After summarizing the current hype narrative in the cryptocurrency market, I will only leave 7 points for the experts to add. First: Privacy/Privacy: ZEC → ZAMA → NEAR. ZEC is responsible for opening up space, ZAMA advances privacy from anonymous transfers to Confidential DeFi, while NEAR eats into the cross narrative of Intent, Chain Abstraction, and privacy execution. Especially after RWA is truly put on the chain, institutions cannot accept all positions, transactions, and identities running naked, and Privacy has instead begun to shift from the old narrative to infrastructure. Secondly, tokenized stocks/RWA/cryptocurrency stocks On September 17th, the SEC's Innovation Exemption took a big step forward by allowing eligible tokenized NMS Stocks to trade through licensed AMM, while also requiring the retention of genuine shareholder rights such as dividends and voting. Below are two layers: infrastructure such as ONDO, LINK, UNI, and others are eating industry beta. AI, MARSCOIN, 4Stock, and other cryptocurrency stocks like Meme consume attention and high resilience. Thirdly: Launchpad/On Chain Casino Infrastructure PONS、STONK、STONKEX、PUMP The more hotspots, the more coins are issued, and the more crazy the transactions are, the more profitable the platform becomes. In early September, PONS and Stonkfun both experienced daily agreement revenue exceeding http://Pump.fun The situation. Meme will die, and the casino may continue to charge transaction fees. Fourth: Pre IPO/Private Market This is actually the next stage of RWA. Listing stocks on the blockchain solves the 24/7 trading of public market assets, while Pre IPO solves the problem that ordinary people simply cannot buy them. OpenAI、Anthropic、SpaceX、Stripe、Oura、Polymarket。 As long as Binance, Coinbase, and Robinhood continue to roll around here, the primary market equity will be broken down into tradable chips on the chain, naturally becoming a new casino. Fifth: AI x Revenue x Token Value Capture I don't really want to watch old stories like AI+coin issuance anymore. What's really interesting is whether someone pays for AI products and the income can eventually be returned to the token. The template of VVV for Revenue → Buyback/Burn is worth keeping an eye on, and the next round of truly flexible AI coins is likely to answer a question: What is the relationship between the company's profits and your currency? Sixth: Perp DEX/Protocol Cash Flow/Buyback Previously, we looked at TVL, user numbers, and airdrop expectations, but now the market is increasingly willing to pay for Revenue → Buyback → Burn/Take. Seventh: Stablecoin/Arc/Agent Payments This is still early, but the industry has great imagination. Arc was launched on the mainnet on September 16th, designed around stablecoin, institutional settlement, and Agenetic Economy. Beyond that is x402, allowing AI agents to buy APIs, data, reasoning, and settle with stablecoins on their own. The problem is that the current real scale of Agent business is far from what the narrative claims, so I temporarily define this as: The industry Alpha is strong, and Token Alpha has not yet fully emerged.