Author: Sandra, Kaito AI

Translation: Alex Liu, Foresight News

How to measure the current narrative hotspots in the cryptocurrency market? Kaito has a method to calculate the user's attention to the narrative (mindshare). In simple terms, this indicator measures the dominant position of the narrative in social communication relative to the entire market (percentage). The denominator consists of users in the encrypted Twitter circle from proprietary search engine and social graph data, while the numerator is the number of mentions of each narrative on social platforms. This provides the most quantitative and comprehensive narrative view in any market cycle.

Let's take a look at the changes in narrative heat since the beginning of this year:

• Artificial Intelligence (AI) remains one of the strongest narratives in the first and second quarters of 2024. In 2023, AI was also a significant dominant narrative, occupying 30-50% of the heat for most of 2023. This indicates that with the exponential growth of the entire AI field (not limited to the encryption bubble), AI verticals will continue to exist.
• Since January 2024, the heat of SocialFi (Financial Social) has changed the most, driven by the revival of friend.tech, the popularity of fantasy.top, and other well-known projects.
• Clearly, Memes became one of the strongest narratives in the first and second quarters of 2024.
• The heat of BRC20 has decreased the most, possibly due to narrative fatigue after the Bitcoin halving, and a recent decrease in interest in Ordinals / Runes. It is worth noting that BRC20 as a vertical field occupied a lot of heat at the end of 2023.
• Decentralized social (DeSo) is also expected to be a strong competitor for heat dominance - projects like Farcaster, friend.tech, DeSo, etc., are attracting attention.
• Compared to the beginning of the year, the heat of the GameFi narrative has decreased - many discussions believe that only one popular game is needed to revive the entire GameFi field, but so far this year we have not seen any major game releases.
• With the announcement of the EIGEN token, the narratives of LSD and LRT have slightly declined compared to the beginning of the year, and major LRT protocols like Renzo, Etherfi, etc., have ended their point plans or first and second phase activities.

Given the development of the current narratives this year, what can we expect in the future?

• Since the beginning of the year, AI and memes have been dominant narratives. The question is whether the heat in these two areas can be sustained. For AI, the theory is very clear, as there are many external factors such as the continuously iterated ChatGPT model of Open AI, AGI discussions, NVIDIA, etc., which may have a positive impact on the AI vertical field throughout the year. Memes also usually have no upper limit, depending entirely on market trends and culture.
• Decentralized physical infrastructure network (DePIN) as a vertical field has also been steadily growing this year, similar to AI, we see interesting experiments in this field.
• Discussions about Ethereum ETF will heat up again, and Ethereum ETF will continue to be a hot topic.
• ZK (Zero-Knowledge Proof) is also a potential narrative that has not yet been widely adopted but may revive in the token generation event (hopefully soon) of zkSync.

Comparison of narrative heat now and at the beginning of the year:

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