OnChain + OffChain, TradiFi becomes the main narrative.

Written by: Haotian

Everyone is shouting that the bull market is here, but can we recognize 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 flows of stablecoins, APY yield differences, and new innovative expansions;

BTC/ETH micro-strategy "coin-stock" effect: It is becoming a trend for listed companies to include crypto assets on their balance sheets, making it crucial to find high-quality targets with the potential to be "quasi-reserve assets";

Emergence of innovation tracks to Wall Street: DeFi protocols designed specifically for institutions, compliant yield products, and on-chain asset management tools will attract massive funding. The original "Code is Law" has transformed into the new "Compliance is King";

2) Acceleration of pure native crypto narrative to eliminate the false:

Ethereum ecosystem welcomes a wave of revival: The price of $ETH breaking through will reignite the innovative narrative of the Ethereum ecosystem, replacing the past Rollup-Centric grand strategy, with a new ZK-Centric becoming the main theme;

High-performance Layer 1 strength competition: It is no longer a TPS race, but rather about who can attract real economic activity, with core indicators including: stablecoin TVL ratio, native APY yield rate, depth of institutional cooperation, etc.;

The twilight of altcoins: The widespread existence of a major altcoin season faces the fundamental problem of insufficient capital momentum, while some altcoins may experience "dead cat bounce" trends, characterized by: chip concentration, community activity, and the ability to latch onto new concepts like AI/RWA;

3) MEME coins upgrade from speculative tools to market standards:

Capital efficiency: Traditional altcoins have inflated market values and exhausted liquidity, while MEME coins, with their fair launches and high turnover rates, are becoming the new favorites for capital, poised to capture a significant share of the dying altcoin market;

Attention economy dominance: KOL influence, community culture building, and hot FOMO models remain core competitive advantages, with liquidity distribution still following the attention principle;

New indicators of public chain strength: The activity level of the MEME coin market will be an important standard for measuring the comprehensive strength of public chains.

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