6. Stablecoins will see a flight to liquidity rather than yield in 2024 In 2023, we witnessed a signicant rise in treasury-backed stablecoin yields. Maker, for instance, increased the yield of their DSR (Dai Savings Rate) product to 5%, attracting a peak investment of $1.75 billion. This trend was soon followed by others, including Frax with the launch of sFrax, among various other providers. The growing popularity of these solutions was primarily driven by the limited stablecoin yields available on-chain. Major lending platforms were offering yields below 3% for lending stablecoins, and the overall risk tolerance was notably low, particularly in the earlier part of the year. However, this landscape has shifted in recent months, with a noticeable increase in on-chain

We anticipate this trend to persist. Large investors are likely to prioritize liquidity over yield when selecting their stablecoin assets. This shift is expected to revive interest in traditional (centralized) stablecoins like USDC, particularly following their IPO. Additionally, it may open up opportunities for decentralized alternatives, which could present innovative

7. ETFs will bring a new wave of interest into the market, but mostly on approachable crypto products such as gaming and NFTs. The onset of 2024 has quickly turned many in the industry into experts on Exchange-Traded Funds (ETFs). While we steer clear of making price predictions, we foresee this development attracting a new category of investors to our industry. The introduction of a spot Bitcoin ETF is likely to spark considerable interest among those who have traditionally avoided cryptocurrency, encouraging them to explore on-chain applications. However, this doesn't imply that these newcomers will dive deep into high-risk, speculative activities. We anticipate that a signicant number of these new participants will prefer to stick with user-friendly and accessible applications, without feeling compelled to move beyond this initial level of engagement. This trend is not necessarily negative. For a long time, the

In 2024, we expect sectors like gaming and NFTs to particularly benet from these new inows. This is likely to be a prominent trend, as these areas are well-positioned to capitalize on the interest of newcomers seeking more straightforward and engaging ways to interact with digital assets. 8. 50% of Ethereum dex volume will move to intent related venues (uniswapx, fusion, cowswap and others) The rise of aggregators have inuenced how many interact with AMMs, and have driven a lot of front-end activity away from them as a result. However, aggregators are still only as strong as the base-layer AMMs. With the rise of intents however, and specialized parties (solvers), we are starting to see a move towards compute to satisfy, rather than extract. We foresee this