1、ETH L2 Summer如期而至

/ETH L2 Summer arrives as scheduled

ETH+L2已经实质上是最大的同构跨链生态群了。随着Starknet/zkSync /Scroll/Blast的上市，技术流与市场流两种方向的PK，会使L2的市场竞争白热化。

ETH+L2 has 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.

关注标的 /Focus on

Starknet / zkSync / Scroll / Blast / Manta

2、模块化是公链技术不停迭代的必然

/ Modular Blockchain, an inevitable iteration

随着Celestia的上线，DA层的市场占有率有脱离以太坊独家垄断的迹象。当下，OP Stack、Polygon CDK等都提供了成熟的智能合约架构，也让行业正在结合比特币前沿的BitVM论文做比特币DA化的探索。例如共享/去中心化定序器，RaaS服务等细分子领域的遍地开花，都标志着区块链向模块化的快速迭代。

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.

关注标的/Focus on

Celestia / Altlayer / Dymension / Avail / Fuel / Espresso

3、BTCfi爆发 达到比特币10%流动性释放

/ BTCfi erupts, reaching a release of 10% of Bitcoin's liquidity

原教旨主义+市场热点会爆发出来技术洁癖者想象之外的能量，BTC流动性释放的价值是一座还没有被挖掘殆尽的金矿。铭文的叙事之后，是BTC的L2与BTC应用的浪潮，随着比特币的流动性有望被释放10%以上，BTCfi会承载一个1000亿美金以上的市场。

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, there's a wave of BTC's Layer 2 and BTC applications. With the liquidity of Bitcoin expected to be released by more than 10%, BTC finance (BTCfi) will support a market of over 100 billion USD.

关注标的/Focus on

Stacks / Merlin / B² Network / Chainway

4、Restaking的共识套娃乐高

/ Restaking creates a consensus Russian doll of legos

模块化区块链叙事之中，在共识层进行探索的项目非常有限，其中比特币和以太坊提供的共识安全是全网公认的两大项目。Restaking的提出可以很好的帮助新兴区块链项目在启动阶段获得合适的安全性，从而避免采用过高代币排放通胀的不健康代币机制。这里头比特币生态以Babylon为主，BTC相关的生态也有陆续采用Babylon的，而以太坊则是EigenLayer领头，已然在LSD的叙事上面又衍生出LRD（流动性再质押衍生品？）的叙事。在LSD/LRD叙事之上，拆分本息的Pendle作为生态独有的占位项目，在TVL、用户数据和代币价格都持续表现亮眼。

Within the modular blockchain narrative, few projects explore the consensus layer, with Bitcoin and Ethereum providing globally recognized consensus security. Restaking effectively assists emerging blockchain projects in obtaining suitable security at the startup phase, avoiding unhealthy token mechanisms 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 narrative. Pendle, as a unique placeholder in the ecosystem, continues to shine in terms of TVL, user data, and token price.

关注标的/Focus on

Eigenlayer / Babylon / ether.fi / Puffer / Pendle

5、Gamefi的第二个周期

/ The second cycle of Gamefi

MPC钱包的大规模普及，扩大了用户技术。经过了3年迭代的具备更多可玩性的游戏，会比他们的前辈具备更强大的用户捕获能力。更丰富的游戏内容，会使经济系统的复杂性增加，逐步脱离上个周期的纯庞氏属性。

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 content will increase the complexity of economic systems, gradually moving away from the pure Ponzi attributes of the last cycle.

关注标的/Focus on

Illuvium / Space Nation / Lumiterra/Matr1x

6、AI+web3：在算法，算力和可验证性的长期叙事

/ AI+web3: A long narrative on algorithms, computing power, and verifiability

AI是科技领域的主线叙事，它的迭代会给Crypto一直持续的注入活力。Onchain AI可以利用智能合约实现机器学习和人工智能的自动化与动态化。同时，区块链技术为AI的各个方面提供了透明化和可验证化的解决方案（如zkML/opML）。此外，AI模型、GPU算力、数据喂养以及数据标记等关键要素都可以整合到区块链里面。

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. Additionally, blockchain technology provides transparent and verifiable solutions for AI (like zkML/opML). Furthermore, key elements such as AI models, GPU power, data feeds, and data tagging can be integrated into the blockchain.

关注标的/Focus on

TAO / OLAS / JANCTION

7、Depin-物理飞轮性DeFi，指数增长

/ Depin - a physical flywheel-like DeFi with exponential growth

是一种新的现象级的线上+线下代币分发与服务提供模式，在基础设施逐步完善的周期，Crypto的应用会使Depin的网络指数型增长。

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.

关注标的/Focus on

Mobile / Io.net / Meson / POKT

8、Social社交货币化实验进行中

/ Social experiments in social tokenization are underway

尽管Friend.tech的尝试失败了，但是社交的货币化的爆发力得到了展现，同时抗审查性与安全性是社交对Web3的呼唤。Lens/Farcaster等社交协议依然承载着希望。

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 hope.

关注标的/Focus on

Farcaster / Lens / Nostr

9、DeFi衍生品，蓄势待发

/ DeFi derivatives, poised for launch

金融场景永远是区块链最匹配的高价值和有Real Yield的应用。GMX的全局共享流动池，Gains资本利用率高效的合成方案等持续引领市场。这轮牛市，如Aevo和Whales的期货协议也带来了Pre-market的爆发。我们认为，衍生品是长期基本面最好的叙事之一。

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. This bull market has also seen the futures protocols, such as Aevo and Whales, bringing a pre-market explosion. We believe that derivatives represent one of the best long-term fundamental narratives.

关注标的/Focus on

GMX / Gains / Drift / Apex / Aevo / Whales