Looking at the top five trending narratives of 2025 from on chain data (1) Perp DEX: Monthly trading volume exceeds trillions of dollars for two consecutive months Hypeliquid has opened up the ceiling of Perp DEX, but at the same time, it has intensified its competitors, leading to the most popular narrative of the year (perhaps none) - "Hyperliquid Replacement". The trading volume of Perp DEX is driven by points, while Aster and Lighter have both created impressive wealth effects (2) Market prediction: Valuation continues to rise to the billions of dollars level The predicted weekly trading volume in the market has continued to grow and exceeded 4 billion US dollars, but the more profound change I feel is not only in the trading volume, but also in the overall improvement of its cognitive level, becoming a signal layer. The World Cup is the real battlefield, and the peak of valuation may occur in the first half of the year before the World Cup. It is expected that some agreements will choose to issue coins gradually during this time window (3) CEX On Main: Finance takes charge of asset issuance, distribution, and trading Alpha has enabled CEX users to directly purchase on chain tokens using the platform's internal capital, but what has propelled Binance to the forefront is that it dominates the issuance and distribution mode of VCcoins through this on chain exchange fusion product, which puts significant pressure on other CEX and can only be watched. From the results, the early to mid stage of Binance Alpha may be the most profitable opportunity for ordinary people this year (4) Payment: Cryptocurrency payment transaction volume reaches a new high for 12 consecutive months This year, watching the continuous increase in payment activities of Crypto Cards/Visa Cards/On/Off rate in stablecoins, I have been thinking about what opportunities ordinary users have. Until x402 entered the public eye, it was one of the few niche tracks that could create new assets, have new narratives and hopes, and be relatively less easily falsified (5) RWA: Total value of tokenized assets increases by billions of dollars There is no need to repeat the real asset tokenization. Both treasury bond and bulk tokenization represented by gold have increased by billions of dollars this year, and the stock tokenization has also increased dozens of times from tens of millions of dollars