Seven major race track analysis and outlook worth paying attention to in 2024.

Authors: @0xdddd111, @lviswang, @FINT1121, @Jessemeta, @pikpika6, @shouyi16, @0xWay, Core Contributors of Biteye

Editor: Crush, Core Contributor of Biteye

On January 11th, the BTC ETF was finally approved by the SEC, and today, 11 BTC ETFs officially started trading on the US stock market, making these two days a milestone moment in the history of cryptocurrency.

With the ETF bringing BTC into a larger mainstream world and the upcoming BTC halving event at the end of March, 2024 is undoubtedly an important year for the cryptocurrency race track.

So, in 2024, what race tracks are worth our attention? In this issue, we bring you an analysis and outlook of the seven major race tracks in 2024, jointly written by the Biteye community partners.

01 BTC Ecosystem

Looking back at 2023, the main narrative of the BTC ecosystem was very clear. After Domodata proposed the BRC20 standard on March 8th, a series of inscriptions quickly flourished on the BTC main chain. The narrative of new assets combined with BTC's narrative allowed the first inscription asset ORDI to break through a $1000M market value within a year.

As on-chain transactions increased, issues of network congestion and high transaction fees began to emerge. When popular inscriptions were minted, BTC's GAS fees became so high that ordinary users could not accept them. The demand for BTC's expansion also took the stage for future narratives. So, what are the directions we can focus on in the future of the BTC ecosystem?

1. BTC New Asset Issuance Protocol

Atomicals, an optimization project for Ordinals and BRC20, solves the problem of BRC20's excessive reliance on centralized off-chain indexes. It utilizes and extends the Bitcoin UTXO model, treating each satoshi's UTXO as a specific Atomical token or digital object. $ATOM is the first token of Atomicals, minted through POW, and is considered more decentralized by the community, in line with BTC's original ideology. Due to its technical superiority, it currently has strong community consensus.

SRC-20, a token standard developed based on the Stamps protocol, BTC Stamps, invented by @mikeinspace. The main difference between Stamps and Ordinals is that Stamps' image/text information is stored in witness data, while Stamps data is stored in transaction outputs, causing an important feature of Stamps, which can always exist on the BTC chain, and full nodes must synchronize this data.

Bitmap, the first metaverse project in the BTC ecosystem, maps each transaction input in a Bitcoin block to a plot (Parcel), forming a block or area. Bitmap also proposes the BRC-420 protocol, which combines multiple inscriptions to create a complex inscription, creating a variety of assets from small characters and pets.

Other protocols to watch include CBRC, Veda, Rune, and Sat.

2. BTC Infrastructure

The current mainstream BTC infrastructure projects are as follows, indicating that future BTC infrastructure will mainly be divided into the following major directions:

• Cross-chain bridges
• IDO platforms
• DEX exchanges
• Lending platforms
• Trading markets

3. BTC Scalability Solutions

The development direction of BTC scalability solutions mainly includes two methods: Lightning Network and sidechains.

1) Lightning Network

The Lightning Network, proposed by Joseph Poon and Tadge Dryja in 2016, is one of the Layer 2 solutions for Bitcoin.

The Lightning Network consists of payment channels, aiming to achieve fast and low-fee transactions, allowing users to make off-chain payments without confirmation, with final settlement on the main chain. In theory, the Lightning Network can achieve a processing speed of millions of transactions per second.

The Taproot Asset protocol is an asset issuance protocol proposed by the Lightning Labs development team on October 19, 2023. The mainstream platform for issuing and trading Tarproot Asset is Nostr Aeest, and its tokens, T($TREAT & $TRICK), are mainly used for staking and new launches.

2) Sidechains

Stacks($STX): Stacks is currently the most complete L2 development in the BTC ecosystem. The Stacks verification mechanism uses the POX (Proof of Transfer) consensus algorithm.

