2023 was rough for cryptocurrency prices and the overall state of the market. But it also saw the birth of many narratives and catalysts for many cryptocurrency projects and ecosystems, with some of them seeing explosive, overnight surges in total value locked (TVL) and others growing more organically. The TVL surge of zkSync Era, currently the fastest-growing zkEVM. Source: DeFiLlama
Final Thoughts
The narratives mentioned here revolve around the most talked about topics, trends and protocols this year, but there are a few other narratives that are being formed and gaining traction at their own pace as well.
- Chinese tokens: this year, Hong Kong allowed retail investors to invest in digital assets, which has brought a surge in price for Chinese-related coins such as NEO, BitDAO’s BIT, VeChain’s VET, and more.
- Decentralized stablecoins: These stablecoins are controlled by a decentralized organization instead of a single central body like Tether or Circle, therefore a centralized party can’t tamper with the supply of the coin or pretend they have assets to back the coin that they really don’t.
Featured image via Unsplash.
