Before stepping into the volatile realm of the crypto market, let's abandon those inherent notions. Take a moment, and let us delve into the market landscape that is about to unfold.
From a macro perspective, the investment scope of Web3 can roughly be divided into two main sectors: underlying infrastructure (infra) and application scenarios (apps). Essentially, there are two types of investment models: one appears mundane at first but hides the potential for long-term substantial returns; the other is thrilling in the short term but may ultimately prove illusory. Many cryptocurrency investors flock to the market, primarily driven by the allure of quick and significant profits, and are willing to take risks for it. This has led to a preference for cyclical investments—such investments tend to be short-term actions and only work during specific bull market cycles.
In 2025, the cryptocurrency field will enter the 'Year of Regulation.' The United States and other major economies plan to introduce relevant regulations domestically. The implementation of these regulations will not only enhance the trust of traditional investors (especially the older generation) but will also filter out a few truly promising cryptocurrencies—only those with solid fundamentals and stable cash flow can stand out. It is easy to foresee that the market will welcome a new wave of traditional investors. These investors, holding 'old money,' will step into the cryptocurrency field for the first time. They will not be easily swayed by market hype to invest blindly; instead, they will conduct in-depth research on projects, carefully study reports and data, and make investment decisions based on logic.
In such a macro environment, decentralized finance (DeFi) and layer 1 protocols (L1) will become focal investment themes for traditional investors. Among them, DeFi projects have relatively low market caps, implying broader growth potential, and they are closely linked to fundamentals and data. This year, some DeFi projects have already achieved revenues exceeding $100 million, which will undoubtedly attract the attention of traditional investors. Traditional investors have substantial capital, and ample funding is a key factor for the healthy development of the market. It is essential to note that many institutional investors are also led by traditional investors. It is foreseeable that DeFi will ultimately become one of the crucial investment directions for top institutional investors. Firms like BlackRock have begun collaborations with DeFi projects, and this trend is gradually spreading. DeFi is not a cyclical investment but is more inclined towards long-term investment, similar to how past investors viewed BTC and ETH. The long-term potential of AAVE may rival that of ETH. When investing in blue-chip DeFi projects, one should focus on long-term development; for entirely new DeFi-native projects, short-term gains could be considered, as these projects may yield multiples or even higher returns. In the DeFi-dominated crypto market, numerous emerging projects will continually surface, and some established projects will regain attention, accompanied by a wave of rising project prices. In the DeFi space, many blue-chip applications (like Uniswap) are planning to transition to underlying infrastructure projects, which will further enhance the potential value of Tokens. It is expected that next year, some projects will announce adjustments to their fee mechanisms, and it is necessary to prepare in advance, as these changes will add strong momentum to the development of DeFi. DeFi is expected to dominate at least two quarters next year, similar to the performance of AI this year.
Speaking of AI, 2025 will be a year when AI faces criticism in pop culture due to its rapid and uncontrolled expansion, and the discussion of 'Responsible AI' will become a focal point. Market activities surrounding crypto AI infrastructure, AI agents, and initial agent issuance might enter an adjustment phase due to the narrative of 'Responsible AI.' However, before that, AI agents are expected to experience a bubble-like growth. Currently, there are 13,000 agents in the market, and this number is expected to grow to at least 100,000, followed by a potential bubble phase, which could burst in the following year, with the specific quarter of the burst depending on the timeline of AI regulatory events.
Regulation will also stimulate interest in privacy infrastructure, with major projects involving confidential DeFi, privacy computing, privacy storage, and privacy inference receiving more attention, and this interest will also be reflected in their asset performance.
The meme market will continue to maintain its heat. Although regulators may not support it, people will always find ways to enter, as completely stopping it is unrealistic. Speculators will continue to seek opportunities among the 100,000 new coins added daily. However, some established memes, such as DOGE and PEPE, may attract the attention of more cautious investors. Even if you have no interest in memes, it might be worth considering reserving some investment space for them.
2025 will also be a year when mobile Web3 wallets and super applications shine brightly. Recently, the Web3 wallet company Exodus was listed on NASDAQ with a valuation of $1.2 billion, which may trigger a speculative frenzy next year for Tokens related to Web3 wallets with strong income performance.
In summary, AI and DeFi will become the two core narratives of next year: DeFi is expected to dominate; AI agents may fall into a bubble phase; meme speculation will attract more participants; privacy and DePIN will emerge in specific quarters; Web3 wallets will gain more attention and drive mainstream applications with more user-friendly guidance and better experiences.
It is important to note that I am not an astrologer, nor am I an authoritative expert in the cryptocurrency field; I am just an ordinary person with some thoughts in the market, so please do not overly rely on my views.
'Xingyang Talks About New Narratives in Crypto' focuses on researching new narratives in the crypto industry. I have nearly 8 years of industry experience, having gone through the bull markets of 2017 and 2021, during which I also encountered many detours (missed opportunities, suffered losses), but I have also explored some insights and experiences that I hope to share and discuss with more friends interested in the crypto space for mutual progress. Each major market narrative is different from the past; for example, 2023 is about inscriptions and the Solana ecosystem, the first half of 2024 is about AI and memes, and the second half is about new move-based public chains, memes, and Solana. Only by grasping the latest narrative hotspots and the rotation patterns of conceptual sectors can one achieve gains; this is the experience I am currently exploring. The current phase is the bull market stage of BTC in 2025 (once every four years), and a new round of wealth opportunities is right before us. Let us join hands to seize and witness it. I am currently planning to position in a project that is expected to surge in the short term, and realizing a doubling of returns should not be a problem. Interested friends who are unsure of how to start can like and comment '168,' and I will share this information free of charge.

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