Over the past few decades, Bitcoin has demonstrated great creativity and resilience in a difficult market environment, injecting innovative genes into the modern monetary system, Internet technology and financial fields, and eventually successfully became one of the worlds mainstream assets.

On January 11, the U.S. Securities and Exchange Commission (SEC) made the final decision and officially approved 11 spot Bitcoin ETFs. Behind this milestone victory is the result of the encryption industry builders’ deep thinking, innovative practice and patient persistence on the concept of future digital society. Among them, capital played a key role in this process. Even in the bear market that lasted for two years, it never stopped believing in and pursuing the future. Instead, it used funds to accumulate strength and turn the tide in the crisis moment of the project. , work together to paint a beautiful picture of the digital future and become the most powerful engine to promote continuous innovation in the encryption industry.

In 2023, the encryption industry will be in good shape, with the total market value reaching US$1.761 trillion. Bitcoin has now returned to the TOP 10 global market capitalization assets with a market value of US$836.3 billion. The total number of institutional financing rounds is 1178, with the total amount reaching US$9.13B. OKX Ventures depth participate.

During this year, OKX Ventures remained steadfast despite the difficult period in the primary market and increased its investment despite the market. The total annual investment amount exceeded US$50 million. On the one hand, through in-depth cooperation with ecologies such as Solana, Near, Polygon, and Avalanche, we jointly set up ecological funds to support developers in building core components on the chain and participate in community co-construction; on the other hand, through in-depth cooperation with Gitcoin and Blockbooster in San Jose and Hong Kong Hold hackathons to discover innovative and high-quality projects and provide all-round support with the help of their differentiated capabilities and resources. Additionally, OKX Ventures is gradually expanding support for teams deploying on X 1.

In the Year of the Dragon, the improvement of the macroeconomic situation resonates with the innovation cycle of the encryption industry, ushering in a new round of bull market reverie. Catalyzed by the Federal Reserves interest rate expectations, the Cancun upgrade of the crypto industry, the Bitcoin halving, and ETFs accelerating the global adoption of BTC, it is expected to usher in a bright 2024. As a first-class investment institution in the crypto industry, OKX Ventures’s far-sighted investment focus has set its sights on many potential projects, and after in-depth research on industry innovation and changes, it predicted the 7 most explosive tracks in 2024.

2023 Key Project Review

OKX Ventures investment projects cover core areas such as infrastructure, GameFi, DeFi, Web3.0, Bitcoin ecology, and AI. In terms of quantity, 50% are infrastructure and DeFi projects, and 20% are GameFi projects, reflecting the focus on infrastructure. of attention. The crypto industry infrastructure provides a safe, efficient, and reliable operating environment for crypto assets and blockchain technology. Its completeness is directly related to the development and sustainability of the entire industry. Strong infrastructure will help promote innovation and attract more participants and lay a solid foundation for the long-term prosperity of the crypto industry.

In 2023, the crypto industry gradually emerged from the downturn, but due to the two-year bear market, the primary market also encountered a relatively difficult period. During this period, OKX Ventures insisted on investing in high-quality entrepreneurial teams and projects, using top industry resources such as professional knowledge and a prosperous exchange ecosystem to provide diversified and all-round support for innovative projects with great potential. Last year, the total investment amount exceeded 5,000 Ten thousand U.S. dollars.

Investments include Polyhedra, Celestia, Kakarot, MegaRollup, Altlayer, Bitsmiley, Bewater, Babylon, Cetus, Ethena, Flashbots, HUG, Moonbox, Mocaverse, Matr1x, Orbiter, RepubliK, Rage Trade, Sei, Taiko, TRLab, ZKM, etc. Many high-quality projects within.

Next, we will select some representative innovative projects based on different tracks and briefly share them.

1. Layer 2 expansion plan

Layer 2 has brought huge improvements to the Ethereum network, improving its scalability, transaction efficiency and cost-effectiveness, and reducing the pressure on the main chain, etc. Currently, it has developed ZK Rollup, Optimistic rollup, Validium, Plasma, etc. Solutions are playing an increasingly important role in enhancing privacy protection and reducing transaction costs. Here we focus on two projects, Scroll and Taiko.

