Coinbase Bets Big on Bitcoin DeFi Projects, Analyst Reveals Top 10 BTC Halving Potential Moonshots

Coinbase is diving into Bitcoin’s DeFi ecosystem, eyeing infrastructure and application projects. Analyst Klarck, via a tweet thread,  highlighted this strategic move by the U.S.’s top cryptocurrency exchange. Besides, in 2023, Coinbase’s ventures in projects like Polygon (MATIC) and Arweave (AR) drove its revenue to $3 billion. These investments yielded returns of 300x and 226x, respectively, accounting for nearly half of its profit.

Bitcoin DeFi: The Next Big Opportunity

Furthermore , the exchange’s venture fund, known for its ability to identify emerging trends in the crypto space, has now turned its attention to the Bitcoin DeFi (BTCFi) narrative. Amid the 2024 Bitcoin halving event, a significant milestone for the Web3 world, the total value locked (TVL) in Bitcoin remains relatively small, indicating vast opportunities for growth.

Klarck believes that investing in Bitcoin narratives now is akin to investing in Bitcoin itself back in 2017, when the cryptocurrency was on the cusp of a major bull run. Consequently, Klarck spent several days analyzing investments made by various funds and major investors to compile a list of the top 10 BTCFi projects for 2024.

Moreover, Klarck notes one project that has caught Coinbase’s eye. Portal Finance, a project which aims to unite various networks built on top of Bitcoin, including BRC20, Ordinals, and Runes. Additionally, the project plans to launch its own decentralized exchange (DEX) for this ecosystem in the future.

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Top 10 BTCFi Projects to Watch in 2024

Here’s a closer look at the top 10 BTCFi projects identified by Klarck:

  • Hulvin (HULVIN) – A meme-coin gaining popularity among the largest communities on X, with a market cap of $9.51 million.
  • .COM (BRC20COM) – Created for the BRC-20 infrastructure, this project has already launched a platform for monitoring and tools for detection, with a market cap of $15.3 million.
  • Orange Crypto (ORNJ) – A DeFi ecosystem offering products and services to help consumers and enterprises manage Bitcoin besides other blockchain protocols, with a market cap of $24.58 million.
  • LFG (LFG) – This project utilizes the built-in security and distrust characteristic of Bitcoin to create tools, with a market cap of $33 million.
  • Comsats (CSAS) – Focused on providing ideas and decentralized solutions for the development of the Bitcoin ecosystem, with a market cap of $6.17 million.
  • Satoshi VM (SAVM) – A Layer 2 ZK Rollup on Bitcoin, compatible with the Ethereum Virtual Machine (EVM) ecosystem, with a market cap of $36.9 million.
  • ZBIT (ZBIT) – A meme coin based on the Bitcoin blockchain gaining popularity on X, with a market cap of $38.1 million.
  • Zeta (ZETA) – A new Layer 1 blockchain with built-in cross-chain compatibility with EVM, Cosmos/IBC, Bitcoin, Dogecoin, Tron, and others, with a market cap of $316.1 million.
  • Wizards (WZRD) – A project for issuing NFTs on Bitcoin, marking the 10th anniversary of the original Bitcoin Wizards, with a market cap of $161.1 million.
  • TRAC (TRAC) – A token on the Bitcoin blockchain offers unparalleled access and organization of extensive Bitcoin data. Consequently, through Trac Core, it boasts a market cap of $56.1 million.

Future of Bitcoin Investments

Hence, as the Bitcoin ecosystem grows, it attracts more attention from investors and developers. Therefore, these projects could potentially experience significant growth and become the next generation of successful Bitcoin-based applications. However, it’s crucial to conduct thorough research and due diligence before investing in any cryptocurrency or project.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.