By anchoring transactions, the block information of transactions on the Stacks chain is broadcast to the Bitcoin network to ensure the security of its transactions.

Stacks has a complete execution environment (i.e., any application that can be built on chains such as Ethereum can be built on the Stacks layer).

From Stacks' roadmap, the release of the Nakamoto network and SBTC in Q1 of this year will be important milestones in the development of Stacks and worth paying attention to.

3) Others

In addition to the mentioned protocols, other BTC scalability solutions worth paying attention to include the RGB protocol, Bitcoin sidechain projects Rootstock($RIF), BitVM, BEVM, and more.

02 Modular Blockchain and Data Availability (DA)

1. Modular Blockchain

Modular blockchain is a type of blockchain that specializes in specific functions (such as execution, consensus, settlement, or data availability), and relies on other blockchains or services to perform the remaining tasks.

This design can enhance the security of the project and save the project team's energy to focus on developing core features.

There are many projects in the direction of modular blockchain worth paying attention to:

• Celestia ($TIA)

Celestia uses an off-chain method to achieve DA, ensuring data availability through Reed-Solomon erasure codes and a specialized Namespaced Merkle Trees structure, making DA cheaper and more efficient.

Celestia, although it has already issued coins, can still indirectly participate in all modular projects using Celestia by staking in the account. Many projects in the Cosmos ecosystem have included Celestia staking accounts in their airdrop scope.

• Manta

Manta Network is a modular blockchain for zero-knowledge (ZK) applications and the first to convert the data availability layer from the ETH mainnet to Celestia's Layer2.

Since Manta converted DA from the ETH mainnet to Celestia in December last year, its transaction fees have been reduced by 99.8%. Currently, Manta's TVL exceeds $8 billion, second only to OP and Arb.

• AltLayer

AltLayer is a decentralized Rollup-as-a-Service protocol with a modular design that allows end-users to choose Rollups according to their needs.

Rollup SDKs support Arbitrum Orbit, OP Stack, and others. The data availability layer supports Eigenlayer, Celestia, and Astria.

AltLayer has already released the first phase of the testnet tasks and OAT on the Galaxy, and future testnet tasks and potential empowerment for OAT are worth watching. Additionally, Altlayer has released the Ottie NFT series, which may have the opportunity to receive token airdrops in the future.

• Cevmos

Cevmos is a rollup stack jointly developed by Cosmos EVM application chain Evmos and Celestia, aiming to be the best settlement layer built on EVM rollup on Celestia.

Cevmos is an abbreviation of Celestia, Evmos, and Cosmos.

2. Data Availability Layer

Data availability layer is one of the main development directions of modular blockchain, and Celestia is a modular blockchain specifically designed for data availability layer.

Data availability mainly refers to the public storage of transaction data to provide verification services. The data availability layer ensures that data is correct, protected, and easy to verify. In the current scenario, the most direct benefit is that the data availability layer can greatly reduce gas fees for project teams and users.

Currently, ETH L2 needs to upload Calldata to the ETH mainnet, which means the ETH mainnet is responsible for DA, resulting in a huge expense.

From the significant reduction in Manta's transaction fees mentioned earlier, it is clear that the cost-saving advantage, combined with the current market enthusiasm, indicates that DA is a real need for Web3 projects, with a very broad market outlook.

However, with the growth of the market, competition between DAs, or the "DA War," is inevitable. Many new DA projects (the following are DA service providers, not users of DA services) will be launched in the near future:

• Avail, a modular blockchain project led by the Polygon team, is a major competitor to Celestia. Currently in the testnet stage, Avail can be seen as a project benchmarking Celestia. It has launched an incentive testnet for "node conflicts," allowing users to participate in running nodes to earn rewards.
• Fuel, unlike Celestis, is a modular blockchain for the execution layer, using the SwayLang language, and currently offers corresponding Zealy identities.
• EigenDA, which provides low-cost, large-scale rolling data availability through Eigenlayer, protected by ETH Restaking. Users can participate in this project by joining Eigenlayer.

