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Executive Summary
- In this report, we analyse the price performance of key trends in the cryptocurrency landscape that we covered throughout 2024. We display the price performance in various ways for the highlighted projects.
- We mainly highlighted eight sectors in 2024, four of which recorded positive gains. Overall, the average log return of the price performances of the tokens mentioned in our reports reached 10%.
- Artificial intelligence (AI) emerged as the best-performing sector in 2024, achieving an average log return of 84%.
- Amongst the AI sectors, AI agents witnessed the biggest log return, at 186%, followed by 41% for decentralised compute networks.
- By contrast, the AI data chain recorded a negative log return of -14%.
- Out of the AI tokens analysed, the Virtuals Protocol (VIRTUAL) led the growth with a remarkable log return of around 559% in 2024, followed by ai16z (AI16Z) at 247%, surpassing BTC (79%) and ETH (39%), respectively.
- Real-world assets (RWAs) recorded a 29% log return, driven by continuous adoption from traditional financial institutions and the rise of yield-bearing stablecoins. The Decentralised Physical Infrastructure Network (DePIN) sector saw a 15% log return, while derivatives saw a modest growth of 2%.
- Although Bitcoin appreciated by 79% (log return) in 2024, Bitcoin Layer-2s (L2s) dropped by 98%. The staking and restaking,gaming, and the Ethereum L2 super chains saw negative log returns of -16%, -48%, and -52%, respectively.
1. Introduction
In 2024, we examined some of the most significant trends in the cryptocurrency landscape, focusing on key areas like AI, derivatives, staking and restaking, real-world assets (RWAs), stablecoins, prediction markets, and gaming. Within each category, we highlighted notable projects and tokens. This report reviews the price performances of the tokens associated with our highlighted projects. Price performance in this report is defined below (we use the log return as the default going forward):
When checking the sectors, AI was the best-performing one amongst our selected topics last year, achieving an average return of 84% in 2024. The AI sector’s strong growth was driven by the development of generative AI models , the narrative of AI agents and others. Out of the AI tokens analysed, the Virtuals Protocol (VIRTUAL) led the growth with a remarkable return of around 559% in 2024, followed by ai16z (AI16Z) at 247%.
Following the AI sector, real-world assets (RWAs) recorded a 29% log return, driven by continuous adoption from traditional financial institutions and the rise of yield-bearing stablecoins. The DePIN sector saw a 15% return, while derivatives saw a modest growth of 2%.
However, the overall performances of the staking and restaking, gaming, Ethereum L2 super chains, and Bitcoin L2s sectors faced challenges, experiencing negative log returns of -16%, -48%, -52%, and -98%, respectively.
2. Performance of Each Sector
2.1 Artificial Intelligence (AI)
AI tokens were the second-best price performers amongst the major crypto sectors we covered, with an average price log return of 84% in 2024 and a three-month gain of 395% since our initial mention. Last year, we explored some of the most compelling AI-related topics, including trending AI tokens, decentralised compute, AI agents, and AI data chains.
The table below shows the major AI projects we covered in 2024:
Amongst the AI sector, the AI agents subcategory experienced the largest price gains, achieving an impressive average log return of 186% in 2024, with a one-month gain of 249% and a three-month gain of 1,036% since our initial mention in March 2024. The recent surge was led by Virtuals Protocol (VIRTUAL), whose prices soared 267x in 2024, thanks to its innovative framework for building and monetising AI agents. Additionally, ai16z (AI16Z) experienced over 32x growth in its price since its launch on 26 October through the end of 2024.
Decentralised compute network tokens saw an average log return of 41% in 2024, with a one-month gain of 30% and a three-month gain of 11% since our initial mention in March 2024. The prices of Render Network (RENDER), Bittensor (TAO), and SingularityNET (AGIX) grew by 53%, 70%, and 74%, respectively, in 2024.
The AI data chain tokens saw an average log return of -14% in 2024. Projects for solving data issues in AI, including Vana (VANA) and CARV Protocol (CARV), saw mixed price performance. Vana was down 51% and CARV was up 55% since their launches on 16 December and 10 October 2024, respectively, through the end of 2024.
Read more in our reports on AI Agent in Crypto, Decentralised Compute for AI Development, AI Data Chains, AI Tokens, and Intent-Based Protocols.
2.2 Prediction Markets
Prediction markets such as Polymarket gained substantial traction in 2024, capitalising on the year of the US elections, and also saw significant growth on non-political events. Additionally, decentralised derivatives exchange Drift also launched the prediction function – BET, but the volume is tiny compared to its derivatives’ volume. In addition, Azuro, the infrastructure for building prediction applications focusing on sports, saw its price plunge by 55% since its launch on 19 June 2024 through the end of 2024.
