Original author: Lao Bai, ABCDE investment research partner

Editor's note: Yesterday, with Trump's election as the 47th President of the United States, Bitcoin broke through its previous high and reached $76,000 in one fell swoop. Trump's favor for the entire crypto world will become one of the important driving forces of this bull market. ABCDE investment research partner Lai Bai analyzed his views on the main line of this bull market on X: PayFi, AI Agent and Meme will take over Defi, NFT, and X2Earn from the previous bull market and become the new main theme. BlockBeats reproduced the full text as follows:

I feel that the new main line of this round is beginning to become clear, namely

-PayFI
-AI Agent
-Meme

It just so happens that the last round also had three main lines: Defi, NFT, X2Earn

Briefly explain why it is these three:

The biggest theme of this round should be what Trump said in his victory speech yesterday, "Common Sense", or Anti-narrative. The market has begun to feel disgusted with To VC, To exchanges, projects that only care about narratives, and only focus on technology/infrastructure projects. Projects must return to common sense - what you make really needs to be used and paid for by others (at least people can buy monkeys and Punks as avatars for NFTs to show off their coolness). No? )

In the past two years, a bunch of decentralized computing power/model training/inference projects have emerged. If you are a serious AI startup, would you really give up using Hugging Face, not buy cloud computing power from AWS or Azure, and use Web3's "decentralized" computing power/model/inference platform? Ask yourself, does this make sense?

Let me talk about why I think the following three lines make sense at present

1. Payfi - Connecting the real world

In the past two months, the primary market has seen and talked about the most intensive track. It feels like many new and old Payfi projects that were dormant/growing have jumped out. Stripe's acquisition of Bridge for US$11.1 billion should be seen as a landmark event.

What you may not have paid much attention to or don’t know is:

· The PYUSD issued by PayPal has exceeded 500 million (it reached 1 billion some time ago)

· Osmosis and scrvUSD are both working on Debit Cards, and other Crypto Cards based on Ton or other chains are on the way

· Some are cooperating with Visa/Master to engage in supply chain finance or accelerate settlement

· Some are directly negotiating with banks to bypass Visa/Master settlement

· There are POS systems based on the Solana Pay framework that provide merchants with Crypto Native Payment+Defi Yield, while not affecting traditional VISA/Master card swiping

· Some are doing P2P OTC directly through the chain+ZKTLS Deposit and withdrawal

· Some even move the main logic of the bank to the chain, directly NFT login + KYC, provide on-chain bank + traditional bank binding, which can transfer + deposit and withdrawal, swipe Crypto Card, and even Swift to traditional bank account

· A more "fast, good and economical" payment system, directly swipe your Crypto assets to spend, safer deposit and withdrawal... These are real user needs, and if it is done well, there will really be people/institutions, including Web2 players, who will use it. Maybe in the end everyone will find that it is neither social nor games that realize Web3 Mass Adoption, but the track of Payfi

2. Ai Agent - Enhanced Chain World

We talked about three-digit AI projects in the past year or so, but basically didn't do anything, because it felt that the combination was a bit stiff, even for those leading and so-called king projects. You can see that when Vitalik was interviewed about the combination of AI and Crypto last year, he was actually asked this question. His answer was basically about AI helping Crypto rather than the other way around. But if the cryptocurrency industry wants to realize its dreams, Crypto must help AI. So we have the three tracks of the industry standard "model assetization", "data assetization", and "computing power assetization".

But to be honest, I have talked to many Web2 AI researchers and founders, and they look at our three tracks like a talk show.

The most impressive thing was a decentralized computing power project we talked about last year. The founder told us very "honestly" that when there is a relatively large or commercial computing power demand, it will be directly thrown to their centralized computer room to run, and will not be handed over to retail GPU computing power, but it can be "packaged" at the front desk to make it feel like retail computing power is also involved. I have a good impression of this founder, although I didn't invest in the end.

It wasn't until the emergence of Goat this year that it really made my eyes light up.

This is not AI Help Crypto, nor is it Crypto Helps AI. This is a new thing that comes out of the collision of the real combination of AI and Crypto.

· AI Agent issues assets
· AI Agent ShitPost shouts orders
· AI Agents form DAO
· AI Agents are responsible for the operation and trading of a fund
· AI Agents have their own culture
· AI Agents have their own religion

This thing cannot be done by Web2 AI, and Web3 pure Crypto cannot complete it independently. This is the way that I personally think best reflects the combination of AI X Crypto at the current level of AI capabilities. Regarding this track, I recommend two articles: https://x.com/0xNought/status/1851283278164345297, https://x.com/starzqeth/status/1853597036421259728
, and the wizard @0xcryptowizard has also posted a lot of things about this track, you can go and check his Twi.

3. Meme - On-chain casino, no more pretending

Pump.Fun has put on the table what many people were unwilling to admit, or what they could not say because of "political correctness": our circle is a big gambling house.

But in fact, there is no problem. We can finally face the fact that one of the major functions of Cypto is for PVP, that's OK. The problem is, it can't only be PvP. Just like Mr. Du @DujunX said, "If meme and tap2earn are the future of the industry, then this industry should die, fuck!"

So Meme and PVP will become an eternal track in our circle. When there are more exciting, more popular, and more meaningful tracks and technologies, the Meme track will account for a smaller proportion and be more low-key. When the industry lacks direction and makes people boring and disappointed, the Meme track will jump to the foreground and become more active, accounting for a larger proportion.

Meme may be the "little bell" track for multiple rounds of bull and bear markets in the future - It has been, and will be always there……

This is just one person's opinion, for reference and entertainment only, NFA :)

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