At the same time, some older projects will also support their own exclusive DAs. Therefore, the choice of which DA to use will become a key point in the market game.

For example, ETH's Danksharding is essentially a DA, and its verification technology is more complex than Celestia's.

Ethereum founder Vitalik has repeatedly promoted his own DA technology, stating on social media that using third-party DA services does not count as Ethereum's second layer, setting up barriers for his own DA.

Essentially, DA is a business aimed at project teams, with little impact on the user level. Therefore, the soft power of DA project teams, such as first-mover advantage, relationships, and influence, may be more important than the technical details themselves. This year, the DA War will be very exciting.

03 DePIN

As expected in Biteye's 2023 outlook report, DePIN has become a hot race track, and the crypto community seems to have found a large-scale practical application beyond finance.

DePIN refers to a decentralized physical infrastructure network that uses cryptocurrency incentives and coordinates the launch and ongoing operation of decentralized infrastructure.

DePIN is an important link between the virtual crypto world and the real world, promoting data security, effective coordination of idle resources, and demonstrating the practical value and charm of cryptocurrencies to more people.

In the early stages of the project, DePIN uses tokens or airdrops to incentivize user participation in ecosystem development, attracting strong developers to provide more cost-effective products.

As more users use products or services, the project's revenue increases, which can be used for market management and further marketing, providing returns to product demand and supply, incentivizing more participants, and attracting market attention to create a thriving ecosystem.

DePIN will have a positive flywheel effect during the bull market, and it has recently attracted attention from Binance and OKX, producing an introduction video on the DePIN theme.

In a joint research report by Messari and Escape Velocity, the DePIN race track is divided into computing, wireless, energy, artificial intelligence, services, and sensors.

Below are representative projects worth paying attention to in each sub-race track, but this is not investment advice. Readers can continue to explore and discover more interesting projects that have practical benefits for society.

• Computing

With the growth of data generation driven by machine learning and AIGC, there is a growing need for more secure decentralized storage. Filecoin ($FIL) is a leader in the storage race and ranks among the top in DePIN race track revenue.

• Wireless

Helium ($HNT) is a decentralized wireless network protocol and one of the earliest and most well-known DePIN projects, with a financing amount of $250 million, tied with Filecoin at the top of the DePIN race track financing rankings.

The Helium Mobile ($MOBILE) sub-DAO provides users with discounted phone plans and has recently become a shining new star due to the rapid rise in token price.

• Energy

Arkreen is a global decentralized renewable energy data network that tokenizes trusted and verifiable data from renewable energy devices to promote carbon neutrality.

• Artificial Intelligence

Render Network ($RNDR) is a decentralized GPU rendering network that connects idle GPUs to assist in movie and animation rendering, and has partnerships with well-known companies such as Stable Diffusion and Netflix.

• Services

Braintrust ($BTRST) is the first decentralized talent network that matches top freelance technical talent with the needs of large companies.

• Sensors

Hivemapper ($HONEY) is a map network where contributors use Hivemapper's dashcams to collect street view images and create the latest maps.

Investors can participate in the DePIN race track in two main ways:

• One way is to purchase related products and equipment as a supplier to provide services, and earn token rewards to recoup costs and make a profit.
• Another way is to purchase related tokens because during a bull market, project teams will use the revenue from selling equipment to stimulate token prices, encouraging people to continue purchasing products and equipment, and rapidly promote the construction of the ecosystem network.

However, it is important to note that there will be a stronger market-making intention in the DePIN race track. The observed token prices often show a trend of rapid rise and fall. Investors may consider swing trading, entering in batches, or grid trading.

Additionally, we can also consider enjoying more cost-effective services from the demand side of DePIN.

