The cryptocurrency market in 2025 stands at the crossroads of dual variations in cycles and structures. The fog of the macro environment has yet to clear, with the pace of interest rate cuts, the flow of global capital, and market risk appetite still swaying in macro policies. However, beneath the surface, currents are already surging. In the 'new normal' of high interest rates but strong expectations for rate cuts, global capital is seeking new directions, and a narrative battle around the 'bull market main line' has already begun. This is no longer just a rotation of hotspots, but a profound reconstruction of value logic.
Against this backdrop, this issue of SunFlash Roundtable aims to penetrate short-term fluctuations, dismantling the internal logic of this 'ultimate battle situation' from a higher dimension of cycles and structures. In this issue of Space, several industry observers are invited to jointly explore: Why is the market so eager to compete for narrative dominance amidst macro uncertainty? Which types of tracks can truly navigate bull and bear markets, becoming the enduring main line that leads the market? And why is a continuously evolving, internally collaborative comprehensive ecosystem more likely to integrate liquidity, innovation, and network effects compared to a single track, ultimately defining the value growth paradigm for the next stage?
Surrounding these core topics, the following summarizes the most inspiring guest viewpoints and market insights from this Space dialogue.
The macro direction has yet to become clear; what is the market's 'getting ahead' logic?
Although the macro monetary policy and economic outlook for 2025 remain shrouded in uncertainty, pioneers in the crypto market have quietly embarked on an intense competition regarding the main line of the future bull market. The first core topic of this episode of Space directly addresses this seemingly contradictory phenomenon: why get ahead when signals are unclear?
Several guests pointed out in unison that the core driving force of the crypto market does not stem from current data, but from a forward expectation of the next stage's structure. HiSeven emphasized that real market pricing often occurs in the stages of greatest uncertainty. Macro variables (such as interest rate cuts and liquidity) are slow variables, while the market is a fast variable. The task of 'smart money' is to predict, amidst the fog, which tracks will have the greatest potential to absorb the massive liquidity about to be released when uncertainty dissipates.
bigpump.ai further elaborated on the necessity of 'getting ahead': once market consensus forms, asset prices will be reevaluated in an instant, and it will be too late to position then. She pointed out that the current funds are actively seeking a 'story anchor point' that can explain the market directions for the next 6-18 months. This anchor point is like a safe haven, allowing mainstream funds to establish core positions in advance and then allocate flexible assets around it.
Web3 Cai Cai Zi summarized the profit-seeking nature of funds with a more straightforward logic: 'Certainty is too expensive.' He emphasized that the huge opportunities in the crypto market are precisely hidden within uncertainty. If one waits for all macro benefits (such as clear interest rate cuts and regulatory clarity) to land completely, core asset prices will have already soared, and cost advantages will be lost. Therefore, institutions and smart money must 'bet before dawn' and place their bets in advance amid divergences.
After clarifying the logic of 'getting ahead,' this episode of Space naturally delves into specific tracks, which types of tracks can truly traverse bull and bear markets, becoming the lasting main line of the market rather than fleeting temporary hotspots? Guests proposed clear selection criteria and envisioned a potentially new structure for future markets.
Several guests first clarified the boundary between the main line and hotspots. Crypto wave king and Web3 Cai Cai Zi pointed out that similar to past temporary hotspots like the metaverse, values often return to zero after emotions recede. A true main line must possess cross-cycle resilience, able to withstand macro fluctuations, regulatory pressures, and bear market purging; its value logic will not be invalidated by market temperature changes. Grace's analogy is even more vivid: after a wave of market activity ends, 'hotspots' leave behind a mess, while the 'main line' should leave a new infrastructure or economic system that can operate for the long term, revealing that the core of the main line lies in real value creation and accumulation.
Based on the aforementioned distinctions, the guests distilled three core standards for becoming the main line of the bull market: cross-cycle survival and development capability, ecological scalability and innovation flywheel, and continuous absorption and accumulation of liquidity.
Dissecting the 'positive flywheel': How does the TRON ecosystem build an endogenous growth engine?
Beyond the traditional thinking of seeking a 'single leader,' this discussion presents a forward-looking perspective: the 'main line' of 2025 may not be a single track, but a symbiotic ecosystem. The evolution of the TRON ecosystem is viewed by several guests as a vivid case for observing the 'main line potential,' and its development path reflects several key logics mentioned earlier.
