If Crypto still has a bull market, I am most optimistic about the following two tracks:

1. AI Agent
This is the only narrative in Crypto that has not been disproven since the development of Defi Summer six years ago. Other tracks like NFT, Gamefi, Socialfi, and inscriptions have all cooled off, and MEME and Perp Dex are also barely alive.
Additionally, the rapid development of Web2 AI is happening every day. Before the big bubble inflates (I believe that when AI causes pain to the current human social operation and large-scale human job replacements by AI occur, that will be when the AI bubble just starts to inflate), Web3 AI still has a huge time window to build moats around "ID cards" and "bank cards" centered on Agents.
2. PayFi
In the more than ten years since the birth of Crypto, apart from the public foundational layer blockchains like BTC/ETH, only exchanges and stablecoins have truly been implemented.
Among them, stablecoins are a battleground. Major exchanges and public chains are basically issuing and expanding their stablecoin territories, even including traditional sovereign countries (Singapore’s USDG) and large companies (PayPal’s PYUSD).
However, currently, these stablecoins have high idle rates and lack practical payment scenarios for real yield. Relying solely on exchanges or blockchain owners to subsidize is like drinking poison to quench thirst—unsustainable in the long run.
Therefore, the rise of PayFi is an unstoppable future trend.
Finally, I feel that market liquidity is slowly returning. Many small projects are already experiencing localized hype. Considering that the market has been in a bear phase from October last year until now—almost half a year of stagnation—it’s time to create some waves.