04 New Public Chains and Ethereum Ecosystem

Public chains are the backbone of the crypto industry and the largest infrastructure. With the development of blockchain technology, we believe that high-performance single chains (parallel EVM), Ethereum re-staking, Cancun upgrade, and modular blockchains will be the four major directions to watch in 2024 (modular blockchains have been introduced in the first section).

1. Parallel EVM Public Chains

Recently, Paradigm's CTO Georgios proposed that 2024 will be the "year of parallel EVM," and Paradigm is actively exploring this technology internally.

One of the performance bottlenecks of EVM is that transaction execution is sequential, leading to network congestion and delays during peak periods, and the auction mechanism for gas causes high gas fees, which is a headache for users using Ethereum.

If EVM can achieve parallel computation, it will greatly improve network processing speed and system throughput, enhancing the performance and efficiency of EVM. Currently, there are mainly two solutions to achieve this:

1) Independently design parallel EVM public chains, and 2) Use the parallel processing layer as a Layer2 to execute transactions.

Notable projects:

• Sei ($SEI)

Sei is a Layer1 optimized for trading, using an optimistic parallel approach, and is expected to achieve parallel EVM in the latest V2 version. Additionally, Sei allows Cosmwasm smart contracts to interact with EVM smart contracts, providing a more diverse execution environment.

• Eclipse

Eclipse is a platform for modular rollups, and its main feature is to bring Solana to Ethereum, using the parallel computing Solana virtual machine as the execution layer and Ethereum as the settlement layer, with Celestia implementing the DA layer and Risk Zero for fraud proof, creating a parallel EVM public chain. Eclipse is currently running on the testnet and can be applied for testing on the official website.

• Lumio

Lumio is a Layer2 based on OP rollup, dedicated to using Aptos as a second-layer execution layer, and Move's Aptos has had its moment of glory and is expected to shine again in the parallel EVM race. Lumio is currently in closed testing on Ethereum and will gradually open to NFT holders and Liquidswap users. Users can follow the testing qualifications and participate in the testnet early.

2. Ethereum Ecosystem

In 2023, Ethereum's Layer2 experienced explosive growth, with over ten Layer2 mainnets launched. According to L2Beat statistics, the total TVL of Ethereum's Layer2 has reached $19.35 billion. OP Stack and Polygon CDK have further reduced the difficulty of launching a Layer2 public chain, so the total TVL is expected to continue to increase in 2024 as more Layer2 networks are implemented.

1) Re-staking Narrative

In addition to using Ethereum's security, EigenLayer also provides convenience for building new public chains to a certain extent.

EigenLayer is a middleware protocol based on Ethereum that introduces the concept of re-staking, allowing Ethereum nodes to re-stake their staked ETH or LSD tokens to other oracles, bridges, and public chains, enabling them to enjoy Ethereum-level security at a lower cost, while users can earn multiple rewards.

Recently, there has been a trend in the market to convert liquidity staked in Eigenlayer into a new layer of liquidity tokens called LRT, leading to the emergence of the re-staking liquidity game LRTfi. Notable projects include:

• Pendle ($PENDLE)

Pendle is about to launch the liquidity staking token eETH on ether.fi, allowing users to deposit eETH into Pendle's LP to earn EigenLayer points, EtherFi points, and multiple staking rewards.

• Swell

Swell is an LSDfi protocol where users can stake ETH to earn Pearls and staking rewards. Swell is planning to add re-staking functionality to its swETH, allowing users to earn rswETH after staking ETH, releasing ETH liquidity and increasing additional rewards.

• Puffer Finance

Puffer is a liquidity staking protocol based on Eigenlayer, which solves the penalty issues in the Ethereum and Eigenlayer networks through its proprietary Secure-Signer tool and RAV technology, providing participants with low-risk dual returns, and plans to launch its mainnet in 2024.

2) Cancun Upgrade

On the evening of January 4th, the 178th Ethereum core developer meeting confirmed the final schedule for the testnet activation of the Cancun upgrade, which will begin on January 17th.

