According to CoinDesk, layer-1 blockchain Solana (SOL) led the way in 2023 in terms of token price gains, with other altcoins Avalanche (AVAX), Stacks (STX), and Helium’s (HNT) following closely behind. Solana has risen over 700% since the start of the year, while HNT climbed 500%, mostly due to the company's move into the mobile space. Avalanche's token has increased 300% year-to-date, thanks to several institutional partnerships.
Analysts predict that the tokenization of real-world assets will be a booming segment to watch. Chris Newhouse, founder of Infiniti Labs, said the “Decentralized Physical Infrastructure (DePIN) narrative” will continue to be a hot topic, with tokens such as RNDR and HNT recently outperforming the market. DePINs use cryptocurrency tokens to incentivize the building of real-world infrastructure.
In other news, more than $1 billion in assets belonging to the founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC) have been frozen by a British Virgin Islands court, according to the firm's liquidators, Teneo Restructuring. The worldwide court order applies to founders Su Zhu and Kyle Davies, as well as Davies' wife, Kelly Chen. 3AC filed for Chapter 15 bankruptcy in July last year after the collapse of stablecoin issuer Terra caused irrecoverable losses. Teneo has been seeking $1.3 billion and included Chen in the order to maximize returns to creditors, whose claims total more than $3 billion. Zhu, jailed for four months in Singapore for failing to help wind up 3AC, is expected to be released this month for good behavior.
