1、ETH L2 Summer如期而至
/ETH L2 Summer arrives as scheduled
ETH+L2已經實質上是最大的同構跨鏈生態群了。隨著Starknet/zkSync /Scroll/Blast的上市，技術流與市場流兩種方向的PK，會使L2的市場競爭白熱化。
ETH+L2 有 essentially become the largest homogenous cross-chain ecology. With the launch of Starknet/zkSync/Scroll/Blast, a competitive market for L2 will be intensified by the technical stream and market flow.
關注標的/Focus on
Starknet / zkSync / Scroll / Blast / Manta
2.模組化是公鏈技術不停迭代的必然
/ Modular Blockchain, an inevitable iteration
隨著Celestia的上線，DA層的市佔率有脫離以太坊獨家壟斷的跡象。當下，OP Stack、Polygon CDK等都提供了成熟的智慧合約架構，也讓產業正在結合比特幣前沿的BitVM論文做比特幣DA化的探索。例如共享/去中心化定序器，RaaS服務等細分子領域的遍地開花，都標誌著區塊鏈向模組化的快速迭代。
With the launch of Celestia, there are signs that the market share of the Data Availability (DA) layer is moving away from Ethereum’s exclusive monopoly. Currently, frameworks such as OP Stack and Polygon CDK offer mature smart contract architectures, which is leading the industry to explore Bitcoin DA in conjunction with the cutting-edge BitVM paper.
The flourishing of subdivided domains, such as shared/decentralized sequencers, RaaS (Runtime as a Service) services, etc., signifies the rapid iteration of blockchain towards modularization.
關注標的/Focus on
Celestia / Altlayer / Dymension / Avail / Fuel / Espresso
3.BTCfi爆發達到比特幣10%流動性釋放
/ BTCfi erupts, reaching a release of 10% of Bitcoin’s liquidity
原教旨主義+市場熱點會爆發出來技術潔癖者想像之外的能量，BTC流動性釋放的價值是一座還沒有被挖掘殆盡的金礦。在銘文的敘事之後，是BTC的L2與BTC應用的浪潮，隨著比特幣的流動性有望被釋放10%以上，BTCfi會承載一個1000億美金以上的市場。
Purism combined with market hotspots can unleash energy beyond what technology purists can imagine. The value released by BTC liquidity is like an unexhausted gold mine. Following the narrative of inscriptions, the Bitappin ations a. expected to be released by more than 10%, BTC finance (BTCfi) will support a market of over 100 billion USD.
關注標的/Focus on
Stacks / Merlin / B² Network / Chainway
4.Restaking的共識娃娃樂高
/ Restaking creates a consensus Russian doll of legos
模組化區塊鏈敘事之中，在共識層進行探索的項目非常有限，其中比特幣和以太坊提供的共識安全是全網公認的兩大項目。 Restaking的提出可以很好的幫助新興區塊鏈專案在啟動階段獲得合適的安全性，從而避免採用過高代幣排放通膨的不健康代幣機制。這裡頭比特幣生態以Babylon為主，BTC相關的生態也有陸續採用Babylon的，而以太坊則是EigenLayer領頭，已然在LSD的敘事上面又衍生出LRD（流動性再質押衍生品？）的敘事。在LSD/LRD敘事之上，拆分本息的Pendle作為生態獨有的佔位項目，在TVL、用戶資料和代幣價格都持續表現亮眼。
Within the modular blockchain narrative, few projects explore the consensus layer, with Bitcoin and Ethereum providing globally recognized consensus security. Restaking effectively assists emerging blockinal acronle chaninalion obtains salphaal chain of excessive token emission inflation. In the Bitcoin ecosystem, Babylon takes the lead, with BTC-related ecosystems adopting Babylon, while Ethereum is led by EigenLayer, which has spawned the narrative of LRD (Liquidity Re-staking Derivatives?) on top of the LSD arrative placeholder in the ecosystem, continues to shine in terms of TVL, user data, and token price.
關注標的/Focus on
Eigenlayer / Babylon / ether.fi / Puffer / Pendle
5.Gamefi的第二個週期
/ The second cycle of Gamefi
MPC錢包的大規模普及，擴大了用戶技術。經過了3年迭代的具備更多可玩性的遊戲，會比他們的前輩具備更強大的用戶捕獲能力。更豐富的遊戲內容，會使經濟體系的複雜性增加，逐步脫離上個週期的純龐氏屬性。
The widespread adoption of MPC wallets has broadened user technology. Games with more playability after 3 years of iteration will have a stronger user capture capability than their predecessors. Richer game thecontent will increase the com system of than their predecessors. Richer game content will increase the com system, ecgraation), bargraues), increase the pulity, increase the pulity, of the last cycle.
關注標的/Focus on
Illuvium / Space Nation / Lumiterra/Matr1x
6.AI+web3：在演算法，算力和可驗證性的長期敘事
/ AI+web3: A long narrative on algorithms, computing power, and verifiability
AI是科技領域的主線敘事，它的迭代會為Crypto一直持續的注入活力。 Onchain AI可以利用智慧合約實現機器學習和人工智慧的自動化與動態化。同時，區塊鏈技術為AI的各個方面提供了透明化和可驗證化的解決方案（如zkML/opML）。此外，AI模型、GPU算力、資料餵食以及資料標記等關鍵要素都可以整合到區塊鏈裡面。
AI is a main narrative in technology, and its iterations continuously inject vitality into Crypto. Onchain AI can leverage smart contracts to automate and dynamize machine learning and artificial intelligence. . Furthermore, key elements such as AI models, GPU power, data feeds, and data tagging can be integrated into the blockchain.
關注標的/Focus on
TAO / OLAS / JANCTION
7.Depin-物理飛輪性DeFi，指數成長
/ Depin – a physical flywheel-like DeFi with exponential growth
是一種新的現象級的線上+線下代幣分發與服務提供模式，在基礎設施逐步完善的周期，Crypto的應用會使Depin的網絡指數型增長。
It’s a new phenomenon-level model for online+offline token distribution and service provision. During periods of infrastructure maturation, Crypto applications will drive exponential network growth of Depin.
關注標的/Focus on
Mobile / Io.net / Meson / POKT
8.Social社交貨幣化實驗進行中
/ Social experiments in social tokenization are underway
儘管Friend.tech的嘗試失敗了，但是社交的貨幣化的爆發力得到了展現，同時抗審查性與安全性是社交對Web3的呼喚。 Lens/Farcaster等社群協議依然承載著希望。
Despite the failure of Friend.tech’s attempt, the explosive power of social monetization has been demonstrated, while anti-censorship and security are the calls from social to Web3. Social protocols like Lens and Farcaster continue to carry Social protocols like Lens and Farcaster continue to carry harry.
關注標的/Focus on
Farcaster / Lens / Nostr
9.DeFi衍生品，蓄勢待發
/ DeFi derivatives, poised for launch
金融場景永遠是區塊鏈最匹配的高價值和有Real Yield的應用。 GMX的全域共享流動池，Gains資本利用率高效率的合成方案等持續引領市場。這輪牛市，如Aevo和Whales的期貨協議也帶來了Pre-market的爆發。我們認為，衍生性商品是長期基本面最好的敘事之一。
Finance is always the most suitable for blockchain’s high-value applications with real yields. GMX’s global shared liquidity pool, Gains’ capital utilization efficient synthetic schemes, and others continue to lead the market s. Aevo and Whales, bringing a pre-market explosion. We believe that derivatives represent one of the best long-term fundamental narratives.
關注標的/Focus on
GMX / Gains / Drift / Apex / Aevo / Whales