The leftist route of asset issuance is Memecoin, while the right route is RWA, VCcoin.
Written by: 0xLoki
The main line of this round has become relatively clear:
1/ Memecoin and AI are the absolute main lines of the track.
This year's Memecoin is very different from previous years; it has departed from the concept of 'speculating on dog coins', corresponding to the DeFi concept of 2020. Essentially, it is a brand new way of asset issuance. All infrastructure and services must rely on asset issuance. The left route of asset issuance is Memecoin, and the right route is RWA, VCcoin.
The left route is a global opportunity, while the right route is more about structural opportunities, such as the trend of DeFi revival, the evil axis of ENA + Sky + Morpho, and old protocols like Curve and AAVE also showing obvious business growth; there are also some structural opportunities in BTCfi, CeDefi, and Payfi.
So I still don't have high expectations for ETH. Currently, ETH can still only support side narratives. Although Coinbase will greatly benefit from the main narrative, it seems more like eighteen warlords each with their own agenda rather than three heroes battling Lu Bu with a shared purpose. One possible scenario is that the ETH exchange rate cannot run faster than BTC, cannot keep up with Solana, and cannot outrun DeFi blue chips.
2/ The influence of Western policy narratives has only played a small part.
During the election phase, the narratives from Trump and Musk have already shown great potential. The next two major events are: ① Officially taking office ② Replacing the SEC chairman. Meanwhile, ETH and MSTR have taken over the previous cycle's Grayscale tasks, and more enterprises and sovereign nations will begin to allocate; this time it will be bigger than in 2020.
The Western bull market has continued.
In the combination of the above internal and external factors, the importance of ecology has become very clear. For ecosystems that already have a strong consensus or a secondary consensus, I will not elaborate further. I will mention two ecosystems that still have very low attention:
3/ Bittensor Ecology
I recommend Vitlik's recent interview, which has nothing to do with ETH but contains some interesting viewpoints, including the authoritarian and monopolistic trends of AI and thoughts on future AI cohabitation. The big beta aspect of Memecoin is undoubtedly ACT, and the beta answers for the Alts sector are also quite clear. Crypto AI can only be deAI or Fair AI, so Bittensor >> Worldcoin.
It is worth mentioning that last week the media revealed that the most likely candidate for the new SEC chairman is Teresa Goody Guillén, a partner at BakerHostetler law firm and co-leader of the blockchain team. She is also the legal partner of Masa, the first subnet of Bittensor. Since the news came out, in the past week, while BTC has pulled back, $MASA has still risen by about 30%.
4 Near Ecology
As the saying goes, the early bird gets the meat, while the tenth bird gets the shit. Near belongs to this situation. Earlier this year, when Solana Memecoin was just gaining popularity, Near's Memecoin quickly caught up, producing two targets: Black Dragon and One Dragon. Near's founder @ilblackdragon also participated in Nvidia's AI conference.
However, for a while after that, Memecoin and AI were lukewarm. Now the wind for Memecoin and AI has picked up, reaching Solana, Base, SUI, BNBChain, but Near players are in a grave situation.
However, the good news is that there is a mystical theorem: from DeFi to X2E, and then to NFT and inscriptions, Near always manages to catch the last train and get the last bite of something warm, while public chains that are later than Near basically miss out. Near is that kind of entity that though it eats, it also arrives, and it tends to have a certain vision when it stirs things up. I just looked, the Memecoin @dragonisnear with grass three meters high and the inscription @inscriptionneat with grass five meters high, both still have $7m and very good exit liquidity.
