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Author Anil Lulla, Delphi Digital CEO; Translation: Bit Chain Vision Xiaozou
People like to say that cryptocurrencies do not have PMF (product market fit), but from my perspective, this shows that they are a group of cynical people. They have not spent time to explore various applications that developers around the world have been introduced.Essence
I want to focus on some of my favorite encrypted applications I have used in 2024. I hope to motivate some of you to try these applications.These teams strive to create useful products, and we can spend at least time to test their efforts.
Before we discuss in -depth discussions, we still need to make some disclaimer and disclosure.I have personally come into contact with these products and/or its tokens in various ways.I use*to show any items I have touched in any way.These do not constitute financial advice -just my thought summary of my favorite project in this year.The order of the project in this article does not represent the project of the project.
1As well asHyperliquid
In order to stand out, HyperliquidX performed very well.In the past month, you may have read thousands of tweets about it, so I will briefly talk about my thoughts.Everyone who often uses the product is always in love with it.In fact, I haven’t heard a lot of complaints -so far, we dare not say that many encrypted applications are like this.
I try not to use leverage as much as possible, so I am not the target user of Hyperliquid.In fact, for the first time, I used this application to buy Hype*tokens when it was released.Soon, I saw its fans crazy all year.It’s not just that UI/UX has the style (yes, I know it has only four validator) style (yes), and seeing the team’s criticism, attention and feedback in their Discord in their Discord has the speed of response to usersHow fast, it is even more exciting.
Since its establishment in 2023, Hyperliquid has accumulated a fanatic community with more than 200,000 users, and the cumulative transaction volume is close to 450 billion U.S. dollars.The platform’s current Weiping position is more than $ 2.5 billion.It is very successful and currently accounts for more than 60%of all ARBITRUM USDC.
Since the launch of Hype, people have not been interested in it because it has a clean UI/UX as a trading platform.Although it is still in the early stages, it has formed an impressive ecosystem.The project not only promises an exciting future, but also has achieved an ambitious vision.
2As well asPolymarket
Since entering the encryption field in 2017, predicting the market has always been a use case that I feel excited. I think this will be the first real use case, such as early projects such as Augur.Obviously, this is not the case.Almost 7 years have passed, thanks to Polymarket, the forecast market in 2024 predicts that the market will officially become the mainstream.It played a perfect role on the Night of the US presidential election, and announced in advance the winner of the most important election I think of our generation.I made a background here to add. Polymarket processed a $ 3.6 billion election bet, and predicted Trump’s victory for six hours before the Associated Press.
It creates a new form of media and provides other data points for the world for people to refer to the future by other information sources that may be prejudiced.Many people call for abolition after the election, but to be honest, it has always performed well.Below the high point in November, but it is still higher than the mid -October.I still use it often to see which markets are active. It seems that the sports sector has begun to get more and more share.
In addition, we should give praise in proper places.Fun.xyz has built a great checkout product for Polymarket, allowing users to deposit any token in any chain, card or CEX (Binance, Coinbase, etc.).Some of my ordinary friends are even using it and have no complaints about it.The encryption user experience is not as bad as everyone said!
3As well asFarcaster
To be honest, although I was a daily user of WARPCAST in the first half of 2024, I opened it only once or twice a week in the second half of the year.Entering 2025, one thing I want to do is to change this situation.
In early 2024, I participated in the Farcon conference held in Los Angeles, where most people talking to me were the builders of FarCaster.This is indeed a signal of watching a bullish.Although it is too early, many builders focus on creating some very cool niche things, so as to have the opportunity to attract Farcaster’s amazing communities that are dedicated and adventurous.I think you will see in 2025 that there are many strange things around this social map.
I also believe that Dan Romero and his team will continue to innovate quickly.They focus on helping core users to expand their social maps and reputation, which will create a great sandbox for builders and let them create a new experience.Channel, framework, and tip tokens (such as DEGEN) have developed a new method of coordinating social interaction.Games such as Clankermon and Stokefire made me see some interesting and unique content.
