The big winners from 2023 include liquid staking derivative tokens on layer 2 protocols (eg, ALCX, ASX, PENDLE) followed closely by DeFi 2.0 protocols (eg, DYDX, FXS, INST), the only included narratives that outperformed simply holding Bitcoin. However, Money Market protocols (eg, AAVE, COMP, QI) and Decentralized Physical Infrastructure Networks (โDePIN,โ eg, FIL, RNDR, DIMO) followed closely behind.
Spotlight on DePIN and RWA Beyond Bitcoin ETFs
