The year 2024 proved to be a pivotal chapter in the evolution of the cryptocurrency market—a year marked by dramatic shifts, unexpected breakthroughs, and transformative realignments. As the calendar winds down, a panel of four leading crypto investors—Haseeb Qureshi (Managing Partner at Dragonfly), Tom Schmidt (General Partner at Dragonfly), Robert Leshner (CEO of Superstate), and Tarun Chitra (Managing Partner at Robot Ventures)—came together to reflect on the defining moments of the year and offer their outlook for 2025.
Their insights, originally featured on the Chopping Block podcast and compiled by PANews, provide a rare, high-level perspective on who won, who lost, and what’s next in the rapidly maturing digital asset landscape.
🏆 Biggest Winners of 2024
HyperLiquid: The Uniswap Moment of This Cycle
Haseeb Qureshi pointed to HyperLiquid as the standout winner—a decentralized perpetual futures exchange that executed one of the most successful token airdrops of the cycle. Dubbed the "Uniswap moment" of 2024, HyperLiquid’s fair distribution model and strong community reception set a new benchmark. Notably, the project turned down investment offers from nearly every major VC, including Dragonfly, making its success even more impressive.
👉 Discover how decentralized exchanges are reshaping crypto trading in 2025.
U.S. Crypto Founders: A Regulatory Turning Point
Robert Leshner highlighted a broader trend: the resurgence of U.S.-based crypto founders. After years of regulatory hostility, particularly from the SEC, the political climate shifted dramatically. Favorable court rulings, growing public support, and strategic lobbying efforts culminated in a more welcoming environment for innovation.
DeFi: Rising from “Problem Child” to Powerhouse
Tarun Chitra argued that DeFi as a sector was underestimated. Once dismissed as overhyped during bear markets, DeFi protocols demonstrated resilience and innovation. With real revenue generation from platforms like Uniswap and Ethena, DeFi reasserted its centrality in the crypto stack.
Tether (USDT): The Quiet Giant That Keeps Winning
Tom Schmidt made a contrarian pick: Tether. Long criticized and doubted, USDT not only survived but thrived—emerging as one of the most profitable companies in crypto. Its role in global dollarization and stablecoin adoption has become increasingly institutionalized, proving that durability often trumps hype.
📉 Biggest Losers of 2024
Anti-Crypto Politicians: A Failed Strategy
Robert Leshner identified anti-crypto politicians—particularly certain members of Congress and the SEC—as major losers. Their attempts to suppress the industry backfired, alienating younger voters and tech innovators. The failure of initiatives like “Operation Choke Point 2.0” signaled a turning point in political sentiment.
Second-Tier Layer 2s and App Chains: The Great Consolidation Begins
Tarun Chitra noted that the dream of thousands of niche Layer 2s and application-specific chains collapsed under economic reality. Projects like Blast and Cosmos-based chains failed to gain traction, while users flocked to dominant platforms like Base and Solana.
Financial Nihilism: The Death of “Everything Is a Meme”
Haseeb Qureshi called out the “financial nihilism” that dominated early 2024—the belief that all crypto was just meme speculation. With meme coin trading volume dropping from 30% to under 10% of total activity, serious technical progress regained center stage.
Crypto Exodus to AI: The Grass Wasn’t Greener
Tom Schmidt criticized those who abandoned crypto for AI during the downturn. While AI captured headlines, many who left missed out on key developments like Bitcoin ETF approvals and DeFi innovation. As he put it: “This space rewards conviction.”
🔥 Biggest Surprises of 2024
Pump.fun & BonkBot: Meme Infrastructure Hits $100M Revenue
Tarun was stunned by the success of Pump.fun and BonkBot—two platforms enabling easy meme coin creation and trading via Telegram. Both reportedly generated $100 million in revenue within their first year, proving that meme infrastructure can be highly monetizable.
Trump’s DeFi Token: Hype vs. Reality
Tom cited World Liberty Financial, a DeFi token linked to Donald Trump, as a double surprise: first, that a presidential candidate would launch a crypto token; second, that it sold only 25% of its supply despite massive publicity.
He also emphasized the strong performance of application-layer revenue—platforms like Photon and Banana Gun out-earning most DeFi protocols.
Security Held Strong: No Major Exploits in 2024
Haseeb praised the industry’s improved security posture. Despite record TVL growth across chains, there were no major L1 or DeFi exploits—a stark contrast to previous years.
Solana & Base: The Meme Coin Powerhouses
Robert highlighted how Solana and Base emerged as dominant meme coin infrastructures due to low fees and seamless token deployment—driving unprecedented user adoption.
⚙️ Best New Mechanisms
Pump’s Bonding Curve & LP Locking
Tom Schmidt praised Pump.fun’s innovative bonding curve model and LP locking mechanism—tools that incentivize long-term holding and reduce sell pressure.
