Author: The DeFi Investor Translation: Shan Oppa, Golden Finance

In the past few months, crypto has There have been many changes in the market. Now is a good time to review some key indicators to understand market trends and current conditions.

Here are 7 key charts to help you understand the full picture of the market:

1. The total market value of AI agents is only about US$1 billion

AI agents have been one of the hottest narratives of the past few months.

Despite this, as the largest AI agent launch platform, Virtuals’ token market value has reached US$4 billion, while the total market value of AI agents is still relatively low.

I think the AI ​​agent narrative will continue to heat up in the coming months.

2. DEX trading volume is rapidly catching up with CEX

Especially the perpetual contract decentralization Exchanges (DEX) have become very popular recently.

It is worth noting that more and more projects have reached billions of dollars without CEX (centralized exchange) going online. Valuation.

This trend shows that DeFi (decentralized finance) is gradually achieving its goals, promoting a decentralized future and attracting as many people as possible to the chain trade.

3. Decentralized Science (DeSci) has soared in attention

I used to pay attention to DeSci Not much, but it’s probably time to dig into it now.

Over the past 12 months, narratives such as Liquid Restaking, BRC-20, Modularity and L2 have seen significant declines in attention .

Surprisingly, even though many real world asset (RWA) tokens are performing well, RThere has also been a significant drop in attention to the WA narrative. However, I expect it to make a comeback in 2025.

4. The supply of Bitcoin exchanges continues to decrease

This is a positive sign that The whales are still buying. The smaller the supply of Bitcoin on exchanges, the easier it is for the price of Bitcoin to rise.

Interestingly, the supply of Ethereum (ETH) on exchanges is also declining, but this trend is not yet reflected in the price of ETH.

5. Stablecoin supply reaches a new high of US$200 billion

In early 2024, market circulation There are approximately $125 billion in stablecoins, and over the past 12 months, the supply has increased by approximately $75 billion!

I have emphasized many times that the stablecoin market will become a trillion-dollar opportunity.

Stablecoins have surpassed Visa in annual transaction volume, and I expect them to set new records this year.

6. Monthly crypto financing begins to pick up

Financing remains well below 2021 levels, but the recent slight increase suggests private investors are pouring more money into the market.

Historically, when crypto financing reaches all-time highs, it usually marks the top of a market cycle. So that also means we haven't reached the peak of the market's frenzy yet.

7. Solana is neck and neck with Ethereum on almost all metrics

This is why I am bullish on Solana One of the main reasons.

I believe that the future will be a situation where multiple chains will coexist, and Ethereum and Solana may coexist. But Solana’s continued growth in activity shows that it has become a force to be reckoned with in the crypto market.

Interestingly, SolanaDuring this time period, single-day transaction fee revenue reached US$431 million, exceeding the sum of all other L1 blockchains.

Later in 2025, Solana will usher in a Firedancer upgrade. This major expansion will further promote the growth of network activity.

Conclusion

This is the chart I want to share today. 2024 is an epic year and I hope you achieve your goals in 2025.

I wish 2025 a smooth and fruitful year.