HTX Ventures 2024 年回顧

在這份報告中，HTX Ventures 強調了2024 年取得令人鼓舞進展的五個關鍵領域——比特幣生態系統、基礎設施、Meme 幣、人工智慧和TON 生態系統——並將在2025 年繼續密切關注這些領域。

HTX Ventures highlighted five key sectors that showed encouraging progress in 2024 and will continue to be closely monitored in 2025.

HTX Ventures 重點介紹了 2024 年取得令人鼓舞進展的五個關鍵領域，並將在 2025 年繼續受到密切關注。

Bitcoin Ecosystem

比特幣生態系統

With Bitcoin dominance reaching 56.81% and Bitcoin spot ETFs now accounting for 5.3% of the total Bitcoin supply, a new market trend has emerged. Bitcoin has solidified its position as the core asset, with spot ETFs acting as liquidity channels, and U.S. listed companies such as MicroStrategy (MSTR) serving as the vehicles to absorb unlimited dollar liquidity.

隨著比特幣的主導地位達到56.81%，比特幣現貨ETF目前佔比特幣總供應量的5.3%，新的市場趨勢已經出現。比特幣作為核心資產的地位已經鞏固，現貨ETF充當流動性管道，MicroStrategy（MSTR）等美國上市公司充當吸收無限美元流動性的載體。

As a result, it is increasingly essential to further develop Bitcoin's ecosystem and enhance capital utilization efficiency. It has driven infrastructure projects, including Layer 2s, execution layers, interoperability solutions and security layers, to continuously emerge.

因此，進一步發展比特幣生態系統，提高資金利用效率變得越來越重要。它推動了包括第 2 層、執行層、互通性解決方案和安全層在內的基礎設施項目不斷湧現。

With strong support from macro markets and infrastructure support, HTX Ventures anticipates a further surge in Bitcoin demand over the next two years.

在宏觀市場和基礎設施支援的大力支持下，HTX Ventures 預計未來兩年比特幣需求將進一步激增。

Infrastructure

基礎設施

Infrastructure remained a cornerstone in this year's crypto investments and funding. The synergy between capital and technology has driven the rapid development of Layer 1, Layer 2, and middleware projects, among others.

基礎設施仍然是今年加密貨幣投資和融資的基石。資本與技術的協同帶動了Layer 1、Layer 2、中介軟體等項目的快速發展。

Through ongoing upgrades and construction, the Ethereum ecosystem has improved Layer 2s' performance and reduced network fees. Other Layer 1s, such as Solana and TRON, achieved active on-chain transactions, attributable to the development of meme coins, and infrastructure like Pump.fun and Sunpump. Layer 0 and cross-chain middleware have made breakthroughs in interoperability, expanding the multi-chain landscape. Modular public blockchains, like Celestia and Monad, offered exceptional performance and flexibility, thus attracting diverse applications. Restaking projects, which aim to enhance network security and capital efficiency, has seen speedy development and gained market attention. Bitcoin Layer 2 has emerged as a new focus in the primary market for its attempt to combine Bitcoin's security with high-performance scaling solutions.

透過不斷的升級和建設，以太坊生態系統提高了 Layer 2 的性能並降低了網路費用。其他 Layer 1，如 Solana 和 TRON，實現了活躍的鏈上交易，這要歸功於 meme 幣以及 Pump.fun 和 Sunpump 等基礎設施的發展。 Layer 0 和跨鏈中介軟體在互通性方面取得了突破，擴大了多鏈格局。 Celestia 和 Monad 等模組化公共區塊鏈提供了卓越的效能和靈活性，從而吸引了多樣化的應用程式。旨在增強網路安全和資金效率的Restake專案發展迅速，並受到市場關注。比特幣第二層因其試圖將比特幣的安全性與高效能擴容解決方案結合而成為一級市場的新焦點。

As HTX Ventures stated, infrastructure is still imperative in this year's crypto investments and funding. Layer 1 solutions, in particular, now represent the focal point of technical development and exploration within the crypto space, and it is expected to remain a priority for development resources and capital investment in the future.

正如 HTX Ventures 所言，基礎設施在今年的加密貨幣投資和融資中仍然至關重要。尤其是 Layer 1 解決方案，現在代表了加密領域技術開發和探索的焦點，預計仍將是未來開發資源和資本投資的優先事項。

Meme Coins

模因幣

The Meme coin sector emerged as a hotspot in the crypto market in 2024, fostering community consensus while integrating with fields like DeFi and GameFi to create new use cases. For example, Solana has actively championed the innovation and growth of meme projects, successfully energizing its ecosystem. As the crypto market environment grows increasingly favorable, more retail investors are expected to enter the market, positioning Meme projects as vital channels for capital inflows.

