Analysis of Truths and Lies in the Crypto Assets Industry in 2025

The Obvious Truth Narrative

The integration of AI and Crypto Assets will continue to develop.

The dominant position of artificial intelligence in the crypto community may continue until 2025. The emergence of AI agents provides new momentum for this trend, but current AI agents are still relatively simple. Nevertheless, the combination of AI and Crypto Assets will be a long-term trend.

Spot ETF is favorable for the crypto market.

The launch of Bitcoin and Ethereum ETFs will provide traditional financial institutions with more Crypto Assets investment channels, which is expected to bring in more capital.

Stablecoins are the killer application of Crypto Assets.

The application of stablecoins in the payment and fintech sectors is expanding, with traditional payment giants like PayPal and Revolut also laying out their own stablecoins.

The project performed better before the token issuance.

Many projects often perform better overall before their tokens go live for trading, but may face downward pressure after launch.

Obvious Lies Narrative

Airdrop is dead

Despite the negative effects caused by the issuance model of low circulation and high valuation tokens, airdrops remain an effective means of user acquisition. More large-scale airdrops may occur in the future.

Crypto Assets projects must rely on venture capital support.

With the rise of public and private placement platforms, projects can raise funds from a more diversified group of investors, no longer overly relying on traditional venture capital.

Memecoin, AI agents and other super cycles

The so-called "super cycle" is usually just short-term speculation and difficult to sustain. Market trends are constantly changing.

Retail investors' favorite Memecoin

Retail investors' preferences are becoming more diversified, no longer limited to a single type of asset like Memecoin.

DAO is decentralized, efficient, and transparent.

Currently, most DAOs still face issues such as centralization and inefficiency, and there is a need to further optimize governance models.

The Unobvious Narrative of Truth

Bitcoin is a tool for hedging against macroeconomic uncertainty.

Bitcoin has characteristics of both risk assets and safe-haven assets, and its positioning is becoming more diverse.

The utility of the token is not essential ###.

With the rise of projects like Memecoin, the utility of tokens is no longer a necessary condition; attracting attention and users is the key.

DeFi is more centralized than CeFi

Some DeFi projects have a higher concentration in terms of market share and capital control than traditional financial institutions.

The dominance of Tether USDT will be challenged.

Emerging savings and payment stablecoins may erode USDT's market share.

Unobvious Lies Narrative

The switch in fees will inevitably benefit the token price.

Fee sharing is just one component of the token's value and is not sufficient to drive a significant price increase on its own.

The bull market will end in the fourth quarter of 2025.

Market cycles are difficult to predict accurately, and actual conditions may deviate from general expectations.

Ethereum L2 user experience issues will persist for a long time.

All parties are working to improve the user experience of the L2 ecosystem, including solutions such as superchains and wallet innovations.

NFT is dead

The NFT market is undergoing adjustments, but there is still room for innovation, such as the development of emerging fields like the Bitcoin series.