We’ve compiled a list of the fastest growing crypto and blockchain companies to watch in 2024.
This detailed exploration highlights the performances and growth metrics of the fastest growing blockchain companies, providing insight into their developments throughout 2023. Their growth rates last year put them on the list of entities to watch out for in 2024.
Still, regulatory hurdles, market conditions and security concerns can affect even the top promising firms in the digital currency ecosystem.
The fastest growing blockchain companies
Solana
With 2,500 to 3,000 developers working on innovative solutions in 2023, Solana was one of the fastest growing blockchains in the previous year.
The platform showcased its diverse and rich ecosystem through events such as the Solana Season Hackathon, the Breakpoint Conference and the Solana Solstice Festival.
The Solana token, SOL, recorded one of the biggest annual gains of 2023, up 920% from January to December 2023, ending the year above the $100 mark. Solana’s total value closed (TVL) rose to a high of $1.5 billion as 2024 began.
The Solana DEX maintained a strong performance, with more than $1 billion in volume for eight months in a row. The platform has also witnessed the emergence of many community-driven projects, such as Saga, which have demonstrated its technical excellence and loyal and active user base.
Sui
Sui, a layer-1 blockchain created by ex-Meta engineers, has achieved a remarkable $2 billion valuation after raising $336 million in funding in September 2022. Its mainnet went live in May 2023, causing a surge in defi activity on its network.
Sui’s features, such as parallel execution and a new consensus algorithm, have enabled its protocols to reach a TVL of over $175 million by the end of 2023.
In addition to technical achievements, Sui also gained mainstream attention last year, appearing in a World Economic Forum (WEF) white paper in April 2023, which highlighted the protocol as one of the blockchain networks capable of climate action. scale.
Cardano
Cardano has stood out for its educational efforts, technological innovations, community involvement, operational reliability and global outreach.
The Cardano Foundation launched the Cardano Academy in December 2023 and tools like Ledger Sync in November, demonstrating a commitment to openness and accessibility. Last year, Cardano recorded a shift to the Voltaire era, which led to debates and the Cardano Improvement Proposal CIP-1694.
The Cardano Summit 2023 highlighted operational reliability, showcasing the project’s ongoing development and potential as a reliable blockchain network.
Cardano’s native token, ADA, has also recorded a 25% rise over the past year.
The fastest growing crypto exchanges
HTX (formerly Huobi)
HTX, formerly known as Huobi, marked its 10th year in business last year with a rebrand in September. The exchange claimed the third position among the largest exchanges with a market share of 7.8% in September.
HTX Ventures has grown its portfolio to more than 200 companies, covering various sectors such as defi, NFTs, SocialFi, GameFi, artificial intelligence (AI), layer 1 and layer 2 projects. It has also merged incubation and research units, demonstrating a holistic approach to assisting its ecosystem partners.
Up bit
Upbit maintained its second place among the largest centralized exchanges with a market share of 11.5%. It also saw an unusual quarter-on-quarter rise in trading volume and a boost in NFT activity when other exchanges experienced significant declines.
NFT activity increased on Upbit as the IMX token, the native token of NFT platform ImmutableX, gained 35% in September 2023, with Upbit dominating the volume growth. Upbit has also partnered with several NFT projects, such as CryptoKitties, CryptoPunks and Axie Infinity.
One of the main reasons behind HTX and Upbit’s growth could be the regulatory hurdles and lawsuits that the leading crypto exchange, Binance, has been facing since Q3 2023.
The fastest growing defi companies and protocols
Uniswap
Uniswap, one of the largest defi protocols with over $4 billion in TVL, has shown remarkable achievements in trading volume and user growth.
With a total trade volume of $454 billion in 2023 and 2.89 million new wallets created, Uniswap achieved the largest share of the defi trade volume from last year. The launch of three new chains and the introduction of defi rails highlighted its strategic growth.
As the world’s largest on-chain protocol, Uniswap has demonstrated its dominance by processing more than $1.5 trillion in transactions as of May 2023 and emerging as the top decentralized application (dapp) on the Ethereum network, which it significantly increased liquidity and DEX volume.
