DeFi 2024 news, what to look out for. What will mark DeFi and cryptos in 2024, and which protocols and tokens to follow?
DeFi 2024 news, of course, spot Bitcoin and Ethereum ETFs will be pulling out all the stops to drive crypto prices higher. However, other important factors should not be underestimated.
We’ll also have to look to regulators and politicians. Indeed, what will influence the price of cryptos will essentially be based on fundamental analysis. Everything will depend on the weight and real impact of the positions taken by the fervent defenders of cryptos with regulators and the political world.
DeFi 2024 news, what to look out for:
DeFi still has a lot to do to convince politicians and users, but its advocates are not giving up. Decentralized social network experts like Dan Romero and 0x Racer, in particular, are among the experts to follow in this field in 2024.
What are the major players in DeFi to watch in 2024?
Dan Romero’s emphasis on user experience and community building has turned his Farcaster application into a gamified substitute for X. On the other hand, 0x Racer has played a key role in developing incentive systems that have grown the decentralized social network application, friend.tech. The platform economically encourages interactions between influencers and followers.
Denelle Dixon from the Stellar network and Lucas Vogelsang from Centrifuge, a company specializing in real-world asset tokenization, might make significant strides in the tokenization field, an industry poised for growth this year. Dixon’s crypto advocacy in Washington and her collaboration with banks led to her selection to tokenize Treasuries with investment firm Franklin Templeton in 2023. Vogelsang, alongside Christine Moy, a former JPMorgan employee, is set to drive tokenization forward with crucial partnerships on Wall Street and in decentralized finance, as per Messari.
Rune Christensen, representing MakerDAO, completes the DeFi ensemble for 2024. Employing a sequence of careful assessments, he drives the DAO closer to its ultimate objective. Additionally, other Solana-based creators like Meow (Jupiter), Lucas (Jito), Mert (Helius), Armani (Backpack/Mad Lads), Vibhu (DRiP), Edgar (MarginFi), Cindy (Drift), and Bartosz (Cube) warrant scrutiny and observation.
Which crypto applications could be of interest in 2024?
Decentralized finance, or DeFi, represents the most mature application of cryptocurrencies in terms of usage. Although the sector is still young and vulnerable, it has attracted interest despite being a frequent target of hacks, as evidenced by the record $2 billion in losses due to such attacks in 2022. However, the idea and potential of the sector continue to be highly valued by many analysts.
Among the cryptos to keep an eye on, there are a few that could well prove highly lucrative.
Aave:
Aave is a decentralized lending and borrowing protocol, representing the project with the highest total locked value (TVL) among lending protocols in the cryptocurrency universe. Earlier this year, Aave rolled out the latest version of its platform, known as « Aave V3 ».
Compared to the previous version, Aave V3 features more sophisticated risk management tools, improving capital efficiency and decentralized liquidity, resulting in a 25% reduction in gas fees. These innovations include optimized flash lending and an enhanced borrowing mode, enabling up to 97% leverage for Ethereum assets.
In 2023, the AAVE price rose by 126.31% to $127.80. However, it is still -82% off its peak at $661.69.
GNS:
A completely undervalued token, but one that is beginning to attract more and more savvy investors. The fundamentals are excellent, as decentralized trading is a fast-growing activity in DeFi, and the protocol behind the GNS token has already proven its resilience and ability to professionally manage a decentralized trading platform over the past three years.
Synthetix:
Synthetix (SNX) stands out as one of the few DeFi cryptocurrencies to experience a significant rise throughout 2023. Over the course of the year, SNX achieved a growth rate of 210%. Many experts anticipate that Synthetix’s impressive performance will likely continue into 2024, especially considering its considerable growth potential from its all-time high (ATH), which stands at -85.50%.
At the beginning of December, Synthetix announced the conclusion of inflation for its SNX token, following the proposal SIP 2043. This change signifies a shift from an inflationary economic model to a more sustainable approach. This decision was made after recognizing the declining effectiveness of inflation as an incentive for staking. Its aim is to streamline the staking process and introduces new strategies such as token buybacks and burns funded by transaction fees.
Fantom:
Technical analysis expert Ali Martinez recently shared his take on Fantom’s chart situation. In a post on X, he indicated that the price of FTM could reach as high as $1.60, which would represent a 220% increase on its current level of $0.50. However, this projection is conditional on confirmation of a ‘W’ technical pattern. Mr. Martinez noted the formation of a ‘double bottom’ on Fantom and pointed out that if the price manages to break through the resistance barrier around $0.57, it could potentially rise as high as $1.60.
