jakiro
Author: Arjun CHAND, Bankless; Compilation: Deng Tong, Bitchain Vision World
Cryptocurrency develops quickly -just like a blink of an eye.
The first half of this year is no exception. The new chain and applications are emerging every day, and the encryption industry has been maintained in the financial industry.
In the madness of Twitter’s echo room and the price trend of the bull market, people can easily ignore greater prospects.Therefore, let’s narrow the scope and pay attention to the signal in the noise.
Crypto has just begun; don’t be shaken.
Today, we will review the main development of the first half of 2024 and discuss the major events and trends we have made this year.
1. Cryptocurrencies have become the mainstream
Remember the days of cryptocurrencies or niche playments of crypto punk?Those days have passed.
In the first half of 2024, cryptocurrencies broke through the mainstream.
The turning point is that the long -awaited spot Bitcoin ETF was approved in January.Suddenly, Wall Street had a comfortable entrance to cryptocurrencies, and they entered.11 ETFs were launched in one day, and the transaction volume broke the record.
And it did not stop at Bitcoin.The US Securities and Exchange Commission (SEC) finally approved 8 spot ETH ETFs in May to further verify the entire cryptocurrency ecosystem and opened the door for a wider range of institutions.
It’s not just ETF.Fortune 500 companies have also joined.The number of cryptocurrency projects has reached a record high, from consumer payments to token treasures, and who knows what.
What is the bottom line?Cryptocurrencies are no longer on the edge.It is welcomed by the big names from Wall Street to Silicon Valley.The future of finance is cryptocurrency, which is known to everyone.
2. Acceleration of cryptocurrencies
The use of cryptocurrencies is accelerating at an amazing speed.The number of active users of each blockchain increased significantly, and the active address in April reached 42.92 million historical highs.
This shows that users can do something meaningful on the chain.One of the factors may be the surge in different types of applications and services in the encrypted ecosystem, from social network applications such as Farcaster, Friend.tech, and Fantasytop, to new chain and innovative DEFI primitives (such as RESTAKE).
Another factor is the recovery of Defi.DEFI activities and attention rose again, marking the new interests and activities on the chain. This interest and activities are surpassing simple speculation and may turn to some real world’s practical procedures, such as the stable currency for payment and the assets of RWA.Currency (such as government securities).
The momentum is obvious: more and more people come to the chain, and they have found more reasons to stay.
Third, Ethereum still dominates, but Solana is rising
Ethereum is still the dominant force in the cryptocurrency field.DEFI locks more than 60% of the total value on Ethereum, which proves that the Lindy ecosystem is the basis of countless applications and chains.
This dominant position is not only a problem of capital, but also a problem of technological progress on the roadmap.Ethereum is expanding through L2 like Base. It has been widely used this year, and due to the recent DENCUN upgrade, it provides users with a significant reduction of GAS costs.
However, encryption is not just Ethereum and its ecosystems.Today, we have an ecosystem like Solana, and they are making impressive progress.
Forget the hype for the time being, let us pay attention to numbers.The number of daily active users of Solana was 2-3 times the same period last year, close to the peak of fanaticism in 2021.This user growth is not just a vanity indicator; it is a meaningful indicator.It is transformed into practical uses-Solana’s DEX transaction volume even exceeds Ethereum in this cycle, because it has become the base camp of Memecoin transactions.
In addition, Solana’s innovation engine is operating hot.Technical progress such as ZK compression and user -friendly functions such as Blinks is laying the foundation for a wider range of adoption. We can see that Solana’s network effect is rooting in real time.
There is no doubt that Ethereum will not disappear.Its established network effects and huge developer communities ensure their continuous importance in the encryption field.But Solana’s impressive progress cannot be ignored.Both ecosystems are booming in a unique way.This parallel use is a victory for cryptocurrency users, because it accelerates innovation and promotes the development of the entire industry.
Fourth, the cryptocurrency new high
Bitcoin broke through a record high in March and once exceeded the $ 70,000 mark.Although the high point seems to end suddenly, we should not forget.This time the bull market is far from over.
To be honest, we have been a little ecstatic recently, isn’t it?Cryptocurrencies have reached a record high and the coins are booming, and each celebrity has abandoned its tokens.The key point is that market sentiment may have fallen sharply, but long -term cryptocurrency prospects are still optimistic.
The long -awaited ETH ETF is coming, and the interest rate cut may be coming. Cryptocurrencies may continue to win a place on the national stage.Elections with potential positive policy transformations.
This callback may feel like an end, but in the field of cryptocurrency, this is usually an opportunity to buy.Therefore, unless you are facing additional margin notifications, you may persist and enjoy this journey.
Summarize
So, is the cryptocurrency field smooth in the first half of 2024?Not exactly.
We have seen quite a lot of noise -regulatory FUD, narrative foam, aluminum gonor, celebrity currency, volatile price trend, and not too much critical airdrops.
However, things look much better.The use of cryptocurrencies is fast, the institutional interest is unprecedented, and the regulatory environment is also improving.All these signs indicate that the industry will continue to grow, because the fundamentals are strong, and the future catalysts have been played.