Meme 幣領域成為 2024 年加密貨幣市場的熱點，在促進社群共識的同時與 DeFi 和 GameFi 等領域整合創造新的用例。例如，Solana 積極倡導 meme 計畫的創新和發展，成功為其生態系統注入活力。隨著加密貨幣市場環境的日益利好，預計會有更多散戶進入市場，Meme計畫成為資金流入的重要管道。

The Meme coin fair launch sector has gained significant market attention and attracted substantial participants this year. Infrastructure projects such as Pump.fun and SunPump have emerged as top-performing cash flow generators, injecting fresh momentum into Meme coin development. As multi-chain ecosystems mature and real-world use cases expand, Meme coin infrastructure will continue injecting more vitality into this sector.

今年Meme幣展啟動板塊獲得了市場的廣泛關注並吸引了大量參與者。 Pump.fun 和 SunPump 等基礎設施項目已成為表現最佳的現金流產生器，為 Meme 幣的發展注入了新的動力。隨著多鏈生態系統的成熟和現實世界用例的擴展，Meme幣基礎設施將繼續為該領域注入更多活力。

AI

人工智慧

In 2024, the intersection of Crypto and AI sector has been driving the exploration of several segmented fields such as ZK/OPML for enabling AI on-chain, AI data crowdsourcing, decentralized computing power rental, AI data trading, AI games, and AI agents.

2024年，加密與人工智慧的交叉，正在推動ZK/OPML賦能AI上鍊、AI數據眾包、去中心化算力租賃、AI數據交易、AI遊戲、AI代理等多個細分領域的探索。

One of the hottest segmented fields is AI agents, which are put on chains to take advantage of the token mechanism to incentivise and bootstrap certain behaviors with the agents, including interacting with smart contracts, trading and querying on behalf of users. In the future, AI agents will gradually become personal butlers and assistants for users, serving them with comprehensive capabilities, such as independent asset issuance, initiation of viral marketing campaigns, formation of DAOs, and even fund management and investment decision-making. Over time, they may develop unique cultures and religions. This deep integration of AI and encryption technology is a groundbreaking evolution that is unattainable within Web2 and cannot be achieved by Web3 relying solely on encryption technology.

最熱門的細分領域之一是人工智慧代理，人工智慧代理被放置在鏈上，利用代幣機制來激勵和引導代理的某些行為，包括與智能合約互動、代表用戶進行交易和查詢。未來，AI智能體將逐漸成為用戶的私人管家和助手，為用戶提供獨立資產發行、發起病毒式行銷、組成DAO、甚至資金管理和投資決策等綜合能力。隨著時間的推移，他們可能會發展出獨特的文化和宗教。這種人工智慧與加密技術的深度融合，是一種突破性的進化，是Web2無法實現的，也是Web3僅依靠加密技術無法實現的。

TON Ecosystem

TON 生態系統

Attributable to Telegram's hundreds of millions of users and robust technical support, the TON (The Open Network) ecosystem has progressively developed into a multi-layered blockchain ecosystem. In 2024, it experienced a full-scale boom in its ecosystem and market presence. From DeFi and meme coins to NFTs and gaming, TON leveraged its massive user base to achieve significant milestones in various fields, pioneering the monetization of Web2 social applications through crypto.

由於Telegram數億用戶和強大的技術支持，TON（開放網路）生態系統已逐步發展成為多層次的區塊鏈生態系統。 2024年，它的生態系統和市場份額經歷了全面繁榮。從 DeFi 和 Meme 幣到 NFT 和遊戲，TON 利用其龐大的用戶基礎在各個領域實現了重要的里程碑，開創了透過加密貨幣實現 Web2 社交應用程式貨幣化的先河。

One standout success was the adoption of "tap-to-earn" games with token airdrop incentives, which effectively onboarded a large number of Web2 users. However, as the TON ecosystem moves into 2025, it must explore and find new business models to improve user retention and identify its next growth curve.

一項突出的成功是採用帶有代幣空投激勵的「點擊即可賺錢」遊戲，這有效地吸引了大量 Web2 用戶。然而，隨著 TON 生態系統進入 2025 年，它必須探索和尋找新的商業模式，以提高用戶保留率並確定下一個成長曲線。

2025 Outlook

2025年展望

Donald Trump's expected repeal of SAB 121 after his inauguration on January 20, 2025, would allow traditional financial institutions

唐納德·川普 (Donald Trump) 預計將於 2025 年 1 月 20 日就職後廢除 SAB 121，允許傳統金融機構