The large winners from 2023 embrace liquid staking spinoff tokens on layer 2 protocols (eg, ALCX, ASX, PENDLE) adopted carefully by DeFi 2.0 protocols (eg, DYDX, FXS, INST), the one included narratives that outperformed merely holding Bitcoin. Nonetheless, Cash Market protocols (eg, AAVE, COMP, QI) and Decentralized Bodily Infrastructure Networks (“DePIN,” eg, FIL, RNDR, DIMO) adopted carefully behind.
