🔑 Why is the core narrative of the bull market missing? In fact, the key lies in "essentially cryptocurrency"
In past bull markets, the core narrative has been the driving force behind market enthusiasm. We can see that each round of narrative is closely related to "token issuance," which has driven the explosion of the entire crypto ecosystem. Let's review those successful core narratives:
Digital Gold (First Round): The core narrative of this round is Bitcoin's status as "digital gold," marking the entry of cryptocurrencies into the era of "internet money." Bitcoin's value does not come from a central authority but is widely accepted as a global asset through the decentralized characteristics of blockchain.
Blockchain (Second Round): Blockchain has become the infrastructure of the decentralized world, providing underlying support for various decentralized applications and public chains. With blockchain, there is no longer reliance on large companies or intermediaries; the ecosystem can self-govern without worrying about platforms being shut down or services being delisted.
DeFi (Third Round): Decentralized Finance (DeFi) has become the star narrative of this bull market, not only building a new financial system but also successfully attracting hundreds of billions of dollars in funding. DeFi allows global users to participate directly in lending, trading, stablecoins, and other financial activities without traditional financial intermediaries.
Each round of narrative has brought about huge investment booms, all of which are inseparable from the operation of "token issuance." Whether it is internet money, decentralized applications, or decentralized financial systems, the core driving force has always been tokens and crypto assets.
So, where is the narrative of this bull market?
Indeed, the current round of the crypto market lacks a "core narrative" that can ignite the entire industry like in previous rounds. Most current projects are extensions and innovations based on previous rounds —