The table below shows the major prediction market players we covered in 2024:
| Protocol | Description |
|---|---|
| Polymarket (No token launched) | Polymarket leverages blockchain technology to enable users to speculate on the outcome of real-world events. It does not have its own native token. |
| Azuro (AZUR) | Azuro is a prediction market functioning as a middleware layer, providing liquidity and oracle solutions for dapps. |
| Drift BET (DRIFT) | BET is a prediction market integrated with Drift v2, which can trade derivatives and earn yield on tokens on the same platform. |
| Protocol | Polymarket (No token launched) |
|---|---|
| Description | Polymarket leverages blockchain technology to enable users to speculate on the outcome of real-world events. It does not have its own native token. |
| Protocol | Azuro (AZUR) |
| Description | Azuro is a prediction market functioning as a middleware layer, providing liquidity and oracle solutions for dapps. |
| Protocol | Drift BET (DRIFT) |
| Description | BET is a prediction market integrated with Drift v2, which can trade derivatives and earn yield on tokens on the same platform. |
Read more in our report on the Prediction Market.
2.3 Real-World Assets (RWAs)
RWA tokens recorded an average log return of 29% in 2024. Additionally, there was a one-month gain of 12% in average for tokens we covered since our initial mention in May 2024.
The table below shows the major RWA-related protocols we covered in 2024:
| Protocol | Description |
|---|---|
| Centrifuge (CFG) | Centrifuge, the top player in terms of active loan value, is an on-chain ecosystem for structured credit. |
| Maple (MPL) | Maple is a lending protocol. In January 2023, Maple Finance expanded its offerings by adding an RWA pool specifically for trade receivables. |
| Goldfinch (GFI) | Goldfinch is a decentralised credit protocol that provides crypto loans. It connects investors with real-world businesses, providing stablecoin returns through lending. |
| Ondo Finance (ONDO) | Ondo Finance is an RWA protocol, which offers tokenised versions of traditional financial products. |
| Protocol | Centrifuge (CFG) |
|---|---|
| Description | Centrifuge, the top player in terms of active loan value, is an on-chain ecosystem for structured credit. |
| Protocol | Maple (MPL) |
| Description | Maple is a lending protocol. In January 2023, Maple Finance expanded its offerings by adding an RWA pool specifically for trade receivables. |
| Protocol | Goldfinch (GFI) |
| Description | Goldfinch is a decentralised credit protocol that provides crypto loans. It connects investors with real-world businesses, providing stablecoin returns through lending. |
| Protocol | Ondo Finance (ONDO) |
| Description | Ondo Finance is an RWA protocol, which offers tokenised versions of traditional financial products. |
The strong growth is primarily driven by Ondo Finance (ONDO), which is up 521% since its launch on 18 January 2024. We have seen an increasing number of traditional financial (TradFi) institutions — BlackRock, UBS, and Goldman Sachs, to name a few — entering the RWA market and expect the continuous adoption from TradFi institutions to continue driving RWA growth in the coming year.
Read more in our report on Tokenisation of RWAs & Yield-Bearing Stablecoins.
2.4 DePIN
Decentralised Physical Infrastructure Network (DePIN) tokens saw an average log return of 15% in 2024. Helium (HNT) saw a 12% loss, while Render Network (RENDER) recorded a 53% price gain in 2024.
The table below shows the major DePIN protocols we covered in 2024:
| Protocol | Description |
|---|---|
| Helium (HNT) | The Helium Network is a decentralised wireless infrastructure project that operates on the Solana Blockchain. It incentivises individuals and organisations to deploy and maintain wireless networks using tokens. |
| Render Network (RENDER) | Render Network is a platform that utilises a decentralised GPU processing model to offer near-real-time rendering services. It caters to the growing demands for GPU compute power in 3D rendering tasks. |
| Protocol | Helium (HNT) |
|---|---|
| Description | The Helium Network is a decentralised wireless infrastructure project that operates on the Solana Blockchain. It incentivises individuals and organisations to deploy and maintain wireless networks using tokens. |
| Protocol | Render Network (RENDER) |
| Description | Render Network is a platform that utilises a decentralised GPU processing model to offer near-real-time rendering services. It caters to the growing demands for GPU compute power in 3D rendering tasks. |
As DePIN networks grow, they could substantially disrupt existing centralised infrastructure incumbents by leveraging unused resources worldwide through an open ecosystem. This real-world use case market opportunity makes DePIN a prominent and rising narrative in the crypto space.