The core content of this Cancun upgrade is the implementation of the EIP-4844 proposal, which aims to increase the total number of transactions Ethereum can handle.

Before the Cancun upgrade, L2 transactions were stored in the L1 transaction Dalldata. This method is costly and has limited Calldata space.

After the Cancun upgrade, L1 will store the data submitted by L2 in a new location called "blob," which is cheaper to store and has more space.

It is important to note that the income source of L2 is essentially the difference between the gas fees charged to users and the gas fees paid to Ethereum. After the Cancun upgrade, the fees paid by L2 to Ethereum will be greatly reduced, meaning the income level of L2 can increase significantly.

Therefore, the Cancun upgrade is essentially beneficial to all Layer2s using Ethereum as the data availability layer, including all related Layer2s such as Optimistic rollup, ZK rollup, and others.

In the next quarter, assets related to the Cancun upgrade will have certain fundamental bullish factors.

The most obvious beneficiaries are OP and ARB, and there will also be some synergistic effects in the ecosystem, such as the largest DEX in OP—Velodrome ($VELO), and GMX ($GMX) on ARB, among others.

Next, small and medium-sized Optimistic rollups, such as MetisDAO ($METIS) and Boba ($BOBA), are also beneficiaries. For example, MetisDAO plans to develop a Layer2 decentralized sequencer, which is worth paying attention to due to the dual narrative overlap.

In addition, due to the temporary storage solution introduced by EIP-4844, data stored in Blob will be deleted approximately one month after being temporarily stored.

If L2 wants to retain related data for the long term, it will need to be stored by other storage service providers based on actual needs. This indirectly increases the demand for decentralized storage race track, which is also a bullish factor for the decentralized storage race track.

05 GameFi

The GameFi track currently has two categories for games:

1. Full On-Chain Games (FOCG)
2. Non-full on-chain games (NFT assets + off-chain games)

1. Full On-Chain Games

Full on-chain games refer to games where assets, game state storage, and execution logic are all on-chain. Therefore, compared to non-full on-chain games, full on-chain games are more decentralized and have stronger composability.

However, full on-chain games are still in the early stages, and the barrier to entry for users is relatively high. Therefore, it may take a long time for related tokens or NFTs to generate returns.

The two main game engines for full on-chain games (FOCG) are:

1. MUD
2. Dojo

The former belongs to Op-stack, while the latter is on Starknet.

The MUD game engine was released by Lattice, a sub-project of 0xPARC, which was formed by the original team of the full on-chain game Dark Forest. They have received donations from the Ethereum Foundation and Gitcoin.

The game Sky Stife running on MUD is worth paying attention to. For those who missed out on the previous season's pass, don't miss the new season, which starts on January 8th.

Dojo is a full on-chain game engine proposed by core members of Loot Realms, the founder of Cartridge, and the founder of Briq, on the Starknet network.

Cairo has higher efficiency and scalability compared to Solidity, which is why the core developers of Dojo chose Starknet over Op-stack.

Notable projects include the Loot Realms series:

1. Realms: Eternum (sandbox strategy game), where participation in the game requires purchasing Realms NFTs. Players can earn tokens $Lords by playing the game or staking Realms. The game is not fully open yet.

2. Loot Survivor (text-based roguelike game) and Shoshin launched by Topology. The game is already live on the mainnet and can be tested on the testnet. Playing the game requires consuming at least 25 $Lords.

2. Non-full On-Chain Games

Non-full on-chain games refer to games where some game assets are on-chain. Currently, most NFT-related games fall into this category.

Although the NFT market has cooled down this year, NFTs in the gaming sector are very hot. When analyzing a project, it is generally done from three perspectives: technology, operations (breadth), and community (depth). The most important are breadth and depth, with technology being relatively secondary.

