2024 Digital Assets Outlook


Following the immediate aftermath of the crypto market’s year-long deleveraging, 2023 ushered in substantial evolution and growth across various corners of the blockchain industry and cryptocurrency asset class.

The report provides an in-depth analysis of key developments shaping the year, focusing specifically on (1) general market and price activity, (2) the role played by infrastructure providers, institutions and regulators, (3) evolution across the blockchain platforms underpinning the on-chain economy, and (4) the applications that drove adoption.

Market Performance & Activity: The year 2023 was marked by a notable recovery in cryptocurrency prices, with total market capitalization doubling. This resurgence was influenced by macroeconomic factors and a low price floor set by the FTX bankruptcy, which marked the end of a broader market deleveraging that spanned most of 2022. Conversely, except for the tail end of Q4, venues across which investors allocate to the sector saw less activity than recent years.

Market Infrastructure & Regulation: Endogenous factors altered the landscape of centralized exchanges and stablecoins, highlighted by the relative decline of Binance’s dominance, growth of Coinbase’s offerings, and rise in USDT dominance. Crypto’s relationship with traditional banking experienced setbacks, particularly due to regulatory and banking crisis related headwinds in the U.S. However, positive developments like filings for spot Bitcoin ETFs indicated growing institutional adoption.

Blockchain Platforms and Scaling: Ethereum continued to lead among Layer 1 blockchains, focusing on a rollup-centric roadmap for scalability. Competing blockchains like Solana, Avalanche, and Cosmos pursued various scalability strategies, slowly gaining market share – Solana’s integrated approach seeing the most success towards the end of the year. The growth in rollups and the development of blockchain bridges marked significant progress towards interoperability and enhanced scalability for modular chains like Ethereum.

On-chain Applications: While blue-chip lending and exchange protocols remained relatively flat, liquid staking providers like Lido grew dominance, and DeFi meaningfully expanded into areas like real-world asset tokenization. The non-fungible token (NFT) sector experienced intense competition, reducing the market share of platforms like OpenSea, and the introduction of Ordinals on Bitcoin spurred the growth of NFTs on its network. Additionally, the rise of decentralized social protocols marked a new era of blockchain application development.

Source : The Block by The Block Research / Dec 21, 2023

rayn.finance logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.