What is the foundation for the next stage of the cryptocurrency market? We have gone through market cycles of Defi core, Gamefi+NFT core, Inscription core, and ETF core, The market now needs the next core narrative that can drive liquidity operations, Setting aside the MEME hype that cannot be implemented, there are not too many narratives that can continue to be told. 1. RWA+stablecoins are currently the most promising and stable growing sectors The scale of RWA chains without stablecoins is already in the range of billions of dollars. Including stablecoins, the amount of dollar assets on the chain has reached hundreds of billions of dollars, which is also evidence that many institutions believe that encryption is becoming mainstream. RWA currently mainly tokenizes simple, secure and easily regulated assets such as US bonds and commodity funds, with some projects beginning to explore corporate bonds, private equity, real estate and credit assets. 2. Social and Predictive Markets Unlike traditional cryptocurrency speculation applications, the social and prediction markets mainly compete for user retention time and cash flow. -Farcaster and other protocols have accumulated tens of thousands of healthy DAUs. -Polymarket has become a mainstream recognized parallel information infrastructure, with achievements including but not limited to funding from ICE (the parent company of the New York Stock Exchange), gradual loosening of CFTC, and cooperation with sports leagues. 3. Crypto Casino 2.0 The core driving force of the cryptocurrency market has always been speculation, and in fact, most cryptocurrency traders need stable appreciation or interest bearing RWA/BTC/ETH/SOL to preserve their value, The other end is still an extremely crazy and illogical meme/earth dog, used to help oneself become rich. Some reliable but not sexy middle tier projects are prone to liquidity shortages, such as TIA, ATOM, and L2. The logic of the cryptocurrency market has long been that imagination is more valuable than data, which is also one of the reasons why the MEME market has been fluctuating: Meme has no income, so there is no way to falsify it using data calculations. Because it cannot be calculated, imagination is infinite. In a casino, it's not necessary for the casino to really make a profit. You just need to make the gamblers believe that they can win the next game. You talk to meme about fundamentals, but meme doesn't have fundamentals, so fundamentals can't go bad, which is the core of the casino effect.