Notable project: Matr1x

Matr1x aims to create a web3 premium game platform. The first shooting game is already available for experience, and the related community is very active. It is one of the few game products with high community engagement and landing. However, the game also faces challenges in attracting web2 users, as most web3 users are limited in number and are more interested in profits than games. The project needs to attract web2 players to make the game more sustainable.

There are two ways to participate in Matr1x:

1. Stake NFTs to earn tokens.
2. Participate in subsequent game activities or public testing.

If the GameFi trend arrives, non-full on-chain games will receive attention first, and when the entire ecosystem's funds overflow, full on-chain games will be lifted up.

06 AI & Crypto

According to the Binance Research Institute report, in 2023, the financing of Web3 projects related to artificial intelligence grew strongly, reaching $298 million, far exceeding the total financing amount of AI-related projects from 2016 to 2022.

At the same time, AI-related tokens outperformed BTC and ETH overall in 2023. 2023 can be considered the AI year for the whole world. As the importance of AI in the Web2 world continues to strengthen, we should also consider how AI and blockchain can be combined, what the directions of the combination are, and which projects to focus on.

1. Decentralized Computing Power Network

With the increasing demand for AI models, whether it's large language models or customized AI models for specific scenarios, the intelligent improvement of AI cannot be achieved without a fundamental element: extensive training, which requires a significant amount of computing power. In traditional large model training, the training environment for large models is centralized in data centers, using high-performance computing devices as clusters connected through high-speed networks to share computing tasks.

In the Crypto environment, sharing computing power and idle bandwidth can provide more computing power for AI model training. This is currently one of the exploration directions for the combination of AI & Crypto.

The decentralized mechanism of Web3 allows AI to become more democratic from the most fundamental aspects. Through decentralized deployment, training, and use of AI, users' data privacy can be better protected, and there is also an opportunity to receive rewards by sharing data.

However, it is important to note that for model training, decentralized computing power networks have the drawback of communication latency due to distributed distances. Nodes need to spend more time waiting for data transmission, making it less suitable for models that require efficient training.

2. AI & Crypto Applications

In Web2, well-known AI applications include the ChatGPT chatbot, the AI search engine New Bing, the image generation tool Midjourney, and the virtual character AI, among others. In Crypto, if AI wants to integrate with Crypto at the application level, it can develop in the following directions:

1. Similar to RSS3, training the ChatGPT model based on on-chain data and data sources such as Twitter, Reddit, Lens, Farcaster, Mastodon, etc., to build a more Crypto-native chatbot or AI assistant tailored to the needs of Crypto players.

2. Additionally, generative AI can bring new narratives to Web3 applications, such as embedding virtual characters and AI characters into the gaming and social ecosystems, developing new gameplay.

From the recent launch of two AI-related projects on Binance, it is clear that the world's largest exchange is very optimistic about the future of the AI track. The two projects launched are AI image generation and AI virtual idols, which are explorations of the application layer of AI in Crypto.

In addition to the mentioned projects, other projects to watch include:

1) Bittensor ($TAO): A decentralized machine learning network based on blockchain, using blockchain and mining incentive mechanisms to coordinate the collaboration of AI models.

2) FetchAI ($FET): A blockchain-based machine learning platform aimed at allowing traditional products to access AI through Fetch.ai tokens without changing the underlying business applications.

3) Dynex ($DNX): A neural morphology supercomputing blockchain based on the DynexSolve chip algorithm, proposing the Proof of Useful Work (PoUW) method to improve the speed and efficiency of decentralized networks, aiming to provide computing power for machine learning, fintech, and biopharmaceuticals.

4) Grass: A decentralized incentive network for web scraping, where users sell their unused network resources through Wynd Network to companies, labs, and other institutions. Grass's buyer companies seek unused network resources to access more diverse IP addresses for market research, web scraping, AI training, and other tasks.

5) Clore.ai ($CLORE): A platform that provides GPU computing power rental services based on Proof of Work (PoW). Users can rent out their GPUs for AI training, video rendering, and cryptocurrency mining tasks, providing computing power services to individuals and institutions in need.

