What narratives and projects should we pay attention to and position ourselves in before the next bull market arrives?
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What narratives and projects should we pay attention to and position ourselves in before the next bull market arrives?
In the previous bull market, those who entered early in the narrative successfully achieved substantial returns—what about the next bull run?
Navigating Web3 tides with focused insightsWritten by: hangry
Compiled by: TechFlow
Looking back, it's often the most unexpected things that perform best. In the last bull run, those who entered early in the narrative successfully captured massive gains—so what about the next one? Below are some future narratives you should be prepared for:
NFT-Fi
As we all know, NFTs exploded during the last bull market, reaching billions in trading volume with significant retail attention. Even now, despite a clear drop in volume, NFTs are still actively traded. Assuming NFTs make a comeback, NFT-Fi should thrive even more.
NFT financialization (NFT-Fi) projects represent a direct advancement for the industry, and as the NFT market rebounds, we may see many more use cases emerge. Projects I'm watching in this space include: Sudoswap, Nftperp, GumBallProtocol.
Sustainable / Real Yield
Deep in the bear market, attention has shifted toward protocols offering sustainable and real yield. While not a specific narrative, it remains a strong indicator of product-market fit.
Projects capable of generating consistent profits will be solid bets, as their usage and revenue will carry intrinsic value. I'm keeping an eye on GMX, GainsNetwork, Redactedcartel, among others.
High Beta ETH Projects
I believe Ethereum, as a base layer, will continue to lead other L1s in the coming years. With more infrastructure and modular solutions like Celestia, Fuel, Eigenlayer, Arbitrum, and zkSync being built, Ethereum’s dominance is set to continue.
When it comes to this narrative, I’m looking for projects that directly benefit from Ethereum’s growth. Some examples include:
- Liquid staking derivatives
- MEV
- Scaling solutions
Projects That Can Leverage Stablecoin Growth
Stablecoins are one of crypto and blockchain technology’s biggest use cases. They’re incredibly useful within DeFi and for a small number of dApps where users understand them. On the other hand, stablecoins solve many current problems, such as traditional payment rails and access to safer money.
It’s hard to find projects positioned to benefit from stablecoin growth, but I’ve identified a few: Frax Finance, Y2k Finance, Reserve Protocol.
Innovative DeFi Projects
Clearly, innovative DeFi projects will do well—but let me expand on this. I mean identifying projects creating something truly 0-to-1 within crypto.
Examples include: GammaSwapLabs, Eigenlayer, Morpho Labs, etc.
Options
Decentralized options have received a lot of hype over the past few months. Given that centralized exchanges like Deribit are hitting record trading volumes, there’s clear interest in crypto options.
So why haven’t DeFi options taken off yet? My guess is two reasons:
1. People still don’t value self-custody and opt for centralized options due to convenience;
2. Decentralized options still face issues around liquidity, user experience, and customizability.
I'm not even sure decentralized options will take off like perpetual platforms did, but if/when they do—with projects like GMX emerging—it's crucial to be prepared.
Projects I'm watching include Lyra Finance, Panoptic, Dopex.
Multi-Chain Future
While Ethereum may remain the most prominent L1, other chains will also see growth. I'm interested in projects building for this future, such as Synapse Protocol, Tapioca, Cosmos.
Cosmos is particularly interesting. While many chains have stagnated, Cosmos’ ecosystem continues growing, driven by exciting projects like Celestia and Berachain.
Cosmos absolutely deserves your attention.
Real World Assets
RWA is another area I believe holds significant growth potential in the future. Right now, crypto and the real world are too fragmented, with little overlap—which clearly hinders Web3’s expansion.
Projects I'm watching include Landxfinance, CytusFinance, Next Factor.
Privacy
Privacy may not be obvious—until people realize their privacy has been violated. This argument has felt stale for years, but I believe people will eventually recognize the value of on-chain privacy.
Whether the catalyst is excessive government regulation, the rise of on-chain analytics tools, or funds realizing their trades are being tracked, I think this shift is inevitable in some form.
I'm particularly interested in projects like RAILGUN and Aztec Network.
Layer 2s
Layer 2s dominate DeFi—and for good reason. They leverage Ethereum’s security and decentralization while achieving scalability. With upcoming token airdrops and new projects launching daily, it's hard not to feel excited.
While I do think this narrative has matured somewhat, Layer 2s have proven to be hubs of innovation and growth. Looking ahead, I'm especially excited about ZK-EVMs launching on Polygon, Scroll, and zkSync.
Crypto Gaming
During the last bull run, crypto gaming and the "metaverse" were huge narratives. Many games raised millions based solely on a teaser trailer, leading to numerous scams and outright cash grabs.
Because of this, many people completely abandoned crypto gaming.
However, billions of dollars have already been invested in these early-stage games, and we’ll start seeing their launches within the next year or so. While many will quickly fade, some might actually gain traction.
Examples include: Treasure DAO, Illuvium.io, Aurory.
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