Yield Amplification: Ethena’s Game-Changing Model
Robert Leshner spotlighted “yield amplification” used by projects like Ethena and Usual. By concentrating yield from underlying assets (e.g., Treasury arbitrage) among a subset of users, these protocols achieve eye-popping APYs—sometimes 4x or more than base returns.
Market Maker Lending Pools: Unlocking Capital Efficiency
Tarun Chitra emphasized the rise of lending pools like JLP (Jupiter) and HLP (HyperLiquid). These pools allow yield-seeking users to lend assets to decentralized market makers—bridging a critical gap between CeFi and DeFi capital efficiency.
Haseeb added that while these models won’t fully match centralized exchanges, they’ve significantly narrowed the performance gap.
😂 Best Meme of the Year
- Haseeb: Justin Sun’s AI-generated birthday photo with 14 fingers—“the most awkward moment by a top crypto founder.”
- Robert: Pudgy Penguins’ transition from NFTs to launching PENGU token with a $5B FDV—“a masterclass in brand building.”
- Tarun: Bonk—thanks to BonkBot’s viral marketing on Telegram.
- Tom: Hugo Martingale, Polymarket’s witty intern Twitter account.
Haseeb concluded: “We talked too much about memes this year. Let’s focus more on tech next year.”
🔄 Best & Worst Transformations
Best: MicroStrategy & Babylon
- Robert: MicroStrategy’s Bitcoin leveraged ETF strategy became self-sustaining through convertible bond issuance.
- Tarun: Babylon Protocol evolved from Bitcoin timestamping to enabling Bitcoin staking—now boasting $6B TVL.
- Haseeb: NFT communities like Miladys and Pudgy Penguins successfully launching meme coins without backlash.
👉 See how institutional adoption is accelerating in 2025.
Worst: Democratic Party’s Crypto Missteps
Tom Schmidt criticized the Democratic Party’s inconsistent messaging—from Biden’s executive order to Kamala Harris’s vague stance—while Trump embraced pro-crypto rhetoric like “Free Ross Ulbricht.”
📉 Most Disappointing Projects
- Tom: MakerDAO’s rebrand to Sky failed—nobody uses the name.
- Haseeb: Bitcoin L2s turned into “ghost towns”; celebrity coins like MOTHER collapsed.
- Robert: Friend.tech’s SocialFi hype fizzled—now nearly irrelevant.
🛤️ Best Comeback Stories
- Tom: Coinbase rebounded post-layoffs with Bitcoin ETF custody wins and legal victories over the SEC.
- Haseeb: Magic Eden dominated Bitcoin NFTs via BRC-20 and Ordinals.
- Robert: The entire Bitcoin ETF ecosystem revived after Grayscale’s court win.
- Tarun: Move ecosystem (Sui, Aptos) regained momentum with improved UX and DeFi growth.
🔮 2025 Predictions
Haseeb Qureshi
- Bitcoin hits $150K before pullback.
- DeFi tokens surge.
- AI tokens rally despite limited real-world use.
Robert Leshner
- Bitcoin reaches $180K with no crash.
- U.S. passes first major crypto legislation.
- A high-profile AI crypto scam makes headlines.
Tarun Chitra
- L2/app chain consolidation via mergers.
- AI agent token market cap grows 5x.
- Solana slashes inflation by at least 25%.
Tom Schmidt
- Money apps like Farcaster go viral on TikTok.
- XRP or Litecoin ETF approved—not new assets.
- Major app-layer security breach via supply chain exploit.
👉 Stay ahead with real-time market insights and expert analysis.
✅ Frequently Asked Questions (FAQ)
Q: Why did Tether succeed when so many doubted it?
A: Tether succeeded through operational consistency, transparency improvements, and becoming embedded in global crypto liquidity rails—especially in emerging markets where dollar access is limited.
Q: Are meme coins here to stay?
A: Yes—but their role is evolving. While speculative, platforms like Pump.fun show they can drive real revenue and user growth, especially on scalable chains like Solana.
Q: What does the rise of yield amplification mean for investors?
A: It means higher yields are possible without relying solely on inflationary token emissions. However, it also increases systemic risk if underlying strategies fail.
Q: Can Bitcoin L2s recover in 2025?
A: Only with stronger use cases beyond DeFi. Projects like Babylon are trying to solve this by enabling Bitcoin staking—potentially unlocking new utility.
Q: Is DeFi really coming back?
A: Absolutely. With protocols generating millions in revenue and new mechanisms improving capital efficiency, DeFi is entering a new phase of sustainable growth.
Q: How reliable are these investor predictions?
A: While not guarantees, these insights come from deep market involvement. They reflect trends in capital flow, user behavior, and technological readiness—key indicators for what’s next.
Core Keywords:
Bitcoin ETF, DeFi revival, meme coin infrastructure, Layer 2 consolidation, yield amplification, AI crypto tokens, crypto regulation 2025