When the market is competing for narratives amidst macroeconomic fog, the TRON ecosystem has provided a clear path for value growth in 2025 through its "positive flywheel."
The cryptocurrency market in 2025 stands at the crossroads of dual variations in cycles and structures. The fog of the macro environment has yet to clear, with the pace of interest rate cuts, the flow of global capital, and market risk appetite still wavering in macro policies. However, beneath the surface, currents are already surging. In the "new normal" of high interest rates but strong expectations for rate cuts, global capital is seeking new directions, and a narrative battle around the "bull market main line" has already begun. This is no longer just a rotation of hot topics but a profound reconstruction of value logic.
Against this backdrop, this issue of SunFlash Roundtable aims to penetrate short-term fluctuations and dissect the internal logic of this "ultimate battle" from a higher dimension of cycles and structures. This Space invites several industry observers to discuss: why is the market eager to seize narrative dominance amidst macro uncertainty? Which types of tracks can truly traverse bull and bear markets and become the lasting main line leading the market? And why is a continuously evolving, internally collaborative comprehensive ecosystem more likely to integrate liquidity, innovation, and network effects compared to a single track, ultimately defining the next stage of value growth paradigms?
Around these core issues, the following summarizes the most enlightening guest opinions and market insights from this Space dialogue.
What is the "head start" logic of the market when the macro direction is still unclear?
Although the macro monetary policy and economic outlook for 2025 remain shrouded in uncertainty, pioneers in the cryptocurrency market have quietly launched an intense competition over the future bull market main line. The first core topic of this Space directly addresses this seemingly contradictory phenomenon: why the head start when signals are unclear?
Several guests pointed out that the core driving force of the cryptocurrency market does not stem from current data but from advanced expectations of the next structural phase. HiSeven first pointed out that real market pricing often occurs during the most uncertain stages. Macro variables (such as interest rate cuts and liquidity) are slow variables, while the market is a fast variable. The task of "smart capital" is to predict which tracks will have the most potential to absorb the massive liquidity that will be released when uncertainty dissipates.
bigpump.ai further explained the necessity of "head start": once market consensus is formed, asset prices will be revalued in an instant, and it will be too late to position then. She pointed out that the capital currently seeks a "story anchor point" that can explain the market direction for the next 6-18 months. This anchor point acts like a safe harbor, allowing mainstream capital to establish core positions in advance and then allocate flexible assets around it.
Web3菜菜子 summarized the profit-seeking nature of capital with a more straightforward logic: "Certainty is too expensive." He emphasized that the huge opportunities in the cryptocurrency market are precisely hidden within uncertainty. If one waits for all macro positives (such as clear interest rate cuts and regulatory clarity) to fully materialize, the prices of core assets will have already soared, and the cost advantage will be lost. Therefore, institutions and smart capital must "bet before dawn," placing bets in advance amidst divergence.
After clarifying the "head start" logic, the discussion naturally delved into specific tracks: which types of tracks can truly traverse bull and bear markets and become the lasting main line leading the market, rather than fleeting phase hotspots? Guests proposed clear selection criteria and envisioned a new structure that the future market might present.
Several guests first delineated the boundary between main lines and hotspots. Crypto波段王 and Web3菜菜子 pointed out that similar to past phase hotspots like the metaverse, these often see their value drop to zero after the emotional tide recedes. The true main line must possess cross-cycle resilience, able to withstand macro fluctuations, regulatory pressures, and bear market trials; its value logic will not fail due to market heat and cold. Grace's metaphor was even more vivid: after a wave of market activity ends, what "hotspots" leave behind is a mess, while the "main line" should leave behind a set of new infrastructure or economic systems that can operate long-term, revealing that the core of the main line lies in real value creation and accumulation.
Based on the above distinctions, guests distilled three core standards for becoming the main line of a bull market: cross-cycle survival and development capability, ecological scalability and innovation flywheel, and continuous attraction and accumulation of liquidity.
Dissecting the "positive flywheel": How does the TRON ecosystem build an endogenous growth engine?
Beyond the traditional search for a "single leader," this discussion proposed a forward-looking viewpoint: the "main line" of 2025 may not be a single track but a symbiotic ecosystem. The evolution of the TRON ecosystem is viewed by several guests as a vivid case for observing the "main line potential," with its development path reflecting several key logics mentioned earlier.
