1. ETH L2 Summer Arrives as Scheduled

ETH+L2 has essentially become the largest homogenous cross-chain ecosystem. With the listing of Starknet/zkSync/Scroll/Blast, the competition in the L2 market will intensify due to the clash between technological advancements and market trends.

Focus on: Starknet / zkSync / Scroll / Blast / Manta

2. Modularization is the Inevitable Iteration of Public Chain Technology

With the launch of Celestia, there are signs that the market share of the Data Availability (DA) layer is moving away from Ethereum's exclusive monopoly. Currently, frameworks such as OP Stack and Polygon CDK offer mature smart contract architectures, leading the industry to explore the tokenization of Bitcoin in conjunction with the cutting-edge BitVM paper. The flourishing of subdivided domains, such as shared/decentralized sequencers, RaaS (Runtime as a Service) services, etc., signifies the rapid iteration of blockchain towards modularization.

Focus on: Celestia / Altlayer / Dymension / Avail / Fuel / Espresso

3. BTCfi Erupts, Reaching a Release of 10% of Bitcoin's Liquidity

Purism combined with market hotspots can unleash energy beyond what technology purists can imagine. The value released by BTC liquidity is like an unexhausted gold mine. Following the narrative of inscriptions, there's a wave of BTC's Layer 2 and BTC applications. With the liquidity of Bitcoin expected to be released by more than 10%, BTC finance (BTCfi) will support a market of over 100 billion USD.

Focus on: Stacks / Merlin / B² Network / Chainway

4. Restaking Creates a Consensus Russian Doll of Legos

In the narrative of modular blockchain, there are very few projects exploring the consensus layer. The consensus security provided by Bitcoin and Ethereum is widely recognized. The introduction of Restaking can help emerging blockchain projects obtain appropriate security at the initial stage, thereby avoiding the adoption of unhealthy token mechanisms with excessive token emission inflation. In the Bitcoin ecosystem, Babylon is the main player, and BTC-related ecosystems have gradually adopted Babylon. Meanwhile, Ethereum is led by EigenLayer, which has given rise to the narrative of LSD (Liquidity Staking Derivatives). Above the narratives of LSD/LRD, Pendle, which splits principal and interest, serves as a unique project in the ecosystem, with consistently impressive performance in TVL, user data, and token prices.

5. The Second Cycle of Gamefi

The widespread adoption of MPC wallets has expanded user capabilities. Games with increased playability after 3 years of iteration will have a stronger user capture capability than their predecessors. Richer game content will increase the complexity of economic systems, gradually moving away from the pure Ponzi attributes of the last cycle.

Focus on: Illuvium / Space Nation / Lumiterra / Matr1x

6. AI+web3: A Long Narrative on Algorithms, Computing Power, and Verifiability

AI is a main narrative in the technology field, and its iterations continuously inject vitality into Crypto. Onchain AI can leverage smart contracts to automate and dynamize machine learning and artificial intelligence. Additionally, blockchain technology provides transparent and verifiable solutions for AI (like zkML/opML). Furthermore, key elements such as AI models, GPU power, data feeds, and data tagging can be integrated into the blockchain.

Focus on: TAO / OLAS / JANCTION

7. Depin - A Physical Flywheel-Like DeFi with Exponential Growth

It's a new phenomenon-level model for online+offline token distribution and service provision. During periods of infrastructure maturation, Crypto applications will drive exponential network growth of Depin.

Focus on: Mobile / Io.net / Meson / POKT

8. Social Experiments in Social Tokenization are Underway

Despite the failure of Friend.tech's attempt, the explosive power of social monetization has been demonstrated, while anti-censorship and security are the calls from social to Web3. Social protocols like Lens and Farcaster continue to carry hope.

Focus on: Farcaster / Lens / Nostr

9. DeFi Derivatives, Poised for Launch

Finance is always the most suitable for blockchain's high-value applications with real yields. GMX's global shared liquidity pool, Gains' capital utilization efficient synthetic schemes, and others continue to lead the market. This bull market has also seen the futures protocols, such as Aevo and Whales, bringing a pre-market explosion. We believe that derivatives represent one of the best long-term fundamental narratives.

Focus on: GMX / Gains / Drift / Apex / Aevo / Whales

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