If users want to deeply participate in the above projects, the main ways to participate are by renting computing power or mining. For example, Grass currently has open Chrome plugin accounts for desktop computers, where users can download and register to earn points through WiFi, which can be used to obtain tokens after the project's token issuance.

(Note: Currently, most AI & Crypto projects are in the exploration stage, with projects tailored to various application scenarios. However, it is important to carefully discern whether the projects have real demand.)

07 MEME

The Meme track, as a unique branch in the cryptocurrency field, has attracted widespread attention in recent years.

• A meme can be a spelling mistake (HODL), a catchphrase (GM, LFG);
• A meme can be a counterculture (Doge, RFD);
• A meme can also be the "arbitrage" of liquidity overflow (Aidoge, Stark Inu, expected to airdrop on Starknet).

The characteristic of this track is that it does not rely on traditional business models or specific technological applications, but rather on community consensus and cultural attributes. The value of MEME track tokens largely depends on community recognition and emotional connection, rather than traditional asset valuation models.

From the rise of $PEPE in the bear market, the meme-strong $BITCOIN, the arrival of $BONK in the bull market, and the $Silly endorsed by the founder of Solana, we can see that strong MEME tokens often have the following characteristics:

1. Cultural resonance and community-driven.

Meme track tokens are usually combined with popular internet culture. For example, Dogecoin ($DOGE) and Shiba Inu coin ($SHIB) originated from popular internet memes or cultural symbols. This cultural resonance is easy to spread in internet communities, attracting a large number of followers and supporters, leading to lively discussions on social media, increasing the visibility and attractiveness of these tokens.

2. Social media and celebrity effect.

Social media has a huge influence on meme tokens, and endorsements from celebrities, such as the founder of Solana endorsing Silly Dragon ($SILLY) on Twitter, can significantly boost its market value. This celebrity effect and the power of social media can greatly increase the visibility of a token and create FOMO among investors in a short period of time.

3. News coverage and media attention.

Meme tokens often become the focus of news coverage due to their unique imagery and sometimes bizarre stories, further increasing public attention to these tokens.

One thing to understand about memes is how to judge the strength of a meme's consensus, that is, how many people are willing to buy into a meme in the market.

In the early stages of a meme, we often can only judge its investment value based on "illusory" conditions such as community activity, IP concepts (riding the trend), and the project team's strength and cultural background. This is also the biggest risk of early meme investment, either going to zero or being a rug pull.

When a meme successfully "survives" for a period of time, we can try to judge whether it is worth investing in based on multiple dimensions such as the number of holders, trading volume, and candlestick support (for example, more and more mentions of the meme on Twitter).

As memes become more widely known, their consensus also continues to strengthen, and the risk of going to zero or being a rug pull gradually decreases. Of course, the returns from memes at this stage are discounted. As the saying goes, risk and return coexist.

Overall, the meme track represents a new direction for the diversification and cultural integration of the cryptocurrency market. It is not just a speculative direction, but also a carrier of cultural expression and community consensus. With more cultural elements and creativity joining in, the meme track is expected to continue to develop, but the risks it brings should not be overlooked.

Therefore, for ordinary investors, understanding the cultural attributes of meme tokens and getting early chips is important. The most important thing is to cultivate a familiar logic and judgment and to execute it, which is the key to participating in the meme track.

08 Conclusion

In conclusion, 2023 has been a year of change and innovation in the blockchain and cryptocurrency field. From the launch of the first modular blockchain to the rise of the BTC inscription ecosystem, to the combination of AI and crypto, each step has injected new vitality into this industry.

As we enter 2024, we believe that these developments will continue to influence the industry's direction. Keeping an eye on and learning about market dynamics, exploring new tracks, may be a must for everyone in 2024.

In 2024, Biteye will stay true to its original aspiration, continue to select high-quality projects, and explore wealth codes with our friends!

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