Space Review | "Ecological Synthesis" Becomes a New Engine: Decoding the Value Creation Model Beyond Track Rotation

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, and the pace of interest rate cuts, the flow of global capital, and market risk appetite remain uncertain within macro policies. However, beneath the surface, currents are already surging. In this "new normal" of high interest rates but strong expectations for rate cuts, global capital is searching for new directions, and a narrative battle over the "bull market main line" has already begun. This is no longer just a rotation of hot topics but a profound reconstruction of value logic.

Against this backdrop, this issue of SunFlash Roundtable aims to penetrate short-term fluctuations and dissect the internal logic of this "ultimate battle" from a higher dimension of cycles and structures. This Space invites several industry observers to discuss: why is the market eager to seize narrative dominance amid macro uncertainty? Which types of tracks can truly traverse 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 next stage of value growth paradigms?

Around these core topics, the following summarizes the most enlightening guest opinions and market insights from this Space dialogue.

The macro direction remains unclear; what is the market's "head start" logic?

Although the macro monetary policy and economic outlook for 2025 are still shrouded in uncertainty, pioneers in the cryptocurrency market have quietly launched an intense competition over the future bull market main line. The first core topic of this Space directly addresses this seemingly contradictory phenomenon: why the head start when signals are unclear?

Several guests pointed out that the core driving force of the cryptocurrency market does not stem from current data but from advanced expectations of the next structural phase. HiSeven was the first to highlight that real market pricing often occurs during the most uncertain phases. Macro variables (such as interest rate cuts and liquidity) are slow variables, while the market is a fast variable. The task of "smart capital" is to anticipate which tracks will have the most potential to absorb the massive liquidity that will be released when uncertainty dissipates.

bigpump.ai further elaborated on the necessity of "head start": once market consensus is formed, asset prices will be revalued in an instant, making it too late to position afterward. She pointed out that the current capital is actively seeking a "story anchor" that can explain the market direction for the next 6-18 months. This anchor acts like a safe harbor, allowing mainstream capital to establish core positions in advance and then allocate flexible assets around it.

Web3菜菜子 summarized the profit-seeking nature of capital with a more straightforward logic: "Certainty is too expensive." He emphasized that the enormous opportunities in the cryptocurrency market are precisely hidden within uncertainty. If one waits for all macro benefits (such as clear interest rate cuts and regulatory clarity) to fully materialize, the prices of core assets will have already soared, losing cost advantages. Therefore, institutions and smart capital must "bet before dawn," placing bets in advance amid divergence.

After clarifying the "head start" logic, the discussion naturally delved into specific tracks: which types of tracks can truly traverse bull and bear markets, becoming the enduring main line that leads the market rather than fleeting phase hotspots? Guests proposed clear selection criteria and envisioned a new structure that the future market might present.

Several guests first delineated the boundary between main lines and hotspots. Crypto波段王 and Web3菜菜子 pointed out that similar to past phase hotspots like the metaverse, value often returns to zero after the emotional tide recedes. The true main line must possess cross-cycle resilience, able to withstand macro fluctuations, regulatory pressures, and bear market tests; its value logic will not fail due to market heat and cold. Grace's metaphor was even more vivid: after a wave of market activity ends, the "hotspot" leaves behind a mess, while the "main line" should leave behind a set of new infrastructure or economic systems that can operate long-term, revealing that the core of the main line lies in genuine value creation and accumulation.

Based on the above distinctions, guests distilled three core standards for becoming the bull market main line: 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 search for a "single leader," this discussion proposed a forward-looking viewpoint: the "main line" of 2025 may not be a single track but a symbiotic ecosystem. The evolution of the TRON ecosystem has been viewed by multiple guests as a vivid case for observing "main line potential," with its development path reflecting several key logics mentioned earlier.

TRON demonstrates structural resilience across cycles by building 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 high-performance underlying infrastructure, providing a solid foundation for ecological prosperity. The high throughput and low transaction fees of the TRON network address the core bottleneck for large-scale application deployment, supporting over 250 million total user accounts and continuously growing on-chain activity, forming a strong base for network effects.

Second, it has successfully captured and accumulated massive real-world liquidity, establishing its position as a core financial layer. TRON is one of the largest stablecoin circulation networks globally, with a continuous influx of stablecoins providing deep liquidity for its upper-layer DeFi applications (such as JustLend DAO and SUN.io), continuously generating real returns. This is strongly corroborated 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 leading at $6.16 million in fee revenue. This not only intuitively reflects the vigorous network activity and real demand but also means that massive liquidity has been effectively transformed into sustainable protocol revenue and value accumulation within its ecosystem, perfectly illustrating the main line capability of "attracting and retaining funds."

Furthermore, its ecosystem exhibits excellent scalability and an internal innovation flywheel. The TRON ecosystem has spawned core protocols covering diverse application scenarios, including DeFi, AI, Meme, NFT, cross-chain, decentralized storage, and oracles. More importantly, these protocols are not merely simple application overlays but form a self-reinforcing, continuously growing positive flywheel through a set of sophisticated internal collaboration and value feedback mechanisms:

1. Inter-protocol composability: The composability among protocols within the TRON ecosystem constructs a system-level collaborative network where capital can flow seamlessly, and returns can overlap. For example, users can mint the decentralized stablecoin USDD on the USDD platform, then deposit it into JustLend DAO to earn interest, completing a smooth transition from stablecoin generation to interest-bearing assets. Furthermore, users can also borrow liquid funds in JustLend DAO using collateralized assets, then invest in SunSwap to provide liquidity, thereby capturing multiple returns and significantly enhancing the overall capital efficiency of the ecosystem.

2. Deflationary models and feedback mechanisms: 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 buyback and burn mechanism of the SUN and JST tokens directly reduces the token circulation, providing endogenous support for token value and sharing growth dividends with participants.

3. Infrastructure expansion and narrative upgrades: 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 cutting-edge field of AI has entered an accelerated phase, with its official AI products like SunAgent and SunGenX building the next generation of decentralized intelligent infrastructure for the ecosystem. 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 user and capital inflows → prosperous application scenarios generate real income and user stickiness → protocols feedback part of the income through buybacks and burns, enhancing the token economic model and participant confidence → the increase in value and confidence further attracts more developers and capital, expanding outward through cutting-edge tracks like AI → the scale and vitality of the ecosystem continue to enhance. 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 "combinatorial symbiosis" paradigm. It does not rely solely on a single hotspot but continuously attracts developers, users, and capital by constructing an internally collaborative, self-reinforcing value closed loop. This effort to build a complete and sustainable economic system endows it with resilience against cyclical fluctuations, allowing it to stand out from the current market structure. This development path positions it 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.