1）Scroll：It is Ethereums native zkEVM Layer 2 solution, representing Type 2 zkEVM. Enables native compatibility with existing Ethereum applications and tools. Scroll processes transactions off-chain and publishes concise proofs of correctness on-chain. This will result in higher throughput and lower costs compared to the Ethereum base layer.

2）Taiko：Is a decentralized Ethereum equivalent of ZK-EVM and universal ZK-Rollup. The aim is to allow developers and users of dApps developed for Ethereum L1 to use them on Taiko without any changes. Therefore, dApps can be easily deployed to L2, inheriting the security of Ethereum while incurring lower transaction fees than L1.

2. MEV track

MEV (Maximum Extractable Value) refers to the maximum profit that a miner or block generator can potentially earn during transaction execution on the blockchain due to the way the transactions are sequenced, packaged and confirmed. Although optimizing the order of transactions can maximize the benefits of participants, it has also triggered discussions on a series of security and network effects issues. Currently, developers, communities, etc. are working together to find a more fair, efficient and secure solution. MEV solutions.

1）Flashbots ：Mainstream MEV solutions aim to mitigate the negative externalities and existential risks that MEV brings to smart contract blockchains and provide a permissionless, transparent and fair ecosystem, including democratizing the acquisition of MEV income and supporting MEV activities. The three goals are to bring transparency and reallocate MEV revenue.

3. Cross-chain track

Cross-chain bridges solve interoperability issues between different public chains, promote the flow of crypto assets and applications, and provide users with greater choices and flexibility, thereby helping to build a more powerful, diverse and interoperable Blockchain ecosystem.

1）LayerZero：It is a full-chain interoperability protocol designed for lightweight messaging across chains, providing trusted and guaranteed messaging with configurable trustlessness.

2）Orbiter Finance：It is currently the most popular Rollup bridge on Ethereum and is used to transfer native assets of Ethereum. It proposes an inter-chain message passing protocol, provides an aggregation middle layer for zk-rollups, improves Layer 2 and reduces gas consumption.

4. Cosmos Ecology

More and more high-quality projects such as Celestia and Sei Network are built on Cosmos. Cosmos is an open platform and ecosystem designed to solve blockchain interoperability issues, allowing safe and reliable cross-chain communication between different blockchains. . By providing efficient cross-chain communication and interconnectivity tools, Cosmos provides developers and users with a wider range of choices, and its ecosystem continues to grow.

1）BeraChain：It is a Cosmos Layer 1 based on EVM, adopts PoL (Proof of Liquidity) consensus, introduces the Bera network of the three-token system, and has the network Gas token BERA, the ecological stable currency HONEY and the non-transferable Bera governance token BGT.

2）Sei Network：It is a high-performance Layer 1 specifically used for digital asset transactions. It has the shortest transaction delay in the industry, with a minimum of 300 milliseconds. It has a built-in order matching engine (OME) that can help trading applications expand and prevent front-running trading mechanisms that can resist MEV. . Recently, its parallel EVM narrative has sparked a market chase.

5. AI+Web3 Game Track

Web3 games return data ownership to players, which means players can fully own and freely trade the crypto assets they obtain in the game. They can also participate in game improvements, new feature development, and economic model adjustments through voting rights, and receive rewards. , thereby participating more deeply in the game’s ecosystem. The development of Web3 games has promoted the development of the game industry in a more open, transparent and user-friendly direction.

Matr1x：It is a metaverse brand that includes self-developed high-quality games or cooperation with third parties, game IP development cooperation, and global e-sports events. Matr1x will interpret its game trilogy (Cyber ​​Earth - Mars Immigration - Interstellar Exploration) through three large-scale games with a unified world view: Matr1x FIRE (first-person shooter), Matr1x WAR (shooting + MMORPG) and Matr1x EVOLUTION (SOC) .

