Some say on-chain just needs a new meme to come back to life. I disagree. We’ve already seen plenty of memes with top-tier narratives that failed to spark any real momentum.

What onchain really needs is new money and that usually comes from either (or both) of 2 things:

1) A compelling narrative

2) The right timing

On Timing:

The last real onchain run began when CEX players rotated in - usually once being long CEX alts becomes consensus. At that point, they start hunting for “smarter” trades with better reward, and onchain becomes the obvious next move.

On Narrative:

It takes a narrative strong enough to force attention - something that reframes onchain as a necessity, not a side bet. The reason this works: many of these tokens aren’t listed anywhere, and there’s no close CEX proxy to get exposure. If you want in, you have to go onchain.

The AI Agents / AI Infra wave was a perfect example narrative strength combined with exclusive onchain access. That’s what creates urgency - fomo.