What is the main theme of this bull market?

Author: 0xLoki; Source: Twitter @Loki_Zeng

The main line of this round is already clear:

1. Memecoin and AI are the absolute main lines of the track

This year's Memecoin is very different from the past. It has deviated from the concept of [frying 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 trend of DeFi, the evil axis of @ethena_labs + @SkyEcosystem + @MorphoLabs @CurveFinance @aave and other old protocols have also seen significant business growth; there are also some structural opportunities for BTCfi, CeDefi, and Payfi.

So I am still not optimistic about ETH. At present, ETH can only carry the branch narrative, although Coinbase will benefit greatly from the main narrative. In my opinion, it is more like the eighteen princes fighting against Dong, each with their own ulterior motives, rather than the three heroes fighting Lu Bu with one heart and one mind. It is very likely that the ETH exchange rate will not be able to outperform BTC in terms of top, Solana in terms of middle, and DeFi blue chips in terms of bottom.

2. The influence of Western policy narratives has only played a small part

During the election campaign, the Trump and Musk narratives have already exerted great potential. There are two bigger things to come: ① Officially taking office ② Replacing the chairman of the SEC. 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 configure, and this time will only be greater than in 2020.

The Western open bull market continues.

Under the combination of the above internal and external factors, the importance of the ecosystem has been very clear. For the ecosystems that already have strong consensus or sub-strong consensus, I will not go into details. I will talk about two ecosystems that are still very less concerned:

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 authoritarian monopoly of AI and the thinking about the future symbiosis of AI. The big Beta of Memecoin is undoubtedly @ACTICOMMUNITY. 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 broke the news that the most promising candidate for the new chairman of the SEC 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 @getmasafi. One week after the news came out, BTC has pulled back. $MASA still rose by about 30%.

4.Near Ecosystem

As the saying goes, the one who is one step ahead eats meat, and the one who is ten steps ahead eats shit. Near is in this situation. When Solana Memecoin just became popular at the beginning of this year, Near's Memecoin also quickly followed suit, and two targets, Black Dragon and One Dragon, came out. Near founder @ilblackdragon also attended Nvidia's AI conference.

But for a period of time thereafter, Memecoin and AI were tepid. Now the wind of Memecoin and AI has finally blown up, blowing to Solana, Base, SUI, 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 inscriptions, Near can always catch the last bus and eat the last hot bite, but the public chains that are later than Near can basically catch up with nothing. Near is the kind of chain that eats but arrives, and can make trouble and has a better pattern. I just checked, the Memecoin @dragonisnear with a three-meter-high grass on the grave and the inscription @inscriptionneat with a five-meter-high grass on the grave, both still have $7m and have very good exit liquidity.