6. Bitcoin Ecology

In 2023, the birth of Ordinals and BRC 20 activated the Bitcoin ecosystem, created a new narrative for Bitcoin in addition to value storage, transactions and payments, increased the income of miners, and eased users concerns about the end of Bitcoin halving or its impact on the network. security concerns, and triggered the prosperity and development of the inscription ecology of other major public chains. Bitcoin has since broken its stereotype of digital gold. Various L2, token protocols, cross-chain bridges, etc. are thriving, and market attention has begun to return to the Bitcoin ecosystem.

Bitmap Tech (formerly Recursiverse):It is an innovative project that aims to build an intelligent, decentralized and composable digital world through the Ordinals network and Bitcoin layer 1. The project reflects a strong commitment to building a valuable Metaverse ecosystem and has launched products such as BRC 420, Recursive Index Inception, and Bitmap.Game

B^2 network:It is a second-layer (Layer-2) solution on Bitcoin. Combined with ZKPs BTC rollup, the aggregated storage and ZKP can be written into BTC inscription to achieve a BTC layer 2 with higher legitimacy and availability.

Babylon ：It is a proposed Bitcoin staking protocol that allows Bitcoin holders to pledge their idle Bitcoins to increase the security of the PoS (Proof-of-Stake) chain, and in this process Earn profits from it, aiming to integrate Bitcoin with the PoS economic system.

BitSmiley：It is the first native stablecoin project in the BTC ecosystem. It is a comprehensive financial protocol built on the Bitcoin blockchain as part of the Fintegra framework.

OKX Ventures investment projects cover L2, Bitcoin ecosystem, Cosmos ecosystem, AI+Web3 games and other popular tracks. Through comprehensive mobilization of resources, it provides more powerful support for the development of innovative projects in the encryption industry. In particular, the emphasis on infrastructure including networks, protocols, hardware, etc. plays a key role in promoting the development and stability of the entire encryption ecosystem.

7 predictions for 2024

As a technology-driven field, the encryption industry is constantly emerging with new technologies and solutions to promote industry development. OKX Ventures focuses on long-term value investment, actively embraces industry innovation and changes, and predicts the 7 most explosive tracks in 2024.

1. BTC expansion and application explosion, on-chain activity improves network security

The Bitcoin halving narrative, the overlapping interest rate cut cycles, and the approval of spot ETFs have objectively accelerated the adoption of BTC. The current number of global crypto asset users has grown from 5 million in 2016 to 420 million today, and the cumulative number of Bitcoin addresses has exceeded 1.2 billion. According to Token terminal data, the number of monthly active users of Bitcoin is approximately 13.7 m, and the on-chain transfer data is approximately 17.5 m, which is in a growing trend. Additionally, as on-chain data grows, Bitcoin’s blockchain size is approximately 507 GB, an increase of approximately 70% from three years ago.

The current activity on the Bitcoin ecological chain is exploding. The explosion of Ordinals this year essentially empowered the Bitcoin network with asset issuance capabilities and promoted large-scale applications such as inscriptions. So far, the cumulative number of BRC-20 transfers has exceeded 45.4 million, the cumulative handling fees generated by BRC-20 have exceeded 4,290 BTC, the cumulative total inscriptions have exceeded 53 million, and the cumulative handling fees generated by Ordinals have exceeded 5,383 BTC. OKX Ventures believes that the future Bitcoin asset issuance protocol will be more diversified and support more native innovation. Asset innovation protocols such as Ordinals, BRC-20, RGB, Taproot Assets, Runes, Taro, Atomics, etc., combined with new possible expansion solutions will bring more possibilities to the ecosystem. Bitsmiley, which supports native DeFi, and supports POS have been invested. Capacity expansion projects such as BabyLon and Bitmap tech and B^2 network that support Layer 2 expansion.