Although it decreased by 50%compared to its peak, it still performs well in terms of user retention.
4As well asEthena
In Delphi, we have high expectations for Ethena’s release, but somehow, it exceeds our expectations.In the past year, Ethena’s synthetic USD USDE has increased to nearly $ 6 billion.Between stablecoins, it is now second only to Tether and USDC.
What impressed me particularly was that Ethena recently launched a new US dollar stabilized currency USDTB with BlackRock, supported by the BUIDL fund of Berlaide.Like USDC, USDTB is supported by cash and cash equivalent assets.In the short term, due to financing issues, the yield of USDE may remain high.However, Ethena can now flexibly adjust the yield of the vault to supplement the USDE.This effectively creates a “lower limit” around the interest rate of the treasury coupon, enabling Ethena to further expand the scale.
Like most people, I am optimistic about the growth of stable currency in 2025.The current market value is about 200 billion US dollars. I think it is expected to exceed $ 300 billion, and it is expected to reach more than $ 400 billion next year.I think Ethena will play an important role in helping attract a large amount of capital on the chain with its smart products and continuous attention to integration.We have seen other decentralized stablecoins or synthetic US dollars in various ways to be included in DEFI. The USDE of Ethena seems to be the first to do well in integration with CEX (centralized exchanges) and Tradfi.This helps them establish a strong moat in the early days while chasing the largest encryption market.
5As well asGunzilla
As we all know, Delphi is enthusiastic about the encryption game industry.Through our early work and investing in teams such as Axie Infinity, Yield Guild, and Immutable, we have been working hard to help push the game to the market and bring the public into the encryption world.Gunzilla Games has done this -users have not encountered any friction from encrypted components.
A Battle -fighting game OFF The Grid with the theme of Cyberpunk is the first encrypted game released on PlayStation and Xbox, which has attracted more than 12 million wallets and 230 million transactions.The live broadcast time of players on Twitch and other platforms has exceeded 4 million hours. The game has been ranked among the top three live games twice.It uses Avalanche’s Play-TO-OON mechanism to act on the benefits of cryptocurrencies that people are widely talked about: digital ownership can improve player stickiness.
I strongly recommend that you listen to the dialogue of Piers Kicks and Gunzilla’s founders on Delphi last month.The team is obvious in terms of unparalleled attention and the promise that the players really want.At present, they are developing their own products because they are trying to become infrastructure that make more mainstream AAA games released in their ecosystems.I am really happy to see how Gunzilla continues to develop and shape the future of encrypted games.
6As well asLighthouse
Over the years, Delphi has invested in multiple investment portfolios (Zapper, Debank) and wallet observer. We believe that these tools may become the mainstream tools for the encrypted world.Tools like this and NANSEN have become the main tools for managing wallets and observing others.Until a few weeks ago, I still manually use electronic tables and other applications to track my total investment portfolio.
Will Price has inadvertently mentioned Lighthouse with me, and I have been fascinated since then.It is the best and complete investment portfolio tracker I have used so far.EVM, Solana, COSMOS, Aptos, SUI, CEX, Hyperliquid, DYDX; they can follow everything.In the few days of trial this application, I talked with the team, and they attached great importance to privacy protection.
In all applications I mentioned in this article, I guess this is a product that many people just heard.I was very impressed with it. I think this is a wise attempt.I have been looking for such a product for several years, and I am glad to find it.I have no economic connection with LightHouse, although I did ask the Lighthouse team to allow me to invest.I am just a user who is very satisfied with their products.
7As well asPump.fun
This year, Pump.fun transformed attention into liquidity.I don’t think the mechanism has been praised enough -it is a simple but necessary solution, with a powerful and direct PMF (product market fit).It reduced the threshold and promoted more fair distribution, and its Bonding mechanism reduced the risk of pumping carpets.