TRON demonstrates structural resilience across cycles by building a large, active, and continuously evolving comprehensive ecosystem. The core advantages of this ecosystem are reflected in several mutually supportive aspects:
First, it has built high-performance underlying infrastructure, providing a solid foundation for ecological prosperity. The high throughput and low transaction fees of the TRON network address the core bottleneck of large-scale application implementation, and this foundation supports its over 250 million total user accounts and continuously growing on-chain activity, forming a strong base of network effects.
Second, it has successfully captured and accumulated massive real-world liquidity, establishing its position as a core financial layer. TRON is one of the largest stablecoin circulation networks globally, with a continuous influx of stablecoins providing deep liquidity for its upper-layer DeFi applications (such as JustLend DAO and SUN.io), continuously generating real returns. This is strongly corroborated by on-chain data: on November 28, according to Nansen data, only 6 public chains had fee revenues exceeding $1 million in the past 7 days, with the TRON network leading at $6.16 million in fee revenue. This not only intuitively reflects the vigorous activity and real demand of its network but also means that massive liquidity is effectively transformed into sustainable protocol income and value accumulation within its ecosystem, perfectly illustrating the main line capability of "attracting and retaining funds."
Furthermore, its ecosystem exhibits excellent scalability and an internal innovation flywheel, with the TRON ecosystem having derived core protocols covering diverse application scenarios such as DeFi, AI, Meme, NFT, cross-chain, decentralized storage, and oracles. More importantly, these protocols are not merely simple applications stacked on top of each other but form a self-reinforcing, continuously growing positive flywheel through a set of precise internal collaboration and value feedback mechanisms:
Inter-protocol composability: The composability among protocols within the TRON ecosystem constructs a system-level collaborative network where capital can flow seamlessly, and returns can overlap. For example, users can mint the decentralized stablecoin USDD on the USDD platform, then deposit it into JustLend DAO to earn interest, completing a smooth transition from stablecoin generation to interest-bearing assets. Furthermore, users can also borrow liquid funds in JustLend DAO using collateralized assets and then invest in SunSwap to provide liquidity, thereby capturing multiple returns simultaneously, greatly enhancing the capital efficiency of the entire ecosystem.
Deflationary model and feedback mechanism: Key protocols within the ecosystem directly feedback the captured value to the ecosystem and token holders through business model design, which is the core driving force for the "flywheel" to turn. For example, the buyback and burn mechanism of SUN and JST tokens directly reduces the token circulation, providing endogenous support for token value and sharing growth dividends with participants.
Infrastructure expansion and narrative upgrade: BitTorrent Chain (BTTC), as the official cross-chain solution, not only achieves multi-chain asset interoperability but also attracts projects and users from external ecosystems to flow back in, realizing external expansion of the ecosystem. Meanwhile, the TRON ecosystem's strategic layout in the cutting-edge field of AI has entered an accelerated phase, with its official AI products like SunAgent and SunGenX building the next generation of decentralized intelligent infrastructure for the ecosystem. SunAgent creates a decentralized AI agent and automated task execution platform aimed at lowering the operational threshold of DeFi. SunGenX, as a one-click, low-threshold Meme asset issuance tool, has empowered the community to create over 100,000 Meme coins on the SunPump platform, becoming an important innovation experiment and liquidity launch platform within the ecosystem.
In summary, the "positive flywheel" of the TRON ecosystem can be clearly outlined: strong infrastructure attracts user and capital inflow → prosperous application scenarios generate real income and user stickiness → protocols feedback part of the income through buyback and burn mechanisms, enhancing the token economic model and participant confidence → the increase in value and confidence further attracts more developers and capital, expanding outward through cutting-edge tracks like AI → the scale and vitality of the ecosystem continue to enhance. This closed loop allows the ecosystem to break free from dependence on a single hotspot and achieve endogenous, sustainable growth.
The practice of the TRON ecosystem provides a realistic footnote for the "combinatorial symbiosis" paradigm. It does not rely solely on a single hotspot but continuously attracts developers, users, and capital by building an internally collaborative, self-reinforcing value closed loop. This effort to construct a complete and sustainable economic system endows it with resilience against cyclical fluctuations, allowing it to stand out from the current market structure. This development path positions it to lead the industry from single asset speculation to complex ecological value creation, with the potential to occupy a key position in future market structures.
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