Author: Haotian
Everyone is shouting that the bull market is coming, but do you know that the methodology for finding market Alpha and Beta in this wave is completely different? Here are a few observations:
1) OnChain+OffChain TradiFi becomes the main narrative:
Stablecoin Infrastructure: Stablecoins have become the "blood" connecting traditional finance and DeFi infrastructure, locking in cross-chain liquidity of stablecoins, APY Yield differences, and new innovative expansions;
BTC/ETH Micro-Strategy "Coin-Stock" Effect: It has become a trend for listed companies to include crypto assets on their balance sheets. Finding high-quality targets with the potential to become "quasi-reserve assets" has become the key;
The rise of Wall Street's innovative track: DeFi protocols, compliant income products, and on-chain asset management tools designed for institutions will be favored by huge amounts of capital. The original "Code is Law" has become the new "Compliance is King"; 2) Crypto's pure native narrative is accelerating the separation of true and false: The Ethereum ecosystem is experiencing a wave of revival: The breakthrough of $ETH prices will reignite the innovation of the Ethereum ecosystem's technical narrative, replacing the past Rollup-Centric grand strategy, and the new ZK-Centric will become the main theme; High-performance Layer1 strength competition: It is no longer a TPS competition, but a test of who can attract real economic activities. Core indicators include: the proportion of TVL of stablecoins, native APY yield, depth of institutional cooperation, etc.; The last twilight of altcoins: The general altcoin season has the fundamental problem of insufficient capital momentum. Some altcoins will experience a "dead cat bounce" market. The characteristics of this type of target are: chip concentration, community activity, and the ability to catch up with AI/RWA
3) MEME coin upgrades from a speculative tool to a market standard:
Capital efficiency: Traditional altcoins have inflated market capitalizations and depleted liquidity. MEME coin, with its fair launch and high turnover rate, has become a new favorite of capital and will seize most of the market share of dying altcoins;
Attention economy-dominated: KOL influence, community culture building, and the hot spot FOMO model remain core competitive advantages, and liquidity allocation still follows the law of attention;
New indicators of public chain strength: MEME coin market activity will be an important criterion for measuring the overall strength of public chains.