Read more in our reports on DePIN: Crypto’s Rising Narrative.
2.5 Derivatives
Derivative tokens saw an average log return of 2% in 2024. We highlighted the leading decentralised perpetuals protocol Hyperliquid (HYPE) last year, and the token has quickly gained popularity since its launch in late November, witnessing a remarkable growth of 313% just one month after its launch. By contrast, dYdX (DYDX) and GMX (GMX) saw 49% and 50% declines, respectively, in their prices in 2024.
The table below provides details about Hyperliquid, dYdX, and GMX:
| Protocol | Description |
|---|---|
| Hyperliquid (HYPE) | Hyperliquid is a decentralised perpetuals protocol operating on its own L1 blockchain. It utilises an order book model and uses oracles to match asset prices. |
| dYdX (DYDX) | dYdX is a decentralised trading platform that offers margin trading and derivatives trading. |
| GMX (GMX) | GMX is a decentralised spot and perpetual exchange that allows traders to open long or short positions on major cryptocurrencies. |
| Protocol | Hyperliquid (HYPE) |
|---|---|
| Description | Hyperliquid is a decentralised perpetuals protocol operating on its own L1 blockchain. It utilises an order book model and uses oracles to match asset prices. |
| Protocol | dYdX (DYDX) |
| Description | dYdX is a decentralised trading platform that offers margin trading and derivatives trading. |
| Protocol | GMX (GMX) |
| Description | GMX is a decentralised spot and perpetual exchange that allows traders to open long or short positions on major cryptocurrencies. |
In 2025, Hyperliquid plans to launch HyperEVM, which will bring Ethereum Virtual Machine (EVM) compatibility to its blockchain. With the anticipated HyperEVM development, we see the potential for this protocol to remain as a strong competitor in the space.
Read more in our report on the Decentralised Perpetuals Market.
2.6 Staking and Restaking
Staking and restaking tokens in our coverage experienced an average return of -16% in 2024, along with a one-month gain of 41% (simple return) since our initial mention. Specifically, the average return for 2024 was -20% for Solana staking tokens and -9% for Ethereum restaking token. The table below shows the major staking and restaking projects we covered in 2024:
Jito (JTO) was the top price gainer in 2024, at +75%. By contrast, Marinade (MNDE) saw the largest price loss at -62%.
Read more in our reports on Expanding Ethereum’s Frontier: Restaking And EigenLayer’s Ecosystem (An Analysis of Restaking Dynamics), Landscape of Staking Providers, and Solana Staking.
2.7 Gaming
Gaming tokens in our coverage experienced an average log return of -48% in 2024. Specifically, Notcoin (NOT) and Hamster Kombat (HMSTR) recorded price losses of 17% and 54% since their launches on 16 May and 26 September 2024, respectively, through the end of 2024.
Below, please find the major game players we covered for 2024:
| Protocol | Description |
|---|---|
| Notcoin (NOT) | Launched in January 2024, Notcoin is a Telegram-based game in which users just simply ‘tap’ the image of a gold coin to earn rewards. |
| Hamster Kombat (HMSTR) | Hamster Kombat, a tap-to-earn game launched in March 2024, surpassed Notcoin and became the largest Telegram channel globally with 44 million subscribers. Every player is the hamster CEO of a virtual crypto exchange, and players tap the hamster to earn gold coins. Players can also earn more by completing various daily combos and boosters, and referring friends. |
| Protocol | Notcoin (NOT) |
|---|---|
| Description | Launched in January 2024, Notcoin is a Telegram-based game in which users just simply ‘tap’ the image of a gold coin to earn rewards. |
| Protocol | Hamster Kombat (HMSTR) |
| Description | Hamster Kombat, a tap-to-earn game launched in March 2024, surpassed Notcoin and became the largest Telegram channel globally with 44 million subscribers. Every player is the hamster CEO of a virtual crypto exchange, and players tap the hamster to earn gold coins. Players can also earn more by completing various daily combos and boosters, and referring friends. |
Read more in our report on New Developments in GameFi.
2.8 Ethereum Layer-2 Super Chains
Ethereum Layer-2 (L2) super chain tokens saw an average log return of -52% in 2024, with the one-month and three-month price changes of +6% and +8% since our initial mention in August 2024.
With the significant development of Ethereum L2s, interoperability solutions have also gained traction, with ZKsync Elastic Chain, Optimism Superchain, and Polygon AggLayer as the notable players. The table below shows the major Ethereum L2 players we covered in 2024:
All major Ethereum L2 super chain tokens in our coverage saw price losses in 2024, with Polygon (POL) facing the biggest decline (-53%).
