🚀 I. Core Sector Classification and Representative Projects
Public Chain and Platform Tokens
BNB Chain (BNB), ranked 3rd in market capitalization, with sub-second block times, Meme coin ecosystem dominance, and centralized node controversies.
Solana (SOL) ranks 5th with millions of TPS, a preferred choice for institutional-level high-frequency trading, with centralized node risk (top 10 nodes control 53% of computing power)
Cardano (ADA) ranks 8th as an academically driven compliant chain, with government cooperation implemented (e.g., land registration in Ethiopia)
Tron (TRX) ranks 10th as a stable settlement layer, with TRC20-USDT accounting for 51.6% of the global market, penetration in emerging markets over 60%
DeFi Infrastructure
Chainlink (LINK) ranks 12th as the leading oracle, securing $93 billion in on-chain assets, with enterprise-level partnerships (JPMorgan, Google).
Uniswap (UNI) ranks 18th as the leading DEX, accounting for 30% of Ethereum DeFi trading volume, with V4 version introducing off-chain limit orders.
AI + Blockchain
Fetch.ai (FET) ranks 15th as a decentralized AI agent network, collaborating with Bosch on industrial automation.
Render Network (RNDR) ranks 22nd in the distributed GPU computing market, supporting OpenAI model training.
Layer2
Arbitrum (ARB) ranks 20th as Ethereum's largest Rollup, with TVL of $5.8 billion, reducing DA layer costs by 90%110
zkSync (ZK) ranks 25th as a benchmark for ZK-Rollup technology, with mainnet TPS exceeding 100,000 and over 400 ecosystem projects.
RWA
Ondo Finance (ONDO) ranks 28th as the leader in US Treasury tokenization, managing $1.5 billion in assets, with BlackRock strategically investing.
Meme Coins
Dogecoin (DOGE) ranks 7th, with Musk continuously supporting it, expanding payment scenarios (some Tesla products support it).
Pepe (PEPE) ranks 32nd as a community-driven meme, with trading volume surging 300% after listing on Binance contracts.
II. Market Attitudes and Capital Trends
Institutional Accumulation Track
RWA: BlackRock and Franklin Templeton heavily invest in ONDO and POLYX, traditional US Treasury bonds on-chain yield 5-7% annually.
AI + Blockchain: Microsoft and NVIDIA strategically invest in FET and RNDR, betting on the decentralized computing market.
Layer2: PolyChain and a16z continue to increase investment in ZK-related projects, optimistic about modular expansion potential.
Retail and Community Driven
Meme Coins: DOGE and PEPE account for 15% of the total network trading volume in 24 hours, with contract leverage rates exceeding 200%.
Airdrop Expectation Projects: zkSync and Starknet community interaction addresses exceed 8 million, with airdrop hunters accounting for over 60%.
Regulatory Risk Warning
Centralized Public Chains: BNB Chain (Binance controls 11 of 21 nodes) and Tron (Sun Yuchen controls 6 supernodes) face SEC securitization accusations.
Stablecoins: Tether's CFO Giancarlo Devasini has a wealth of $22.4 billion, but the transparency of reserves remains controversial.
III. Key Trend Summary
Founder's Influence:
Tech-oriented (e.g., SOL, FET) projects show steady growth, while operations-oriented (BNB, TRX) projects are mired in compliance issues.
65% of project founders are still active, but 35% have faded out (e.g., UNI, ADA founders have turned to academia).
Market Capital Preference:
Institutional Money Bags: RWA (ONDO), AI (FET) > Layer2 (ARB) > Public Chains (SOL)
Retail Gambling: Meme coins (DOGE, PEPE) contract leverage rates exceed 200%, with extremely high volatility risk.
Sector Rotation Signals:
Layer2 airdrop expectations (ZK) create false prosperity, with TVL growth stagnating;
RWA's annualized 5-7% yield becomes a new safe haven, traditional capital continues to increase positions.
There will always be hotspots each year; the market will tell you what the hotspot is. This round's hotspot is whether it's American coins or platform tokens or something else? The next article will analyze this in detail.
