Written by: Qingfeng btc | Structural investment researcher / Multi-track asset observer
In the world of on-chain investment, narratives change, but structures remain the same.
You can drift between different narratives, from Meme to RWA, from DeFi to L2, but you can never escape one question:
Is the early structure of this project 'naturally built' or 'manipulated'?
At this point, Bubblemaps acts like a 'structural scanner'. What we are going to discuss today is:
What differences exist in the structural features displayed by maps across different tracks? Which types of project maps are truly worth early bets?
🪐 L2 Project: Seeking 'liquidity authenticity' in the map
Map keywords: Whales leading + retail participation
The L2 track is the main battlefield for large capital competition, often having clear strategic deployments (VCs, liquidity providers, etc.) at the project's initial launch.
You should focus on the following in the map:
Is the distribution of core large holders stable? (not one person with multiple wallets)
Are retail investors continuously entering naturally, rather than creating new wallets in bulk?
Are funds gradually flowing out to DeFi protocols rather than being constantly re-staked in LP?
Signal prompt:
✅ If you see that the central addresses are in a 'pulling structure' + peripheral retail investors are entering and exiting smoothly, it indicates that the funds are in real competition.
❌ If central bubbles are dense and peripheral wallets are sparse, it indicates 'institutional lock-up rotation'.
🏛️ RWA Project: Identifying 'concentration vs compliance' in the map
Map keywords: Concentration rationality + Time durability
RWA (Real World Assets) projects essentially rely on trust transfer, leading to a high concentration of holdings in the early stages.
What you need to observe is not 'whether it is concentrated', but:
Do these central wallets have KYC endorsements/public addresses?
Is there long-term lock-up with no frequent on-chain activities?
Does the community wallet exhibit a phased release structure?
Signal prompt:
✅ Central bubble is stable + No frequent inflow and outflow of funds, indicating 'institutional holdings';
❌ Multiple central bubbles with frequent short-term fund interactions may indicate a disguised 'compliance' holding fraud.
🛰️ DePIN project: Capturing 'real community momentum' in the map
Map keywords: Wide address distribution + active interaction
DePIN projects emphasize hardware deployment + community building, often requiring real user participation and node deployment in the early stages.
You should focus on the following in the map:
Do wallets come from old addresses? Or are they new wallets created in bulk over a short period?
Are there a large number of wallets that 'burn out' after a single interaction?
Is the holding even, and are there traces of natural circulation?
Signal prompt:
✅ Average holding + dense scatter in the map indicates broad community user participation;
❌ Core nodes binding multiple small accounts to operate in turn may indicate 'fake nodes' operating fraud.
🧠 A single chart to judge whether the narrative has 'structural support'
When we choose tracks and narratives, we are often moved by a statement: 'It is the next what' 'It represents the trend's windfall'—
But the question is:
With structure, the narrative can go far;
No structure, and the narrative is just a bubble.
By looking at Bubblemaps, you can understand this project:
Is there real capital accumulation behind the narrative?
Do core participants possess long-term value?
Does the holding support 'transitioning from chip structure to price discovery'?
✅ Summary: Different maps tell different truths
L2 map reflects competition;
RWA map reflects compliance;
DePIN map shows real users;
Meme map reflects emotional peaks;
Airdrop map examines interaction authenticity.
The map is ever-changing, but the judgment logic is common: true vs false, broad vs concentrated, dynamic vs static.
You don't need to be an expert; you just need to understand these 'on-chain emotional outlines', and you can avoid risks a few steps earlier, lay ambushes a few steps earlier, and feast a few steps earlier than others.