TRON demonstrates structural resilience through the construction of a large, active, and continuously evolving comprehensive ecosystem. The core advantages of this ecosystem are reflected in the following mutually supportive aspects:
First, it has built a high-performance underlying infrastructure, providing solid soil for ecological prosperity. The TRON network's high throughput and low transaction fees have solved the core bottleneck for large-scale application implementation, and this foundation supports its total user accounts exceeding 250 million and continuously growing on-chain activity, forming a strong foundational network effect.
Secondly, it has successfully captured and accumulated a massive amount of real-world liquidity, establishing its position as a core financial layer. TRON is one of the world's largest stablecoin circulation networks, with a continuous influx of stablecoins providing a solid liquidity base for its upper-layer DeFi applications (such as JustLend DAO and SUN.io), continuously generating real returns. This is strongly evidenced by on-chain data: on November 28, according to Nansen data, only 6 public chains had fee revenues exceeding $1 million in the past 7 days, with the TRON network ranking first with $6.16 million in fee revenue. This not only intuitively reflects its active network activities and real demand but also signifies that vast liquidity is effectively transformed into sustainable protocol income and value accumulation within its ecosystem, perfectly illustrating the main line capability of 'attracting and retaining funds.'
Moreover, its ecosystem exhibits excellent scalability and internal innovation flywheel, with the TRON ecosystem having derived core protocols covering diverse application scenarios, including DeFi, AI, Meme, NFT, cross-chain, decentralized storage, and oracles. More importantly, these protocols are not simple applications stacked together but form a self-reinforcing, continuously growing positive flywheel through a set of precise internal collaboration and value feedback mechanisms.
1. Inter-protocol composability: The composability among protocols within the TRON ecosystem has constructed a system-level collaborative network where capital can flow seamlessly, and returns can overlap. For example, users can mint decentralized stablecoin USDD on the USDD platform, then deposit it into JustLend DAO to earn deposit interest, completing a smooth transition from stablecoin generation to interest-bearing assets. Furthermore, users can also borrow liquid funds from JustLend DAO using collateral assets and subsequently invest in SunSwap to provide liquidity, thus simultaneously capturing multiple returns and greatly enhancing the capital efficiency of the entire ecosystem.
2. Deflationary model and feedback mechanism: Key protocols within the ecosystem directly feedback the captured value to the ecosystem and token holders through business model design, which is the core driving force for the 'flywheel' to turn. For example, the repurchase and destruction mechanism of SUN tokens and JST tokens directly reduces the circulating supply of tokens, providing endogenous support for token value and sharing growth dividends with participants.
3. Infrastructure expansion and narrative upgrade: BitTorrent Chain (BTTC), as the official cross-chain solution, not only achieves multi-chain asset interoperability but also attracts projects and users from external ecosystems to flow back in, realizing external expansion of the ecosystem. Meanwhile, the TRON ecosystem's strategic layout in the frontier field of AI has entered an accelerated stage, with the launch of official AI products like SunAgent and SunGenX, which are building the next generation of decentralized intelligent infrastructure. SunAgent creates a decentralized AI agent and automated task execution platform aimed at lowering the operational threshold of DeFi. SunGenX, as a one-click, low-threshold Meme asset issuance tool, has empowered the community to create over 100,000 Meme coins on the SunPump platform, becoming an important innovation experiment and liquidity launch platform within the ecosystem.
In summary, the 'positive flywheel' of the TRON ecosystem can be clearly outlined: strong infrastructure attracts users and funds → prosperous application scenarios generate real income and user stickiness → protocols feedback part of the income through repurchase and destruction methods, enhancing the token economic model and participants' confidence → the enhancement of value and confidence further attracts more developers and capital, and expands outward with the help of cutting-edge tracks like AI → the ecosystem's scale and vitality continue to strengthen. This closed loop allows the ecosystem to break free from dependence on a single hotspot, achieving endogenous and sustainable growth.
The practice of the TRON ecosystem provides a realistic footnote for the paradigm of 'combinatorial symbiosis.' It does not solely rely on a single hotspot but continuously attracts developers, users, and capital by building an internally coordinated and self-reinforcing value closed loop. This effort to construct a complete and sustainable economic system gives it the resilience to withstand cyclical fluctuations and helps it stand out from the current market structure. This development path endows it with the potential to lead the industry from single asset speculation to complex ecological value creation, and it is expected to occupy a key position in future market structures.
