Web3 Startups to Keep an Eye on in 2024

The Web3 ecosystem continues to evolve, bringing forth innovative startups that are poised to redefine the digital landscape. As we move into 2024, several Web3 startups are emerging as key players to watch. These startups are leveraging cutting-edge technology to offer unique solutions in the decentralized space. 

Here’s a detailed look at the top five Web3 startups to keep an eye on in 2024. Read on!

1. EigenLayer

Sector: Restaking and Decentralization

The platform allows users to “restake” their assets from other staking protocols to earn additional rewards. This innovative approach enhances the security and efficiency of the network by utilizing existing staked assets for multiple purposes.

Key Features: EigenLayer is pioneering the restaking narrative in the Ethereum ecosystem. 

Why Watch: EigenLayer is expected to become a central player in the Ethereum ecosystem. The potential for earning rewards through restaking, coupled with the platform’s robust infrastructure, makes it a startup to watch.

2. Canto

Sector: Layer 2 Solutions

Key Features: Canto is an emerging Layer 2 solution aiming to enhance Ethereum’s scalability and reduce transaction fees. By utilizing the proto-dank sharding technology (EIP 4844), Canto provides a more efficient way to handle transactions, making it an attractive option for developers and users alike.

Why Watch: The Ethereum’s Dencun upgrade in 2024, which included proto-dank sharding, positions Canto for significant growth. Its low market cap compared to other Layer 2 solutions presents a high potential for investment returns.

3. Mozaic (MOZ)

Sector: Artificial Intelligence and Yield Farming

Key Features: Mozaic leverages AI and LayerZero technology to provide automatic yield farming strategies. This platform offers users the ability to optimize their investments through AI-driven insights and strategies, making it a unique player in the yield farming space.

Why Watch: With a market cap of only $5 million, Mozaic is one of the undervalued gems in the AI and crypto intersection. Its innovative use of AI for financial strategies sets it apart from traditional yield farming platforms.

4. Swell Network

Sector: Liquid Staking

Key Features: Swell Network focuses on providing liquid staking solutions for Ethereum. The platform enables users to stake their ETH and receive swETH tokens, which can be used within the DeFi ecosystem while still earning staking rewards. This dual functionality enhances liquidity and offers more utility for staked assets.

Why Watch: As the liquid staking narrative gains traction, Swell Network is well-positioned to capitalize on this trend. The potential for airdrops of Swell tokens to early users adds an extra incentive for participation. 

5. Ribbon Finance (RBN)

Sector: Decentralized Finance (DeFi)

Key Features: Ribbon Finance specializes in structured financial products within the DeFi space. The platform allows users to create and manage options strategies, providing a new way to hedge and gain exposure in the volatile crypto markets.

Why Watch: Ribbon Finance’s upcoming transition to AEVO (a new token with potentially higher utility and value) makes it a startup to monitor closely. The new coin, combined with innovative financial products, is expected to attract significant interest from investors and traders.

Conclusion

The Web3 space is rapidly evolving, and these five startups are at the forefront of innovation. From enhancing Ethereum’s scalability and security to leveraging AI for yield farming and providing new financial products, these startups offer exciting opportunities for investors and users alike. 

Keep an eye on EigenLayer, Canto, Mozaic, Swell Network, and Ribbon Finance as they continue to shape the future of the decentralized web in 2024.