How to find Alpha returns in this bull market?

OnChain+OffChain TradiFi as Main Narrative: Stablecoins act as a bridge between traditional finance and DeFi, with focus on cross-chain liquidity, yield differences, and innovation. The "Coin-to-Stock" trend sees companies adding crypto to balance sheets, while Wall Street's institutional DeFi tools gain traction under a "Compliance is King" shift.
Crypto’s Native Narrative Intensifies: Ethereum’s resurgence shifts from Rollup-Centric to ZK-Centric themes. Layer 1 competition now hinges on real economic activity metrics like stablecoin TVL, native APY, and institutional partnerships. Altcoins face a twilight phase, with only those aligned with AI/RWA or strong communities surviving.
MEME Coins Evolve into Market Standards: Capital efficiency favors MEME coins over traditional altcoins due to fair launches and high liquidity turnover. Attention economy dynamics (KOL influence, community culture) remain key, and MEME activity becomes a benchmark for public chain strength.

Author: Haotian

Everyone is shouting that the bull market is coming, but do you know that the methodology for finding market alpha and beta is completely different this time? Let me share a few observations:

1) OnChain+OffChain TradiFi becomes the main narrative:

Stablecoin Infrastructure: Stablecoins become the "blood" connecting traditional finance and DeFi infrastructure, locking in cross-chain stablecoin liquidity, APY Yield differences, and new innovation expansion;

BTC/ETH MicroStrategy "Coin-to-Stock" Effect: It's becoming a trend for listed companies to include crypto assets on their balance sheets, and identifying high-quality targets with the potential to become "quasi-reserve assets" is key.

The rise of Wall Street's innovative track: DeFi protocols designed specifically for institutions, compliant income products, and on-chain asset management tools will attract huge amounts of capital. The original "Code is Law" has become the new "Compliance is King";

2) Crypto’s purely native narrative accelerates the process of separating the true from the false:

The Ethereum ecosystem is experiencing a resurgence: $ETH price breakthroughs will reignite innovation in the Ethereum ecosystem’s technical narrative, replacing the previous Rollup-Centric grand strategy with the new ZK-Centric becoming the main theme.

High-performance Layer 1 competition: This is no longer a TPS competition, but rather a test of who can attract real economic activity. Core indicators include: stablecoin TVL share, native APY yield, depth of institutional partnerships, etc.

The final twilight of altcoins: The general altcoin season faces the fundamental problem of insufficient capital momentum, and some altcoins will experience "dead cat bounce" market. The characteristics of such targets include chip concentration, community activity, and the ability to catch up with new concepts such as AI/RWA;

3) MEME coin upgrades from a speculative tool to a market standard:

Capital efficiency: Traditional altcoins have inflated market capitalizations and depleted liquidity. MEME, with its fair launch and high turnover rate, has become a new favorite of capital and will seize most of the market share of dying altcoins.

Attention economy dominates: KOL influence, community culture building, and the FOMO model of hot topics remain core competitive advantages, and liquidity distribution still follows the law of attention;

New indicator of public chain strength: MEME coin market activity will be an important criterion for measuring the comprehensive strength of public chains.