Macro Forces Driving Crypto Bull Run: Key Catalysts Ahead

Recently, DeFi researcher Ignas shared his insights on X. He believes external macro factors mainly drive the current crypto bull run. However, Ignas also notes several upcoming crypto catalysts that could further energize the space. He detailed these critical developments in a thread. According to him, these catalysts are crucial to watch. They may significantly impact the internal dynamics of the crypto market. His observations highlight the importance of staying informed about these developments.

His first project on the list is Monad. In 2024, Monad is anticipated to launch on its mainnet. The critical question is whether Monad will draw distinct decentralized programs (dApps) that aren’t just forks of already-existing projects or if it will be just another low-float, high-FDV alt-L1.

Megadeth is another project to watch; it plans to launch its mainnet by the end of 2024. This one will not only be a layer two solution, but it will also be more flexible. It wants to jEthereum’sum’s modular scaling plan, which boasts 100,000 transactions per second (TPS) and 1 ms block timings. However, there are concerns about the company’s ability to meet these high standards.

Furthermore, Q3 is anticipated to see Symbiotic’s mainnet debut. Rumour has it that it could surpass Eigenlayer by generating more excitement with its token generation event (TGE). Ignas is also keeping an eye on the Ethereum Pectra update, which is scheduled for Q1 2025. This is because EIP-7702 can expedite token approvals and could affect Ethereum’s price.

CFantom’s Sonic Rebrand: New Crypto Narrative

The rebranding of Fantom to Sonic, including a new token ($S) and chart, could serve as a model for other crypto projects to refresh their narratives and attract market attention. Similarly, Maker’s shift to NewGovToken and NewStableToken might simplify its structure and positively impact DAI supply growth.

Igno also highlights Pudgy Penguin’s L2 platform and Sony’s Soneium launch, which could introduce new monetization strategies for the AI era. He notes that advancements like Fractal Bitcoin and OP_CAT are reigniting interest in Bitcoin’s ecosystem, while Stacks’ upcoming Nakamoto upgrade could drive more users and increase TVL.

Ignas concludes by pointing to Coinbase’s cbBTC debut, which may be regarded as a game-changer because it involves a shift in wBTC administration and the potential lockup of substantial quantities of TVL.

Furthermore, Ignas believes that actual yield interests in DeFi would return if the Uniswap protocol implemented $UNI fee sharing. Ignas encouraged individuals to assign their $UNI tokens to him and even publicly expressed his support for this idea as a Uniswap DAO delegate.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.