敘事困境：純粹的概念猜測盛行

自今年年初以來，加密貨幣圈的最大特徵是其增長的可持續性差

The cryptocurrency market has seen a lack of sustainability in its growth since the beginning of the year, with a sharp decline even in on-chain currencies that performed well in Q4 2024.

自今年年初以來，加密貨幣市場的增長缺乏可持續性，即使在第4季度2024年第4季度運行良好的鏈貨幣貨幣中，也有急劇下降。

A glance at the rise and fall of major AI Agent currencies in 2025 reveals that the top projects of the popular narrative fell by 80% in less than three months. While we cannot definitively conclude that the track is偽物語, the loss of attention is undeniable and will not be recovered quickly.

一瞥2025年主要AI特工貨幣的上升和下降，表明流行敘事的最高項目在不到三個月的時間內下降了80％。雖然我們不能明確地得出結論，但不可否認的是，不可否認的關注是不可否認的，不會迅速恢復。

Now, let's examine the narrative of celebrity currencies. Trump fired the first shot, followed by other celebrities and even countries.

現在，讓我們研究名人貨幣的敘述。特朗普開了第一槍，其次是其他名人，甚至是國家。

The table below shows the main currencies of celebrity coins and their decline from their highs:

下表顯示了名人硬幣的主要貨幣及其從高潮中的下降：

There is a saying in the cryptocurrency circle that investors are more willing to speculate on new stories than old ones, which means that investors are willing to speculate on newer stories. However, compared with AI Agent, the celebrity coin track is obviously more bloodthirsty and brutal.

在加密貨幣圈子中有一個俗話說，投資者比舊故事更願意推測新故事，這意味著投資者願意推測新的故事。但是，與AI代理相比，名人硬幣曲目顯然是嗜血和殘酷的。

What are the current problems of these two tracks? In the current situation where there is a lack of new narratives in the cryptocurrency circle, is there any way to break through?

這兩個曲目的當前問題是什麼？在當前存在加密貨幣圈子中缺乏新敘述的情況下，有什麼方法可以突破嗎？

Current narrative dilemma: pure concept speculation prevails

當前的敘事困境：純粹的概念猜測盛行

In the AI Agent track, many projects are still at the stage of "concept display" and "future blueprint", lacking practical products that can be widely promoted. Even if there are some operational services launched on the market, there are still problems such as complex interfaces and poor user experience, which make it difficult for ordinary investors to really stick to them. What's worse is that in order to cater to investors' expectations of "AI + blockchain", project parties often use exaggerated narratives to raise prices, but the actual landing applications are repeatedly delayed. Over time, funds lose patience and attention begins to shift, causing the prices of related tokens to fall sharply.

在AI代理軌道上，許多項目仍處於“概念顯示”和“未來藍圖”的階段，缺少可以廣泛推廣的實用產品。即使市場上有一些運營服務，仍然存在一些問題，例如復雜的界面和差的用戶體驗，這使得普通投資者很難真正堅持下去。更糟糕的是，為了滿足投資者對“ AI +區塊鏈”的期望，項目政黨經常使用誇張的敘述來提高價格，但實際的著陸申請反复延遲。隨著時間的流逝，資金失去耐心，注意力開始轉移，導致相關令牌的價格急劇下降。

In the case of celebrity coins, although Trump was a hot topic at the beginning, when the token circle encountered the "celebrity ending effect", the problem was also quite obvious: there is probably no other public figure in the world who can surpass Trump in terms of topics and influence. Although politicians, Internet celebrities and stars from various countries tried to follow up, they were unable to replicate the initial capital enthusiasm and market sentiment. As the market following became weaker and weaker, the celebrity coin track also showed a "flash in the pan" phenomenon of coming and going quickly, and investors' confidence quickly lost, and the price naturally followed suit.

就名人硬幣而言，儘管特朗普在開始時是一個熱門話題，但當令牌圈遇到“名人結局效果”時，問題也很明顯：世界上可能沒有其他公眾人物可以超越特朗普在主題和影響方面。儘管來自各個國家的政客，互聯網名人和明星試圖跟進，但他們無法複製最初的資本熱情和市場情緒。隨著市場的追隨者變得越來越弱，名人硬幣軌道還顯示出“氾濫”現象的“閃光”現象，即迅速前進，投資者的信心很快就會失去，而且價格自然而然地效仿。

However, the deeper problem behind the large fluctuations in these tracks is that many projects remain at the level of "speculating on concepts" and lack a real and sustainable profit model. Whether it is AI Agent or Celebrity Coin, their core narratives rely on capital and popularity to enter the market quickly, but lack incentives for users to participate in the long term. When the heat fades, the price will be difficult to support, and it will be impossible to attract new funds to enter again.

但是，這些軌道上大波動背後的更深層次的問題是，許多項目仍然處於“概念上的猜測”水平，並且缺乏真實和可持續的利潤模型。無論是AI代理商還是名人硬幣，他們的核心敘述都依賴資本和受歡迎程度來快速進入市場，但缺乏激勵用戶參與長期參與的動機。當熱量逐漸消失時，價格將很難支撐，並且不可能吸引新的資金再次進入。

Finding real income projects

尋找實際收入項目

The key to standing out in the current narrative-lacking market is to find products with "real benefits" and be "willing to share with users". The so-called "real benefits" are not just about earning the rising bubble when the exchange is listed, but about being able to continuously generate feedback through actual business models and trading behaviors, and feedback to token holders or ecosystem participants.

在當前敘事領域的市場中脫穎而出的關鍵是找到具有“真正好處”的產品，並“願意與用戶共享”。所謂的“真正的好處”不僅在於列出交易所時贏得上升的泡沫，而且還涉及能夠通過實際的業務模型和交易行為以及對代幣持有人或生態系統參與者的反饋不斷產生反饋。

Among them, Hyperliquid meets the scale type. Its business is similar to that of centralized exchanges, and its revenue mainly comes from contract transaction fees. However, Hyperliquid uses 100% of the fees to repurchase Hyper tokens, and the transaction fees are determined by the transaction volume. Therefore, Hyperliquid firmly ties the currency price to the product.

其中，超流動符合量表類型。它的業務類似於集中交易所的業務，其收入主要來自合同交易費用。但是，超流動性使用100％的費用來回購超代幣，並且交易費用由交易量確定。因此，超流暢將貨幣價格牢固地與產品聯繫起來。

According to DefiLlama data, Hyperliquid handles approximately 45% of the total 24-hour trading volume of all Perps DEXs, currently $3.78B per day, with daily revenue of approximately $1 million. It remains extremely active despite the current market downturn. Therefore, during the nearly one-month altcoin winter, the price of Hyperliquid has remained strong.

根據Defillama的數據，超流動器的所有PERPS DEX的總24小時交易量的約45％，目前每天$ 3.78B，每日收入約為100萬美元。儘管當前的市場低迷，但它仍然非常活躍。因此，在近一個月的Altcoin冬季中，超流油的價格仍然很高。

No matter how hot the narrative is, it will pass. Only projects with PMF, high user stickiness and real returns can remain in the crypto market for a long time.

不管敘事有多熱，它都會過去。只有具有PMF，高用戶粘性和真實回報的項目才能長期保留在加密貨幣市場中。