叙事困境：纯粹的概念猜测盛行

自今年年初以来，加密货币圈的最大特征是其增长的可持续性差

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.

自今年年初以来，加密货币市场的增长缺乏可持续性，即使在第4季度2024年第4季度运行良好的链货币货币中，也有急剧下降。

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特工货币的上升和下降，表明流行叙事的最高项目在不到三个月的时间内下降了80％。虽然我们不能明确地得出结论，但不可否认的是，不可否认的关注是不可否认的，不会迅速恢复。

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

现在，让我们研究名人货币的叙述。特朗普开了第一枪，其次是其他名人，甚至是国家。

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

下表显示了名人硬币的主要货币及其从高潮中的下降：

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.

在加密货币圈子中有一个俗话说，投资者比旧故事更愿意推测新故事，这意味着投资者愿意推测新的故事。但是，与AI代理相比，名人硬币曲目显然是嗜血和残酷的。

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?

这两个曲目的当前问题是什么？在当前存在加密货币圈子中缺乏新叙述的情况下，有什么方法可以突破吗？

Current narrative dilemma: pure concept speculation prevails

当前的叙事困境：纯粹的概念猜测盛行

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代理轨道上，许多项目仍处于“概念显示”和“未来蓝图”的阶段，缺少可以广泛推广的实用产品。即使市场上有一些运营服务，仍然存在一些问题，例如复杂的界面和差的用户体验，这使得普通投资者很难真正坚持下去。更糟糕的是，为了满足投资者对“ AI +区块链”的期望，项目政党经常使用夸张的叙述来提高价格，但实际的着陆申请反复延迟。随着时间的流逝，资金失去耐心，注意力开始转移，导致相关令牌的价格急剧下降。

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.

就名人硬币而言，尽管特朗普在开始时是一个热门话题，但当令牌圈遇到“名人结局效果”时，问题也很明显：世界上可能没有其他公众人物可以超越特朗普在主题和影响方面。尽管来自各个国家的政客，互联网名人和明星试图跟进，但他们无法复制最初的资本热情和市场情绪。随着市场的追随者变得越来越弱，名人硬币轨道还显示出“泛滥”现象的“闪光”现象，即迅速前进，投资者的信心很快就会失去，而且价格自然而然地效仿。

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，这些轨道上大波动背后的更深层次的问题是，许多项目仍然处于“概念上的猜测”水平，并且缺乏真实和可持续的利润模型。无论是AI代理商还是名人硬币，他们的核心叙述都依赖资本和受欢迎程度来快速进入市场，但缺乏激励用户参与长期参与的动机。当热量逐渐消失时，价格将很难支撑，并且不可能吸引新的资金再次进入。

Finding real income projects

寻找实际收入项目

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.

在当前叙事领域的市场中脱颖而出的关键是找到具有“真正好处”的产品，并“愿意与用户共享”。所谓的“真正的好处”不仅在于列出交易所时赢得上升的泡沫，而且还涉及能够通过实际的业务模型和交易行为以及对代币持有人或生态系统参与者的反馈不断产生反馈。

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，超流动符合量表类型。它的业务类似于集中交易所的业务，其收入主要来自合同交易费用。但是，超流动性使用100％的费用来回购超代币，并且交易费用由交易量确定。因此，超流畅将货币价格牢固地与产品联系起来。

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.

根据Defillama的数据，超流动器的所有PERPS DEX的总24小时交易量的约45％，目前每天$ 3.78B，每日收入约为100万美元。尽管当前的市场低迷，但它仍然非常活跃。因此，在近一个月的Altcoin冬季中，超流油的价格仍然很高。

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.

不管叙事有多热，它都会过去。只有具有PMF，高用户粘性和真实回报的项目才能长期保留在加密货币市场中。