Source: 0xLoki
The main line of this round is relatively clear:
1/ Memecoin and AI are the absolute main tracks
This year's Memecoin is very different from the past. It has broken away from the concept of "speculating on local dogs" and corresponds to the concept of DeFi in 2020. It is essentially a new way of asset issuance. All infra and services must rely on asset issuance. The left route of asset issuance is Memecoin, and the right route is RWA and VCcoin.
The left route is a global opportunity, while the right route is more of a structural opportunity, such as the revival of DeFi, the evil axis of ENA+Sky+Morpho, and the obvious business growth of old protocols such as Curve and AAVE; there are also some structural opportunities in BTCfi, CeDefi, and Payfi.
So I am still not optimistic about ETH. At present, ETH can only carry the side storyline, although Coinbase will benefit greatly from the main storyline. In my opinion, it is more like the eighteen princes fighting against Dong Zhuo, each with their own ulterior motives, rather than the three heroes fighting against Lu Bu with one heart and one mind. It is very likely that the ETH exchange rate will not be able to outperform BTC against the top, Solana against the middle, and DeFi blue chips against the bottom.
2/ The influence of Western policy narratives is only a small part
During the election campaign, the Trump and Musk narratives have already demonstrated great potential. There are two bigger things to come: ① Officially taking office ② Replacing the SEC Chairman. At the same time, ETH and MSTR have taken over the tasks of Grayscale in the previous cycle, and more companies and sovereign countries will begin to allocate, and this time will only be bigger than in 2020.
The obvious long bull market in the West continues.
With the combination of the above internal and external factors, the importance of the ecosystem has become very clear. I will not go into details about the ecosystems that have already reached strong consensus or second-strong consensus, but will talk about two ecosystems that are still receiving very little attention:
3/ Bittensor Ecosystem
I recommend a recent interview with Vitlik. It has nothing to do with ETH, but some of the views in it are very interesting, including the authoritarianism and monopoly of AI and the thinking about the future symbiosis of AI. The big beta of Memecoin is undoubtedly ACT. The answer to the beta of the Alts sector is also very 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 promising candidate for the new SEC chairman is Teresa Goody Guillén, partner of BakerHostetler law firm and co-head of the blockchain team. She is also the legal partner of Bittensor’s first subnet Masa. One week after the news came out, $MASA still rose by about 30% despite BTC’s pullback.
4 Near Ecosystem
As the saying goes, those who are one step ahead get meat, and those who are ten steps ahead get shit. Near is such a case. When Solana Memecoin became popular at the beginning of this year, Near's Memecoin also quickly followed suit, and two targets, Black Dragon and One Dragon, emerged. Near founder @ilblackdragon also attended Nvidia's AI conference.
But for a while, Memecoin and AI were not very popular. Now the trend of Memecoin and AI has finally started, and it has spread to Solana, Base, SUI, and BNBChain, but the grass on the graves of Near players is three meters high.
But the good news is that there is a metaphysical theorem. From DeFi to X2E, to NFT and inscription, Near can always catch the last train and eat the last hot bite, but the public chains later than Near can basically catch up with nothing. Near is the kind of chain that eats but arrives, can make things happen and has a better pattern. I just checked that Memecoin @dragonisnear, whose grave grass is three meters high, and Inscription @inscriptionneat, which is five meters high, now still have $7m and have very good exit liquidity.