MakerDAO
MakerDAO has launched the Endgame phase to become the first truly self-governing decentralized autonomous organization (DAO) powered by artificial intelligence.
With annual revenue of around $240 million and a change in revenue streams, MakerDAO has demonstrated strength and flexibility in a booming market.
The market’s positive trend in December 2023 also boosted the MKR token’s remarkable 34% rise.
Pancake Swap
PancakeSwap has grown in several ways with the introduction of v3, Syrup Pools and deflationary measures. PancakeSwap had a trading volume of $19.56 billion and a TVL above $2.3 billion by December 2023.
PancakeSwap has launched several measures to achieve Ultrasound CAKE to create a prosperous ecosystem with less inflation. These measures involved gradually reducing the availability of CAKE, increasing its appeal and improving its consistency in price.
The Fastest Growing Bitcoin Mining Companies
Marathon Digital
Marathon Digital doubled its active fleet in six months last year, achieving 17.7 EH/s. In August 2023, it mined 1,072 BTC and 7,378 BTC on a year-to-date basis at the time, earning miners for an extra 5 EH/s hash rate.
The total unrestricted cash and Bitcoin of $445 million as of August 31, 2023 demonstrated Marathon Digital’s commitment to growing operations and supporting Bitcoin’s mining network.
Iris Energy
In October 2023, Iris Energy increased its hash rate capacity by more than 25% and achieved 7 EH/s. This came after its hash rate capacity rose to 5.6 EH/s in June. Iris Energy aimed to have a data center capacity of 10 EH/s by early 2024, showing its bold plans for growth and eco-friendliness in Bitcoin mining.
The BTC mining company acquired 8,380 T21 miners from Bitmain Technologies Delaware Limited in December 2023 – the value of the miners is reported to be over $22 million.
Cipher Mining
In November 2023, Cipher Mining increased its hash rate by 6.5% from the previous month. The firm mined 433 BTC in November, with up to 70,000 rigs deployed.
Its latest update confirmed that the firm mined 465 BTC in December last year, a notable increase from the November figure.
The fastest growing AI and big data companies
Give network
Render Network used AI and NFT features to target the 3D rendering market. The company saw a remarkable 63% growth in its Render Token and an increase in rendered frames in Q3 2023, demonstrating its ability to adapt to a rapidly changing industry.
Using AI, Render Network has improved its performance and added new NFT capabilities.
Additionally, RNDR, Render Network’s native token, has also registered a 360% rise over the past year.
SingularityNET
SingularityNET grew steadily in 2023 as AI and big data tokens took center stage. The company has hired a new AI chief of staff to drive its innovation agenda. In addition, SingularityNET saw the successful Cogito Utility Token launch and more marketing and outreach activities.
The company has completed Phase 2 of the AI-DSL project and has made progress in building a smart AI system. In December, SingularityNET won the 2023 Crypties Award for AI Achievement, highlighting its impact on the AI field.
The firm also made progress with Round 2 of Deep Funding, a SingularityNET program that supported more than 80 promising AI proposals. This program demonstrated the company’s commitment to nurturing creative AI solutions through a funding platform.
Akash Network
Akash Network’s native token, AKT, achieved a remarkable 1,200%, driven by a series of updates in August. The company has improved its “Supercloud” with several upgrades, making it easier for developers to use high-performance chips such as NVIDIA A100s and H100s.
The company also updated its multi-stage token economy plan to reduce costs and increase the scale of computing resources, reflecting its vision of building a reliable and effective ecosystem.
Additionally, Akash Network has received nominations such as the Crypto Project of the Year by Coinage and recognition for its AI work, showing its growing influence in both the crypto and AI domains.
In addition, the firm has integrated with SubQuery, which enables fast data indexing and shows its flexibility for new technologies. The high demand for cloud computing, which powers large language models and applications, led to record GPU leases on the Akash Supercloud.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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