Within one year, Pump.fun has gained over $ 300 million in fees and helped issue more than 5 million tokens.Although everyone in this field hopes that the team will expand vertically by launching DEX (decentralized exchanges), they choose to grow horizontally by exploring new methods to attract attention.In my conversation, the live broadcast seemed to be an unexpected direction at first.It eventually lost control, but mainly because it was too successful.
No matter if you like it or not, anything that can be finished will inevitably be financially melted.Pump.fun has the potential to create a social application around speculation, so you can’t help but mention them here.By the way, my investment in pump.fun is investing through small angels, not Delphi Ventures.It is a easy decision to bet on the founder, but I am still shocked by their execution.
8As well asGoat
This year’s favorite encryption time may be that I found a test sandbox -Twitter and wallet in the Crypto X AI field.Our Delphi team has been bluntly expressing our excitement and curiosity about this cross -field.When we conducted Crypto X AI research, Goat released and occupied all the attention in the encryption field.
Witness Turing test becomes an incredible experience, because all people on Crypto Twitter are questioning which robots are AI and which are real people.No matter how early it is now, I think Goat is one of the most important events in 2024 because it provides a practical way to think about the interaction of this important cross -area area of cryptocurrencies and artificial intelligence.Since then, we have witnessed the surge in these agents, seeing team innovation, standing out and attracting attention.The coolest thing is that all these upgrades are highly operable, and each developer’s efforts are maximized by being able to be applied to other agents.Although some of these robots are annoying, I really believe that in 2025, these agents will bring in groups to bring really interesting and even weird things on the Internet.
9As well asVirtualEcosystem
I don’t plan to write too much about Virtuals, because this is one of the new projects I have been studying.I just think that this is a “iron pick and iron” strategy for the AI agent.So far, they have released more than 12,000 agents.Don’t misunderstand what I mean, most agents are still bad, sometimes at best, it is just a nasty response.However, I expect to have index levels in the next few months, making this project worthy of attention.
AIXBT*is a particularly eye -catching account, which is worthy of attention and observation.Data will not lie, it occupies the ideological share of cryptocurrencies, which is sufficient.It simply publishes Alpha on Twitter -but it is supported by 0rxbt research. 0rxbt spends a large amount of encryption data and planned a smart Crypto Twitter social map to give AIXBT a “personality”.Although many cryptocurrency celebrities often talk about the same project in Echo Chamber of Crypto Twitter, AIXBT can always present fresh Alpha, mainly projects I have never seen anywhere.
10and11::MetadaoandMetalex
Few people know/remember this, but Delphi is one of the first companies to receive DAO (Synthetix) remuneration in 2019.Since then, we have been active in dozens of governance processes, and even helped design the governance system and projects of cryptocurrencies (such as Gitcoin).Initially, DAO was the most exciting aspect of this field for me.However, when we face the complexity of cooperation with DAO, my enthusiasm has diminished.Most DAOs were established to achieve some ambitious visions, but they spent all their time on “DAO”.This year, two projects stood out because of their practical methods that resolved these challenges: Metadao and Metalex (although there were Meta in the name, the two items were not related).
Metadao has triggered many interesting discussions within Delphi (to a large extent, thank us for our Meta Maxi Mrink0).Although some people criticize Solana’s lack of innovation, Metadao is the first project in the world to deploy Futarchy.I have to mention it here because this is one of the coolest chains I have seen in 2024.
Unlike traditional voting methods, Metadao uses the market to predict and determine the best results of DAO.It is interesting to see different protocols into their decision -making process.For example, DRIFT uses Metadao to go public on its market to its exchange.As we enter 2025, I am paying close attention to Metadao, hoping that it can increase voters ‘participation in cryptocurrencies and improve voters’ diversity.
On the other hand, Metalex is a concept that Lex Node and Delphi Labs have been polishing for many years.It was finally launched in 2024. It built such a future: DAO can focus on its own tasks and will not fall into the quagmire of governance challenges.Through BORGS, Metalex enables DAO to connect to the real world while maintaining the native encryption.
