HTX Ventures 2024 年回顾

在这份报告中，HTX Ventures 强调了 2024 年取得令人鼓舞进展的五个关键领域——比特币生态系统、基础设施、Meme 币、人工智能和 TON 生态系统——并将在 2025 年继续密切关注这些领域。

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

HTX Ventures 重点介绍了 2024 年取得令人鼓舞进展的五个关键领域，并将在 2025 年继续受到密切关注。

Bitcoin Ecosystem

比特币生态系统

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.

随着比特币的主导地位达到56.81%，比特币现货ETF目前占比特币总供应量的5.3%，新的市场趋势已经出现。比特币作为核心资产的地位已经巩固，现货ETF充当流动性渠道，MicroStrategy（MSTR）等美国上市公司充当吸收无限美元流动性的载体。

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，进一步发展比特币生态系统，提高资金利用效率变得越来越重要。它推动了包括第 2 层、执行层、互操作性解决方案和安全层在内的基础设施项目不断涌现。

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

在宏观市场和基础设施支持的大力支持下，HTX Ventures 预计未来两年比特币需求将进一步激增。

Infrastructure

基础设施

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.

基础设施仍然是今年加密货币投资和融资的基石。资本与技术的协同带动了Layer 1、Layer 2、中间件等项目的快速发展。

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.

通过不断的升级和建设，以太坊生态系统提高了 Layer 2 的性能并降低了网络费用。其他 Layer 1，如 Solana 和 TRON，实现了活跃的链上交易，这要归功于 meme 币以及 Pump.fun 和 Sunpump 等基础设施的发展。 Layer 0 和跨链中间件在互操作性方面取得了突破，扩大了多链格局。 Celestia 和 Monad 等模块化公共区块链提供了卓越的性能和灵活性，从而吸引了多样化的应用程序。旨在增强网络安全和资金效率的Restake项目发展迅速，受到市场关注。比特币第二层因其试图将比特币的安全性与高性能扩容解决方案结合起来而成为一级市场的新焦点。

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，基础设施在今年的加密货币投资和融资中仍然至关重要。尤其是 Layer 1 解决方案，现在代表了加密领域技术开发和探索的焦点，预计仍将是未来开发资源和资本投资的优先事项。

Meme Coins

模因币

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 币领域成为 2024 年加密货币市场的热点，在促进社区共识的同时与 DeFi 和 GameFi 等领域融合创造新的用例。例如，Solana 积极倡导 meme 项目的创新和发展，成功为其生态系统注入活力。随着加密货币市场环境的日益利好，预计会有更多散户进入市场，Meme项目成为资金流入的重要渠道。

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币展启动板块获得了市场的广泛关注并吸引了大量参与者。 Pump.fun 和 SunPump 等基础设施项目已成为表现最佳的现金流发生器，为 Meme 币的发展注入了新的动力。随着多链生态系统的成熟和现实世界用例的扩展，Meme币基础设施将继续为该领域注入更多活力。

AI

人工智能

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，加密与人工智能的交叉，正在推动ZK/OPML赋能AI上链、AI数据众包、去中心化算力租赁、AI数据交易、AI游戏、AI代理等多个细分领域的探索。

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.

最热门的细分领域之一是人工智能代理，人工智能代理被放置在链上，利用代币机制来激励和引导代理的某些行为，包括与智能合约交互、代表用户进行交易和查询。未来，AI智能体将逐渐成为用户的私人管家和助手，为用户提供独立资产发行、发起病毒式营销、组建DAO、甚至资金管理和投资决策等综合能力。随着时间的推移，他们可能会发展出独特的文化和宗教。这种人工智能与加密技术的深度融合，是一种突破性的进化，是Web2无法实现的，也是Web3仅依靠加密技术无法实现的。

TON Ecosystem

TON 生态系统

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.

得益于Telegram数亿用户和强大的技术支持，TON（开放网络）生态系统已逐步发展成为多层次的区块链生态系统。 2024年，它的生态系统和市场份额经历了全面繁荣。从 DeFi 和 Meme 币到 NFT 和游戏，TON 利用其庞大的用户基础在各个领域实现了重要的里程碑，开创了通过加密货币实现 Web2 社交应用程序货币化的先河。

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.

一项突出的成功是采用带有代币空投激励的“点击即可赚钱”游戏，这有效地吸引了大量 Web2 用户。然而，随着 TON 生态系统进入 2025 年，它必须探索和寻找新的商业模式，以提高用户保留率并确定下一个增长曲线。

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

唐纳德·特朗普 (Donald Trump) 预计将于 2025 年 1 月 20 日就职后废除 SAB 121，允许传统金融机构