We have seen many key developments in L2s in 2024, including Ethereum’s successful Dencun upgrade, Arbitrum’s cross-chain functionality, and ZK rollup advancements. Additionally, TVL for Ethereum L2s soared to a record of $54 billion. L2s are expected to see more development in 2025, including the improvement on decentralisation and network performance after the upcoming Ethereum Pectra upgrade. Furthermore, DeFi projects are expected to adopt fee-sharing mechanisms. (For more on L2 developments, read 2024 Year Review and 2025 Year Ahead.)
Read more in our reports Ethereum L2 Interoperability — The Super Chains and Ethereum Pectra Upgrade.
2.9 Bitcoin Layer-2s (L2s)
Bitcoin Layer-2 (L2) tokens experienced an average log return of -98% in 2024, along with one-month and three-month price changes of -28% and -50%, respectively, since our initial mention in April 2024.
The table below shows the new development of the Bitcoin L2s we covered in 2024.
| Protocol | Key Features |
|---|---|
| MAP Protocol (MAPO) | MAP Protocol is a blockchain interoperability solution that aims to enable seamless asset and information transfer across different blockchain networks. |
| BEVM | BEVM is a decentralised EVM-compatible Bitcoin L2 that uses BTC as gas and allows for dapps, which can run in the Ethereum ecosystem, to operate on Bitcoin L2s. |
| Babylon Chain (BABI) | Babylon Chain is a project that aims to integrate Bitcoin staking capabilities into the broader Cosmos network, which is known for its Proof of Stake (PoS) blockchains. |
| BounceBit (BB) | BounceBit is a BTC restaking infrastructure aiming to serve as a foundational layer for various restaking products. |
| Merlin Chain (MERL) | Merlin Chain is a Bitcoin L2 that integrates the ZK rollup network, decentralised oracle network, data availability, and on-chain BTC fraud proof modules. |
| Syscoin (SYS) | Syscoin is a Bitcoin L2 solution that employs a merged-mining approach with the Bitcoin network. |
| Nubit | Nubit is a scalable, cost-efficient, data availability layer secured by Bitcoin for its community. Nubit enables the scaling of Bitcoin’s data capacities, empowering applications like Ordinals, L2s, and price oracles. |
| Protocol | MAP Protocol (MAPO) |
|---|---|
| Key Features | MAP Protocol is a blockchain interoperability solution that aims to enable seamless asset and information transfer across different blockchain networks. |
| Protocol | BEVM |
| Key Features | BEVM is a decentralised EVM-compatible Bitcoin L2 that uses BTC as gas and allows for dapps, which can run in the Ethereum ecosystem, to operate on Bitcoin L2s. |
| Protocol | Babylon Chain (BABI) |
| Key Features | Babylon Chain is a project that aims to integrate Bitcoin staking capabilities into the broader Cosmos network, which is known for its Proof of Stake (PoS) blockchains. |
| Protocol | BounceBit (BB) |
| Key Features | BounceBit is a BTC restaking infrastructure aiming to serve as a foundational layer for various restaking products. |
| Protocol | Merlin Chain (MERL) |
| Key Features | Merlin Chain is a Bitcoin L2 that integrates the ZK rollup network, decentralised oracle network, data availability, and on-chain BTC fraud proof modules. |
| Protocol | Syscoin (SYS) |
| Key Features | Syscoin is a Bitcoin L2 solution that employs a merged-mining approach with the Bitcoin network. |
| Protocol | Nubit |
| Key Features | Nubit is a scalable, cost-efficient, data availability layer secured by Bitcoin for its community. Nubit enables the scaling of Bitcoin’s data capacities, empowering applications like Ordinals, L2s, and price oracles. |
All major Bitcoin L2 tokens in our coverage saw price losses in 2024, with BounceBit (BB) seeing the least decline at -7%, while Merlin Chain (MERL) experienced the largest drop, with -102%.
Read more in our report on Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT.
3. Conclusion
This report reviews the performance of the selected sectors and projects highlighted in our reports during 2024. Overall, four of covered sectors saw positive gains in 2024, with AI tokens as the best-performing sector with an impressive log return of 84%, surpassing BTC (79%) and ETH (39%).
We expect AI to remain the main narrative in 2025 due to many exciting and ongoing developments — AI is expected to continually develop in the crypto industry in areas like intent, on-/off-chain verification, and distributed multi-agent systems. Explore more on AI’s development in our 2024 Year Review and 2025 Year Ahead.
Read the full report: Performance Review for 2024 Highlighted Projects
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Authors
Crypto.com Research and Insights team
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