There are many innovations worth looking forward to in the Bitcoin ecosystem in 2024, and user privacy and transaction efficiency will be greatly improved. In particular, developments in the Lightning Network such as single taproot channels using MuSig 2, Payment Splitting and Switching (PSS) to increase network throughput and reduce the risk of balance detection attacks, interactive multi-party signatures (MuSig 2), aggregation of multiple HTLCs, and Reduce on-chain costs and enhance anti-interference. The combination of Taproot assets and RGB provides a new on-chain mechanism for the token. Security and privacy have also been enhanced through soft fork proposals such as OP_VAULT and BIP 324’s version 2 P2P transfer protocol. Bitcoin Cores assumeUTXO function is intended to improve the experience of new full nodes, etc. These innovations herald a more robust, efficient and user-friendly Bitcoin network.

2. Ethereum Cancun upgrade improves Layer 2 availability and leads the industry forward

2023 is a challenging year for Ethereum. In the bear market atmosphere, many indicators of Ethereum have declined compared to 2022, but TVL has been an exception due to the price increase, which has increased from 4.95 billion US dollars to approximately 20.5 billion US dollars, and various indicators of Ethereum in the last few months of the year There was still growth and a strong finish.

The number of Layer 2 projects has increased from about 18 to more than 34, and the number of daily active users of Layer 2 has exceeded Layer 1; DeFi has become the main use case of Ethereum, with Gas usage accounting for 31% at the beginning of the year and almost rising to 50 at the end of the year. %, of which Uniswap accounted for 11.7% of Ethereum transactions throughout the year; NFT-related Gas usage dropped from 32% in January to 7% in December. In particular, the Shanghai upgrade drove an 82% increase in pledge volume, with more than 24% of ETH being pledged. The usage scenarios of pledged ETH are also expanding, becoming an important source of credit to promote ecological growth.

The Cancun upgrade is the most important benefit for Ethereum in 2024. Through the implementation of the EIP-4844 Proto-Danksharding proposal, it has brought substantial performance improvements to Layer 2 projects, and the introduction of Blob space has solved the limitations of calldata. Layer 2 can significantly increase the volume of transactions submitted to the main network at a time, thus bringing lower fees to users. In the future, Layer 2 competition may revolve around operational capabilities and the implementation of decentralization, such as Restaking Rollup, DA innovation, decentralized Sequecner, and decentralized Prover.

Ethereum is still leading the industry in in-depth research and solving key issues such as ZK applications, modularity, EOF and account abstraction. In the past few years, the emergence of Ethereums expansion solution Rollup is undoubtedly a major breakthrough in the industry. Despite the ups and downs of the market and the challenges of competitive chains, Ethereum still plays a leading role in promoting in-depth research and technological innovation in the industry. OKX Ventures expects that there will be multiple EIPs next year that will play a key role in the development of Ethereum, such as ERC-4337, EIP-4844, EIP-3074, EIP-5003, Verkle Tree and the corresponding Prague/Electra upgrade plan. From all aspects, Ethereum is still firmly leading the trend of industry innovation, whether in technical research or ecological construction, it is constantly providing motivation and direction for the development of the entire blockchain industry.

3. Represented by Solana, the Alt-layer 1 ecosystem will benefit from industry recovery

Rather than saying that the blockchain is a network, it is more like cities. Solana and Move public chains have reserved a large amount of new infrastructure. When more users in the entire industry pour in, the low-cost and high-capacity characteristics of the city will be fully demonstrated. Therefore, the monolithic chain Solana represented by Solana , Cosmos is ushering in an explosion again, and its developers, market value, and active users have all increased.

Solanas developer ecosystem data has exceeded expectations, with approximately 2,500-3,000 monthly active developers, making it the ecosystem with the second largest total number of monthly active developers in the industry. Its three-month developer retention rate has increased from 31% to over 50% to keep a steady stream of new developers joining, more than half of whom have at least 3 years of development experience, meaning higher contribution levels and more mature developers. app.

