November 2024 Recap of Digital Assets Industry
November was a historic month for the digital asset industry due to the re-election of Donald Trump and his appointment of many pro-crypto cabinet members. Bitcoin (+37%) and Ethereum (+43%) were boosted by the Trump victory.
Large-cap DeFi protocols grew in November, as Aave, Sky (formerly MakerDAO), and Uniswap saw increased activity as well as broader market catalysts. Aave crossed $30 billion in deposits in November, an achievement that would rank it as the 64th largest U.S. bank by deposits if it were a traditional banking institution.
Coinbase's L2, Base, saw significant growth with net flows at $864 million in November and hitting 10 million transaction in one day.
AI agent platforms like Virtuals Protocol saw major growth from their innovative, onchain artificial intelligence solutions with numerous use cases, such as in-depth research, automated trading, social engagement, and more. AI agents and their development platforms have seen billions of dollars in growth just in November.
Billionaires Elon Musk and Vivek Ramaswamy created the Department of Government Efficiency (DOGE) — which isn't an official government department (yet) — with plans to cut federal spending and make the government operate more efficiently. The DOGE acronym, which it shares with the memecoin Dogecoin, bolstered Dogecoin's value significantly in November.
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- View our previous monthly recaps