1️⃣EigenLayer
Restaking supercharges Ethereum security and unlocks new revenue streams for stakers. EigenLayer sits at the center of the AVS boom and could capture outsized value. Early movers are positioning for yields and upside.
- ETH-aligned restaking narrative
- Rapidly growing TVL and developer interest
- Strong backers and ecosystem grants
- Multiple AVSs launching that can drive demand
- Clear catalysts and potential reward programs
- Smart-contract risk as with any DeFi
- Yields and incentives may compress over time
- Requires careful validator or operator selection
2️⃣Celestia
Celestia powers modular blockchains with cheap, scalable data availability. As dozens of rollups launch, demand for DA blockspace can soar. The project is positioning as the default for new chains this year.
- Category leader in modular data availability
- Dozens of rollups integrating already
- Lower costs unlock new onchain apps
- Battle-tested team and roadmap momentum
- Adoption depends on external rollup growth
- Token unlocks could add short-term supply pressure
- Tech still maturing
3️⃣Base
Coinbase's L2 brings millions of retail users onchain with low fees and fast confirmations. Expect aggressive partnerships and consumer apps that drive sustained liquidity.
- Massive funnel via Coinbase
- Low fees and strong UX
- Real brands and creators building
- Growing onchain commerce
- Sequencer centralized under Coinbase
- US regulatory headwinds could slow features
- MEV and censorship concerns for some users
4️⃣Starknet
A zero-knowledge rollup built for serious scale using the Cairo language. Tooling and grants are improving fast, attracting ambitious builders. If ZK adoption accelerates, Starknet can ride the wave.
- ZK-first design with powerful proving
- Active grants and dev tooling
- Serious research pedigree
- New DeFi and gaming projects shipping
- Cairo's learning curve slows adoption
- Throughput and latency can fluctuate
- Token unlock schedule may pressure price
- Ecosystem smaller than major rivals today
5️⃣Ethena
Ethena issues USDe, a synthetic dollar backed by a delta-hedged strategy that pays native yield. Growth has been fast, but risk management remains critical for stability. Traders love the capital efficiency.
- Attractive native yield on USDe
- Deep exchange integrations
- Strong community and incentive programs
- Capital-efficient for traders
- Strategy depends on perpetual funding and liquidity
- Counterparty and custodial risks across venues
- Potential depeg events under stress
- Complex mechanism many users may not fully understand