Image: Tokenterminal

Solana charges state rent from the DApp team and voting fees from validators, which creates additional value for the SOL coin in addition to transaction fees, providing a token value mechanism different from Ethereum. Shift costs from users to DApp teams and infrastructure providers for better scalability. This not only helps enhance user experience (by reducing user transaction costs), but also provides a value driver for the Solana network. Compared to Ethereum, Solana provides better performance indicators at the expense of higher hardware requirements. This does not directly lead to centralization, but helps achieve high throughput and fast transaction confirmation times. Solana’s smart contracts operate through standardized structures such as Metaplex, which reduces the due diligence burden on users and developers and promotes entrepreneurial activity, innovation, and standardization of contracts that may result in lower costs for developers and users.

The Solana ecosystem offers even more possibilities, with Teleport, Helium, and Render Network leveraging Solanas scalability and efficiency to redefine traditional models in ride sharing, IoT communications, and GPU rendering. Solana’s role as a speed catalyst, lower transaction fees, and web-scale architecture make it the first choice for entrepreneurs to navigate a decentralized future. Because these projects integrate seamlessly with Solana, they not only address the limitations of centralized systems, but also point the way toward building a more inclusive, resilient, and dynamic decentralized physical network.

4. AI narrative and Web3 technology are closely integrated, and new applications are emerging.

2022 to 2023 is known as the first year of the AI ​​explosion. In October 2022, after OpenAI released ChatGPT, it accumulated 1 million users in just five days. According to Delphi statistics, ChatGPT continues to break records and becomes the fastest application to accumulate 100 million users. Against this background, artificial intelligence is also gradually integrated into the cryptocurrency market. According to CMC data, the current market value of the Generative AI sector has exceeded US$67B, and the transaction volume has exceeded US$600 million.

AI projects in the encryption industry are mainly used in decentralized computing power, decentralized AI public chains, AI model trading markets, AI applications, ZKML and other directions. Among them, OKX Ventures believes that decentralized computing power, AI Agent and AI+Web3 applications deserve continued attention.

In terms of decentralized computing power, the decentralized nature of blockchain is conducive to reducing costs. The higher the degree of decentralization of computing power nodes, the lower the price per unit of computing power. By introducing Web3s unique Token economic governance model, model training, reasoning, or the optimization and allocation of computing power, there is huge room for imagination.

AI Agent is an intelligent agent program with autonomous decision-making and execution capabilities. By simulating and playing human roles, it can enhance the information communication capabilities between the blockchain and the outside world, and more intelligently select cross-chain solutions that best suit user needs, thus breaking the The current information island problem caused by the prosperity of the public chain ecosystem provides users with a better cross-chain experience.

Image: OKG Research

In terms of AI + Web3 applications, the more reasonable point of AI applications is to enhance user experience and improve development efficiency, or as an important part of the blockchain market, combined with existing blockchain applications, such as AI combined with DeFi, Game , NFT, etc. The technological integration of AI and Web3, with the support of a compliance environment, is expected to change the current user behavior habits of Web3, accelerate large-scale adoption, and jointly build a trusted digital society.

AI is also one of the areas that OKX Ventures focuses on, and it has currently participated in investments in projects such as Flock and MyShell. Take MyShell as an example. MyShell has led the way in multi-modal speech models. Its Github already has 12k+ stars, 420,000 product registrations, 50,000 creators, 70,000 private robots, and 900 public robots. It has become a model of combining AI Agent applications with Web3. .

5. Chain gaming breaks out into a new paradigm, FOCG single-point breakthrough

Blockchain games have not yet exploded in 2023, but due to good data and target attributes that carry a large number of users, chain games are still a high-quality track with huge potential. In the past year, the gaming industry disclosed a total of 133 deals, raising $1.18B in funding, and the total number of gaming projects reached approximately 2,500 to 3,500. In addition, according to Footprint data, the total number of users in the GameFi field will reach 340 million in 2023, the total transaction volume will exceed 3.2 billion US dollars, and the total number of transfers will reach 7.4 billion. The on-chain transaction volume generated by game projects is 23% more on average than the DeFi protocol. times. For example, Sweat Economy powered by NEAR is one of the most widely used mobile money-making apps in the world. Over the past 30 days, UAW 1.04 million. There are currently over 145 million users, staying active and healthy while earning cryptocurrency.

