresh surge will come in Q1. Among these tokens, Canto stands out as having the highest potential. Not many know it will become an L2, with a market cap around $200M—very low compared to others. I hinted at Canto in a tweet a few days ago (since then its price has risen 50%).
Metis has a market cap of nearly $400M. Honestly, I don’t know much about METIS beyond the fact that many influential figures are bullish on it. Still on my research list.
EigenLayer is launching next year, and restaking is the new narrative. I discussed this a week ago, but I’ll repeat it here.
In terms of airdrops, I believe the best opportunity within EigenLayer is depositing swETH (from Swell). The protocol doesn’t have a token yet, so you could get airdrops for both Swell and EigenLayer tokens. Lido already has a token. The same applies to all other EigenLayer pools: RocketPool, Coinbase (Base token), StakeWise, Origin, Beacon (Binance has BNB), Ankr, and Stader.
However, I do think Stader ($SD) is undervalued. With a market cap of just $30 million (TVL $330 million), they rank fourth in ETH deposits on EigenLayer (ETHx). The Stader team has been consistently building. They’re soon transitioning to a model similar to Rocket Pool, where validators can borrow SD. SD holders can lend to validators and earn a share of their yield.
PICA is another interesting option. It’s a re-staking protocol on $SOL. After this narrative kicked off, the token surged 4x.
JTO is Solana’s liquid staking protocol. The token was airdropped and has since been heavily dumped. Currently trading at $2.28.
FXS recently underwent a halving and benefits from both the liquid staking and ETH narratives. If ETH performs well, this token could see stable momentum in Q1 2024.
AI
This is the latest buzzword. Indeed, Q4 this year belonged to the AI narrative—you’ve probably seen tokens like TAO, RNDR, FET, AGIX, OCEAN, PRIME, etc.
I’d say the entire list performed well, but one appears particularly cheap: $MOZ. At just a $10M market cap, Mozaic uses AI and LayerZero technology to offer automated yield farming strategies.
Despite a relatively high FDV, $PRIME also looks promising. However, PRIME combines AI and gaming narratives. Many are bullish on crypto gaming in 2024—I’m not among them, but I do find it quite intriguing.
Layer 1
Similar to Layer 2s, I believe L1s will continue to perform strongly. So far, SOL and AVAX have made significant progress. However, those aren’t the ones I’m most excited about.
For me, it’s INJ, SUI, SEI, FTM, CANTO (again), and Monad (launching in 2024). There may be even more upcoming L1s that will go parabolic. Keep your eyes open.
I’ve fallen in love with $SEI. There’s something about this community that makes me very optimistic.
DEX
So far, we’ve seen $RUNE surge 6x. We also have DYDX, SNX, JOE.
Personally, I’m most bullish on $RBN (soon to convert to AEVO) and $RBX.
Ribbon is currently priced low and hasn’t run yet. It will soon undergo a 1:1 conversion to AEVO. New token, new chart, new believers—could see strong performance.
$RBX is a new token with a $50M market cap and solid marketing. Given the valuations of DYDX and SNX, I definitely see potential here.
$UNI has also broken out of its 500-day range, and several major traders—including Eugene (a top trader at Binance)—are bullish on it.
Other Projects
I could keep listing categories one by one. There are many interesting projects in this space, but I want to keep this article relatively short and actionable. Here are my final picks that I believe will do well in the bull run.
MINA: $Mina is a privacy protocol that uses advanced cryptography and recursive zero-knowledge technology to provide an elegant solution. $Mina drastically reduces the amount of data each user needs to download. Instead of verifying the entire chain from genesis, participants use recursive zero-knowledge proofs (zk-SNARKs) to fully verify the network and transactions. Nodes can then store small proofs instead of the full chain. I believe privacy will gain attention alongside ETH in Q1.
SYN: Synapse was the token everyone talked about in 2021. It’s a cross-chain bridge that still has many users—including myself. Just the other day, I used the Synapse bridge when buying CANTO.
TIA: It’s hard to be bearish on what has been the biggest event in crypto so far in 2023. Celestia improves scalability by decoupling the three core functions of blockchains. Celestia is an exciting new technology aiming to solve fundamental blockchain scalability challenges. Its modular architecture advances scalability, flexibility, and interoperability, enabling developers to build blockchain applications for mass adoption. Celestia’s approach to data availability and scalability offers innovative solutions to some of the industry’s biggest problems.
KUJI: Kujira is a Cosmos-based Layer 1 blockchain. It’s the “real yield blockchain.” You might compare it to what $LUNA aimed to be—but better. $KUJI was originally built on Terra (launched October 2021), but took a new path after $LUNA collapsed. They have various revenue-generating products, with earnings going to $KUJI stakers. These include a lending platform, DEX, liquidation protocol, liquidity engine, cross-chain staking protocol, stablecoin $USK, and a platform to launch projects and tokens on Kujira. $KUJI is a bet on DeFi, and I believe this will become a strong narrative again in the next bull market.
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