DeFi master reveals the 2024 investment list, let's see if there are any coins you bought?

Original Title: "My crypto watchlist going into 2024"
Original Author: FIROUTE 2 FI
Original Compiler: Luccy, BlockBeats

Editor's Note:
The author of this article, FIROUTE 2 FI, is the Growth Officer at Silent Protocol and a partner at Bybit. In the article, he showcases the cryptocurrencies he is optimistic about for 2024, covering various project categories such as L1, L2, AI, DEX, etc. BlockBeats compiles the original text as follows:

Hey, friends!

Today, I want to show you my token watchlist that I believe will perform well in 2024. Please note that I won't be discussing $SOL much here, but that doesn't mean I'm not optimistic about it. For me, it is just part of a core investment portfolio consisting of BTC, ETH, and SOL.

As 2023 comes to a close, it's time to look forward to the new year.

Like others, I am very optimistic about 2024. The reason is that the BTC spot ETF is most likely to be approved in January, and the BTC halving is in April. Most importantly, we will have the Dencun upgrade for Ethereum in the first quarter of 2024.

One of the main features of Dencun is the inclusion of Ethereum Improvement Proposal (EIP) 4844, also known as "proto-danksharding."

It allows Layer 2 (L2) aggregation networks to use a new format called "blob" for temporarily storing certain transaction data. Blobs can be deleted after 18 days, significantly reducing transaction fees on Layer 2. This is a highly anticipated upgrade for L2s like Arbitrum and Optimism.

Anyway, I want to list some tokens that I believe will perform strongly next year. It will be interesting to see the prices in 3, 6, 9, and 12 months.

Layer 2: ARB/OP/CANTO/MATIC/METIS

Let's start with Layer 2 projects. As I mentioned, proto-danksharding (EIP 4844) will go live in the first quarter of next year. Layer 2 projects should seize this narrative (we've actually already seen this happening), but I think there will be a new wave in the first quarter. Among these tokens, I believe Canto has the most potential. Not many people know that this will be an L2, with a market cap of about $200 million. Very low compared to others. A few days ago, I hinted at Canto through this tweet (after which the price rose by 50%).

Metis has a market cap of nearly $400 million. To be honest, I don't know much about METIS, except that many influential people are optimistic about it. It's still on my research list.

EigenLayer will launch next year, and repositioning is the new narrative. I talked about this a week ago, but I'll repeat it here.

In terms of airdrops, I think the best opportunity on EigenLayer is to deposit swETH (Swell). The protocol does not have a token yet, so you can airdrop Swell tokens and Eigenlayer tokens. Lido already has a token. All other EigenLayer pools do too: RocketPool, Coinbase (base token), StakeWise, Origin, Beacon (Binance has BNB), Ankr, and Stader.

However, I do believe Stader ($SD) is undervalued. With a market cap of only $30 million (TVL $330 million), they rank fourth in deposit amounts on EigenLayer (ETHx). The Stader team has been continuously building. They will soon transition to a model similar to Rocket Pool, but validators can borrow SD. SD holders can lend to validators and earn a portion of the rewards from them.

PICA is another interesting option. It is a re-staking protocol for $SOL. The token has quadrupled since this story started running.

JTO is Solana's liquid staking protocol. The token was airdropped and has been heavily sold off since then. Currently at $2.28.

FXS recently halved and has a liquid staking narrative and an ETH narrative. If ETH performs well, this token may stabilize in the first quarter of 2024.

AI

This is the latest buzzword. The fourth quarter of this year has indeed been about the AI narrative, and you may have seen tokens like TAO, RNDR, FET, AGIX, OCEAN, PRIME, etc.

I want to say that the entire list is performing well, but for me, one of them looks quite cheap, which is $MOZ. With a market cap of only $10 million, Mozaic offers automated yield farming strategies using AI and LayerZero technology.

Although the FDV is a bit high, $PRIME also looks good. However, PRIME is filled with AI and gaming narratives. Many people are optimistic about cryptocurrency gaming in 2024. I am not one of them, but I do find it very interesting.

Layer 1

Like Layer 2, I believe L1 will continue to perform well. So far, SOL and AVAX have made significant progress. However, these are not what I am most interested in.

For me, it's INJ, SUI, SEI, FTM, CANTO (again), and Monad (launching in 2024). There may also be more L1s yet to launch that will run wildly. Keep your eyes peeled here.

I have fallen in love with $SEI. This community has something that makes me very optimistic.

DEX

So far, we have seen $RUNE rise sixfold. We also have DYDX, SNX, JOE.

Personally, I am most optimistic about $RBN (upcoming AEVO) and $RBX.

Ribbon is priced quite low, hasn't run yet, and will soon convert 1:1 to AEVO. New token, new chart, new believers, and perhaps it will perform well.

$RBX is just a new coin with a market cap of $50 million and good marketing. Given the valuations of DYDX and SNX, I absolutely believe it has potential as well.

$UNI has also broken out of a 500-day range, with several large traders, including Eugene (Binance's top trader), being optimistic about it.

Other Projects

I could continue to list categories one by one. There are many interesting projects in this space, but I want to keep this article relatively short and actionable. Here are my final coins that I believe will perform well in a bull market.

MINA: $Mina is a privacy protocol that offers an elegant solution using advanced cryptography and recursive zero-knowledge technology. $Mina significantly reduces the amount of data each user needs to download. Participants do not verify the entire chain from the beginning but use recursive zero-knowledge proofs (or zk-SNARKs) to fully verify the network and transactions. Nodes can then store small proofs instead of the entire chain. I believe that as ETH draws attention in the first quarter, privacy issues will also gain focus.

SYN: Synapse was the token everyone was talking about in 2021. It is a cross-chain bridge that still has many users (including myself). A few days ago, when I bought CANTO, I used the Synapse bridge.

TIA: It's hard to be pessimistic about the most significant event of 2023 so far. Celestia improves scalability by separating the three core functions of a blockchain. Celestia is an exciting new technology aimed at addressing the core scalability issues of today's blockchains. Its modular architecture provides advancements in scalability, flexibility, and interoperability, enabling developers to build blockchain applications for mass adoption. Celestia's data availability and scalability approach offers innovative solutions to some of the biggest challenges facing the blockchain industry today.

KUJI: Kujira is an L1 blockchain built on Cosmos. It is the "blockchain for real yield." You might want to compare it to what $LUNA wanted to be, but better. In fact, $KUJI was initially built on Terra (Kujira launched in October 2021), but when $LUNA collapsed, it took a new path. They have different products that generate revenue, which will belong to $KUJI stakers. Lending platforms, DEX, liquidation protocols, liquidity engines, cross-chain staking protocols, stablecoin $USK, and a platform for launching projects and tokens on Kujira. $KUJI is a bet on DeFi, and I believe it will again be a strong narrative in the next bull market.