Image: Delphidigital

With the arrival of 3A game opportunities, blockchain games will become a new user growth point. From the supply side, after the development throughout 2023, a large number of high-quality games are ready to go. It can be imagined that with the support of 3A game IP, it will help traditional game users enter the Web 3.0 world more smoothly and gradually open up a new situation in the game industry. OKX Ventures predicts that 2024 may usher in a renaissance of blockchain games, and a battle for users among various games will begin. It is currently very optimistic about the ability of 3A games to capture user and asset value, and has successively deployed BIG TIME, Ember Sword, Shrapnel and other series of game projects. For example, the BIGTIME token was launched at just the right time, as the market began to pick up. Players earned in-game token rewards every day, and the token price also achieved good growth, making it one of the more successful investments.

In the future, FOCG (Fully Onchain Game) will also become a new growth point in the gaming field. FOCG refers to a game in which assets, settlement, and game logic all occur on the blockchain, creating a newer and more complex on-chain application paradigm that will bring financialization and composability. The FOCG track is currently in a relatively early stage, still to be developed and constructed, and applications and assets are somewhat barren, so there are huge growth opportunities. OKX Ventures is optimistic about FOCG and has focused on FOCG-oriented projects such as Curio to support industry innovation. It can be expected that FOCG will continue to thrive around three parts: engine, game content, and peripheral ecology such as wallets and trading platforms.

6. DePIN continues to maintain high growth

DePIN is a physical infrastructure grid that uses blockchain technology to transparently and efficiently manage real-world services and will explode in 2023. The current market value of DePIN exceeds $20 billion, with a year-to-date growth rate of more than 50%, a transaction volume of $11 billion, and an annualized on-chain revenue of approximately $15 million. According to the DePIN report released by Messari, the total number of DePIN ecological projects in 2023 will exceed 650, covering six major segments: computing, artificial intelligence projects, wireless, sensors, energy and services. It is worth noting that DePIN’s revenue is based on utility rather than speculation. Compared with other cryptocurrencies that fell as much as 70-90% in the bear market, DePIN’s revenue only fell by 20-60% from the peak, which is more moderate. , supportive.

Image: Coinmarketcap

OKX Ventures believes that in terms of application, 2024 is expected to see DePINs begin to try more in-depth new directions of integration with AI, ZK, games and other fields. For example, the ZK-verifiable GPU cloud service can be implemented on the chain within 1-2 years, and centralized providers will not be able to provide services for it. In terms of narrative, I am optimistic about the infrastructure of the DePIN track and the specific Layer 1 in the direction of DePIN.

Taking into account the advantages of high throughput, low fees, and large developer communities, most DePINs are currently built on general-purpose chains such as Solana or Polygon. Projects like Helium and Render Network have migrated to Solana and brought a large number of users to Solana. According to data from dune, the total number of IOTex users currently reaches 440,000, and Helium has more than 180,000 users on Solana. From the perspective of user needs, by 2024, DePIN-specific layer 1 will begin to launch and expand, and a specific dedicated chain serving DePIN will appear.

7. The macro environment is improving and entering a new era of encryption

With the establishment and improvement of the encryption industry regulatory systems in countries and regions around the world such as El Salvador, Canada, Dubai, and Brazil, the encryption industry is making great strides towards compliance. It may obtain a more favorable development environment in 2024 and expand Popularity scope. In particular, the U.S. SEC has officially approved the Bitcoin spot ETF, which means that traditional financial investors have officially gained exposure to Bitcoin, which will further catalyze the compliance and large-scale development of the encryption industry, and in turn force traditional finance to embrace innovation and jointly promote The financial industry is moving towards fairness, security and transparency.