This is the crystallization of the experience accumulated from the traditional world and the encryption world for many years.He has been a technical director of Delphi Labs for many years. Honestly, I respect him very much.For Delphi Labs, making this concept a reality is a thing that does not need to have brains, because no one else in the world can build it in the right way.Metalex uses law to fill the code blank and use code to fill the legal gap.Their BORGS can implement the multilateral trusted commitment and reduce the assumption of trust in all transaction opponents.
Metalex has helped teams such as Lido, Curve, and ZKSYNC transition to BORGS.They have been developing a set of comprehensive tools for the governance of minimizing trust. I think in 2025, we will start seeing how their work will affect their DAO.
12As well asSandwich
This is a product created by a friend of mine.Sandwich is a private placement tool for executing CEX orders (and Hyperliquid orders).It allows you to access the INSTO level algorithm, which helps save costs to reduce slippery points, and allow you to access multiple tools and multiple exchanges through a unified user interface.
Considering that I mainly buy and hold tokens, I am not a target user in this area without using leverage.In other words, every trader who sees it has become a super user.Mac applications are about to be launched, but if you have a desktop, I encourage you to try it.
13As well as9DCC
I think what GMoney and 9DCC are doing are the coolest in the encryption field.He successfully combined his passion, opened his own path, and allowed cryptocurrencies to have another mainstream attempt.
In essence, cryptocurrencies are a very powerful coordination tool.It is a genius to use it to gamize the winds of fashion and interpersonal interaction -it is surprising that this is still a field that has not been fully explored.GMONEY is still deeply cultivated in this field, so he can connect the most cutting -edge chain and bring them to the real world.
14As well asDebridge
I have tried a lot of bridge tools over the years, but Debridge is the one I used the most this year.Not only is the experience seamless, but their team has always been one of the fastest teams in the new chain.No matter where your assets are, or where you want them to go, the experience is the same.
They connect the DEFI with cross -chain intention in real time to make the bridge experience almost amazing.According to Dealex, they have settled over 4 million intentions, with a transaction value of more than $ 6 billion.
This is the first Bridge I do not need to answer any questions about how to use it about how to use it.This alone is impressive, for this reason, I thank the team’s work.
15and16:EchoandLegg
2024 is the year of ICO’s return.I am a loyal fan of Cobie’s method adopted by Echo -it seems very suitable for Crypto Twitter users, and has the degree of product market fit.Those who support your trust and let them directly bring you interesting trading flow. This is a win -win situation.Echo has helped promote more than 150 transactions and raises more than $ 55 million for the project from nearly 6,000 users.
On the other hand, LEGION uses a more down -to -top method to hand over the project token into a more consistent community member.They have developed a legg score, which currently includes three main variables: (1) on the chain activity, (2) social influence, (3) development experience.This score will change over time, so that the project can better understand who they let them enter their capital structure table.
LEGION is our Delphi Labs incubation for more than a year. A month ago, the platform only appeared in the platform.Numbers are self -explanatory: raising more than 5 million US dollars, and nearly 100,000 users have registered LeGION Score.
I think that by 2025, we will see more projects using such platforms to help distribute tokens.The new U.S. government is not better.I strongly recommend everyone to register these two platforms and view it once a week.While these platforms do their best to plan high -quality projects for their members, there may be many attractive opportunities.
17As well asKaito
In 2024, Kaito quickly became a very powerful tool for cryptocurrency users.To some extent, the goal of Kaito and Delphi Research is to solve a similar problem: helping the encrypted members cross all the noise in the encryption world and find Alpha and valuable insights.To this end, our research team spent hundreds of hours for research, and then condensed all the need to read about 30 minutes of reading content, focusing on the place we think there will be Alpha.In the process, our analysts spend time thinking and screening most of the noise, just to analyze the important understanding and conclusions of any specific agreement or segmentation.Dig out gold blocks from all noise on Cryptotwitter.In fact, when I searched a specific project or token, it could help me skip so much noise, which surprised me.
