1. ETH L2 Summer is coming as scheduled
ETH+L2 is essentially the largest isomorphic cross-chain ecological group. along withStarknetThe launch of /zkSync /Scroll/Blast and the PK between the technical flow and the market flow will intensify the market competition of L2.
Focus on: Starknet / zkSync / Scroll / Blast / Manta
2. Modularization is inevitable for the continuous iteration of public chain technology
With the launch of Celestia, the market share of the DA layer shows signs of breaking away from Ethereum’s exclusive monopoly. At present, OP Stack, Polygon CDK, etc. all provide mature smart contract architectures, and the industry is integrating the cutting-edge technologies of Bitcoin.BitVMThe paper explores the DAization of Bitcoin. For example, shared/decentralized sequencers,RaaSThe proliferation of sub-fields such as services marks the rapid iteration of blockchain towards modularization.
Focus on: Celestia / Altlayer / Dymension / Avail / Fuel / Espresso
3. The BTCfi outbreak reaches 10% of Bitcoin’s liquidity release
Fundamentalism + market hot spots will burst out with energy beyond the imagination of technophiles. The value released by BTC liquidity is a gold mine that has not yet been fully exploited. After the narrative of the inscription, there is a wave of BTC L2 and BTC applications. As Bitcoin’s liquidity is expected to be released by more than 10%, BTCfi will carry a market of more than 100 billion US dollars.
Focus on: Stacks / Merlin / B² Network / Chainway
4. Restaking’s consensus nesting doll Lego
In the modular blockchain narrative, there are very limited projects that are explored at the consensus layer. Among them, the consensus security provided by Bitcoin and Ethereum are the two major projects recognized by the entire network. The introduction of Restaking can help emerging blockchain projects obtain appropriate security during the startup phase, thereby avoiding the adoption of unhealthy token mechanisms with excessive token emission inflation. The Bitcoin ecosystem here is dominated by Babylon, and BTC-related ecosystems are also adopting Babylon one after another. Ethereum is led by EigenLayer, which has already derived the narrative of LRD (liquidity re-pledge derivatives?) from the narrative of LSD. On top of the LSD/LRD narrative, splitting the principal and interestPendleAs a unique placeholder project in the ecosystem, it continues to perform well in terms of TVL, user data and token prices.
Focus on: Eigenlayer / Babylon / ether.fi / Puffer / Pendle
5. Gamefi’s second cycle
The massive popularity of MPC wallets has expanded user technology. Games with more playability after 3 years of iteration will have stronger user capture capabilities than their predecessors. Richer game content will increase the complexity of the economic system and gradually break away from the pure Ponzi attribute of the previous cycle.
Focus on: Illuvium / Space Nation / Lumiterra / Matr1x
6. AI+web3: The long-term narrative of algorithms, computing power and verifiability
AI is the main narrative in the technology field, and its iterations will continue to inject vitality into Crypto. Onchain AI can use smart contracts to realize the automation and dynamics of machine learning and artificial intelligence. At the same time, blockchain technology provides transparent and verifiable solutions (such as zkML/opML) for all aspects of AI. In addition, key elements such as AI models, GPU computing power, data feeding and data labeling can be integrated into the blockchain.
Focus on: TAO / OLAS / JANCTION
7. Depin-physical flywheel DeFi, exponential growth
It is a new phenomenon-level online + offline token distribution and service provision model. In the cycle of gradual improvement of infrastructure, the application of Crypto will make Depins network grow exponentially.
Focus on: Mobile / Io.net / Meson / POKT
8. Social monetization experiment is in progress
Although Friend.techs attempt failed, the explosive power of social monetization has been demonstrated. At the same time, censorship resistance and security are social calls for Web3. Social protocols like Lens/Farcaster still hold promise.
Focus on: Farcaster / Lens / Nostr
9. DeFi derivatives are ready to go.
Financial scenarios are always the most suitable high-value and Real Yield applications for blockchain.GMXGlobal shared liquidity pool, Gains capital utilization efficient synthesis scheme, etc. continue to lead the market. This bull market, futures agreements such as Aevo and Whales have also brought an explosion of pre-market. We believe derivatives offer one of the best long-term fundamental narratives.
Focus on: GMX / Gains / Drift / Apex / Aevo / Whales
