From last year to this year, three and a half tracks have become popular:

Three tracks are: BTC, AI, MEME;

Half track is: DePIN.

Layer2, modularization, and re-staking all performed poorly.

This bull market has not yet produced any truly breakthrough application projects. In the last bull market, defi, NFT, and blockchain games, although not mature, were all explosive applications.

This bull market should also do the following:

1. Defi that solves liquidity;

2. Enhanced NFT performance.

3. Improved blockchain game performance.

4. Updates to token issuance protocols and issuance mechanisms.