I can see that it is very useful and necessary for all traders.However, I have been using it to find talents.Generally, in any specific field, some people who will express their views will become a potential recruitment candidate for our Delphi team.In fact, we just sent me a offer to the talents found through Kaito, and they will join our team in January.
I think Kaito has the potential to provide services to many different user groups through a product, because how many cryptocurrencies continue to be active on Twitter.
18As well asGrass
GRASS allows users to receive rewards by sharing excess Internet bandwidth with the rest of the network.This is a simple plug -in. I run Grass in the background most of my 2024 time.Our venture capital team has invested in a large number of Crypto X AI projects, but Grass may be the most excited one of my person (at least in the projects I can talk about now).
Data is the next cutting edge of model development.We have seen that artificial intelligence laboratories have tried to achieve cooperation with platforms such as Reddit or Stackoverflow to obtain the API key access rights for their data.Grass provides an API key for the entire Internet.
It can do this efficiently and large -scale.They already have 2.5 million nodes on the supply side to provide unsuasive data for training and artificial intelligence response.There will also be new ways to join the network, such as people can insert mobilization and hardware plug -in into their WiFi router.According to 0xdrej research, the current demand for the network has been within 9 digits.
The Grass project has helped traditional artificial intelligence people take Crypto X AI cross -crossing field seriously. I am optimistic about their development prospects in 2025.
19As well asOstium
Since our team cooperates with the Kain and SNX family in 2019, we are glad to make the chain world contact traditional assets.OSTIUM seems to be fulfilling this promise.
Kaledora has clearly stated that she is keen to make Ostium an omnipotent market.At present, OSTIUM provides users with long -term or short -term sustainable transactions of foreign exchange, large commodities, cryptocurrencies and stock indexes.So far, they have completed more than $ 166 million in transactions.It is cool that when the transaction volume of certain transactions is soaring.For example, the USD/JPY transaction has completed a transaction volume of US $ 21 million since its establishment, most of which occurred during the decision of interest rates in Japan (I wonder if you still remember a short -term bear market of 72 hours).
They have launched some simple structured products on the basis of Polymarket.Therefore, for example, once the Polymarket odds that Trump won at the night of the presidential election reaches a certain percentage, you can make OSTIUM 10 times more Bitcoin.You can set it like this, and then when everyone in the world is staying up late to see what happens, you go to sleep, and then wake up very happy (and have a good rest).
As the new U.S. government no longer opposes cryptocurrencies, I think it will allow OSTIUM to launch something that we can’t imagine in the past four years.(When I published this article, OSTIUM has actually launched SPX PERPS!)
20As well asMoonwalk Fitness
Moonwalk Fitness uses the ability to coordinate cryptocurrencies to create a powerful accountability for fitness.
At present, the main purpose of the first version of Moonwalk is to inspire people to walk daily.You can create a group, set the daily step target, and deposit in USDC/SOL/BONK tokens.As long as you complete the goals you set, at least you will get back your money.If others do not reach their goals, their money will be assigned to the winner.This is a simple and powerful tool for inspiring good behaviors. I am glad to see what it will look like in the next iteration.You can see that this concept is not only applied to the number of steps: set goals, daily sleep time, water intake, etc.In terms of rewards, I really want to know which projects sponsor the competition to help different people enter this field.
Although it is still too early, they already have nearly 100,000 registered users; they have locked more than 500,000 people to take responsibility.They will soon release a mobile application, and I have been disturbing the team for a long time.This may be the first encrypted application that my parents use every week.
Well, this is my favorite project list in 2024.These are just a few products I like. I want to thank their teams for their hard work.Unfortunately, I obviously cannot list all the teams I think in 2024.Other projects in my minds quickly appeared in my minds. There were also wallets such as MORPHO, Jito, COWSWAP, Jupiter, PENDLE, and Phantom/Rabby.
I am curious -what is your favorite project in 2024?