According to Blockworks data, as of January 12, 2024, the trading volume of US spot Bitcoin ETFs on the first day of listing reached US$4.6 billion, of which Grayscale’s GBTC trading volume exceeded US$2.1 billion, and BlackRock’s IBIT exceeded US$1 billion. Fidelitys FBTC exceeds $680 million. Eric Balchunas, senior ETF analyst at Bloomberg, said that in the two days since the Bitcoin spot ETF was listed, nine issuers have absorbed US$1.4 billion in funds, exceeding GBTC’s US$579 million outflow, with a total net inflow of US$819 million. Both traditional macro funds and ultra-high net worth individuals have continued to inject a large amount of liquidity into the crypto industry. From another perspective, the volume of stablecoins on the chain is also increasing, indicating that new funds are beginning to continue to flow in. DefiLlama data shows that the total market value of stablecoins is US$133b, a new high, of which USDT has a market value of US$94.9b, with a market share of 71%.

Image: DefiLlama

With the support of capital, the development of the encryption ecosystem in a more complete direction will be accelerated. Blockchain infrastructure has developed rapidly in the past few years, coupled with the catalysis of VC capital, creating the necessary conditions for new applications and innovations. Approximately $73.4 billion will flow into crypto-related companies and projects between 2017 and 2022. In the whole year of 2023, the total financing amount reached 9.13 billion US dollars, and the total financing rounds were 1178.

Image: ROOTDATA

From January 2020 to January 2024, in addition to CeFi, a large number of financing categories went to infrastructure, Games, NFT and DeFi. These types of projects have accumulated enough funds during the bear market and have certain guarantees in product delivery, becoming the new targets for the next wave of innovation.

Image: ROOTDATA

Summarize

The rise of the encryption industry has become an engine driving huge changes in Internet technology and finance, opening the door to the future world. In this field full of challenges and opportunities, crypto industry builders have become creators driving the digital future. Their deep understanding and unique insights into blockchain technology, and through innovation and dedication, have made the crypto industry achieve great success today. But these builders are not satisfied with the status quo, but continue to push the encryption industry forward. They participate in open source projects, lead startups, actively participate in community building, and promote the prosperity and development of the entire industry. Their dedication not only inspires more young people to join this field, but also injects fresh blood into the entire crypto economy.

In addition, with the continuous emergence of new technologies and solutions and the gradual establishment of a global encryption regulatory system, the relationship between the encryption industry and the traditional financial system is constantly evolving, and the interaction between the two parties is changing from competition and cooperation to integration. relationship, thus affecting and promoting market liquidity between the two. This shows that the encryption industry will reach a higher level in 2024. However, the entry of large-scale liquidity does not happen overnight. The encryption industry is showing a rapid development trend, and the emerging innovative projects urgently require professional funding, technology, and strategic support.

As a first-class investment institution, OKX Ventures has long been rooted in the front lines of the industry, serving diverse innovations and aiming to provide industry builders with support for these high-quality start-up teams and projects. With a deep understanding and insight into the blockchain industry, as well as professional post-investment management experience, he has gradually forged the innovation + empowerment differentiated approach of the global team, and through integration and cross-border cooperation, he has opened up OKXs All-round resources such as traffic, transactions, public chains and technology have built a complete OKX resource system, which can be connected to the invested teams in one stop, providing multiple services and resource grafting. In addition, OKX Ventures is not a financial investor in the traditional sense, but has the dual role of discoverer and enabler. It will grow together with entrepreneurial partners to accelerate the creative and innovative development of the industry.

Looking back at history, Bitcoin has experienced several economic cycles and market fluctuations since its birth in 2009, but it can eventually rebound and create new highs. This performance enhances the confidence of investors in the long-term value of Bitcoin. Here That includes OKX Ventures. In the ever-changing market environment, OKX Ventures is keenly aware of market trends, flexibly responds to market changes and adjusts strategies, and has always firmly invested in innovative industry projects. It has not only successfully experienced several bull and bear cycles and gained rich harvests. In the future, OKX Ventures, including OKX Ventures, will continue to delve deeply into the primary encryption market and provide support to industry builders and these high-quality start-up teams and projects.