Space Review | The race for the track enters the "realization phase." Who can complete the last piece of the bull market puzzle?

After a long period of turbulence and stagnation, the recent cryptocurrency market has shown signs of stabilization and recovery in mainstream assets, with some sectors breaking through first. Market sentiment is gradually awakening from extreme cold. However, unlike past "mini rebounds" driven purely by emotion or news, this round of movement exhibits clearer layers: funds are no longer blindly following trends but are beginning to gather along narratives and fundamental validations towards specific sectors. The market seems to have entered a more critical watershed: the driving force of the market is shifting from expectations to realization, from a broad rise to differentiation.

Among the many competing sectors and narratives, who can truly attract funds and realize value, thus completing the final piece of the bull market puzzle? This issue of SunFlash Roundtable delves into market phase judgments, sector realization logic, and future main lines, aiming to clarify the real context behind the warming and attempting to provide participants with a navigation map through cyclical differentiation.

Is the market bottoming out? Which sectors have entered the "realization period"?

In the context of the recent market gradually recovering from low levels, the nature of the market—whether it is a "temporary mini rebound" or a "sustainable structural recovery"—has become the focus of investors. In the first topic discussion of this Space, several guests shared their judgments from different dimensions.

Crypto Wave King first expressed a cautious view. Based on observations of historical cycles, he pointed out that this adjustment cycle lasts about 6-7 weeks, similar to some historical bottoming phases. Therefore, the current rise is more likely to be a phase rebound. His core argument lies in the large cycle technical indicators, such as the monthly MACD, which has formed a death cross. This pattern historically (like in early 2022) often indicates that after a rebound, the market may still experience a long period of adjustment and bottoming rather than directly entering a new bull market. He emphasized that although current negative factors are decreasing and some institutional funds are entering, risk management must still be maintained to avoid being passive due to excessive optimism in the later stages of the rebound.

Kid RIVER also stated that it is too early to draw conclusions. He pointed out that **judging structural recovery requires capturing two core signals: ** First, the stability of mainstream asset prices, meaning that the rise must be sustainable rather than a high-volatility state of short-term spikes and falls. Second, the rationalization of capital flows. True structural recovery will not exhibit the restlessness of funds clustering around a single hot spot but will show orderly rotation among different sectors like Layer 2 and DeFi, indicating that funds are making long-term layouts. He reminded that in the current environment, investors should avoid missing out due to panic while also being wary of being misled by short-term emotions.

As the market enters a more complex phase, the focus of investors has shifted from "will it rise" to "which areas are creating real value." In the second topic, guests discussed the sectors that have entered the "realization period" and their core value manifestations.

ChainBitX believes that the Real World Assets (RWA) sector has significant characteristics of being in the "realization period." He pointed out that RWA realizes verifiable real cash flows and institutional adoption by putting traditional assets like government bonds and real estate on-chain. Its core value lies in providing stable returns of 6%-15%, and the total value locked (TVL) on-chain is expected to explode from billions to hundreds of billions of dollars by 2025, marking the transition of this narrative from concept to actual value capture and scale expansion.

墨鱼, while agreeing with RWA, further emphasized the realization potential of stablecoins and payment sectors. He believes these two sectors are key bridges connecting cryptocurrency to real-world demands. The launch of products like payment cards is expanding the application scenarios of cryptocurrencies to daily consumption, while the stablecoin market is expected to reach a settlement scale of one trillion dollars by 2026, attracting traditional institutions. Both realize large-scale practical applications and massive capital flows.

YOMIRGO, on the other hand, is focusing on the more cutting-edge infrastructure field, particularly the AI and AI Agent sectors. He believes decentralized computing is the underlying demand for AI development, and Web3 can provide native identity and financial infrastructure for autonomous decision-making AI Agents. This sector realizes the underlying protocol capabilities for future human-machine interaction and value exchange, possessing long-term potential.

Seeking Key Narratives and Ecological Practices: What Can Become the "Last Piece" of the Bull Market?

As the market foundation gradually stabilizes, finding the "last piece of the puzzle" that can ignite a comprehensive bull market and attract massive funds becomes crucial. In this topic, guests painted different pictures, but their core demands pointed to a value carrier that is "large-scale, sustainable, and capable of connecting broader funds and users."

墨鱼 clearly stated that the driving force for the next local bull market is likely to come from the "smart economy" or AI sector. He believes that AI is currently the only vast field that can simultaneously meet institutional demands for efficiency and retail investors' needs for new opportunities, representing a new technological revolution, with related projects potentially having higher return expectations by 2026.

Coincidentally, guest YOMIRGO also turned his attention to the AI sector, further dissecting a future scenario driven by AI agents. He believes that AI can play a key role in two aspects: on one hand, as an "automated investment manager" on-chain, capable of analyzing the market in real-time and identifying yield opportunities in sectors like RWA, thus enhancing the allocation efficiency of large-scale funds; on the other hand, as a "user interaction entry point," it can understand natural language commands and automatically execute complex on-chain operations, significantly lowering the technical barriers for the public to participate in Web3.

ChainBitX emphasized the strategic significance of the "RWA + stablecoin" combination from the perspective of asset and payment integration. He believes this combination perfectly fits the core characteristics required for the "last piece of the puzzle": it provides verifiable cash flows and compliance anchors through real-world assets while achieving efficient circulation and value stability on-chain through stablecoins. This model can systematically lower the barriers and concerns for traditional funds entering the cryptocurrency space, thus potentially opening up a compliant, sustainable, and large-scale incremental funding channel.

Finally, Kid RIVER further defined the underlying logic of market structure and capital bearing. He pointed out that the true "last piece of the puzzle" must be directions with huge capital capacity, such as "financial infrastructure" or "compliant derivatives." Its core lies in meeting the essential needs of different participants: providing institutions with compliant, transparent, and risk-controlled investment tools, while offering retail investors low-threshold participation opportunities and significant profit potential.

In the grand scenarios envisioned by the guests, whether it is the AI-driven smart economy, the combination of RWA and stablecoins, or financial infrastructure carrying massive liquidity, their successful implementation requires a robust underlying ecosystem with strong collaborative capabilities, a deep user base, and efficient connections among various elements.

In this context, the SUN.io ecosystem on the TRON network is showing potential to become this "key piece." The SUN.io ecosystem has built an efficient internal value cycle through the deep collaboration of core products like SunSwap (decentralized exchange), SunX (decentralized perpetual contracts), and SunPump (Meme fair launch platform). What is even more noteworthy is its strategic comprehensive upgrade iteration of the AI agent SunAgent, which constitutes a key part of realizing the vision of ecological collaboration.

SunAgent perfectly responds to the guests' expectations for the AI sector, with its core functions primarily reflected in two aspects: First, as a universal smart interaction entry point, users can directly complete complex on-chain operations through natural language commands, such as asset allocation, cross-chain transfers, or participating in liquidity mining, thus greatly reducing the usage threshold and technical friction of Web3; Second, as an automated strategy tool for on-chain capital, it can analyze market data in real-time, autonomously seek optimal yield opportunities among DeFi protocols, and execute refined operations, thereby enhancing the efficiency and return rate of large-scale fund utilization. By deeply embedding the AI agent into the TRON DeFi ecosystem, SunAgent aims to become a bridge connecting user intentions with complex financial operations on-chain.

This means that the SUN.io ecosystem is integrating multiple key narratives such as AI agents, stablecoins, derivatives, and financial infrastructure into an organic whole that can achieve value circulation and synergistic enhancement. The SUN.io ecosystem is no longer just a collection of products but a "value operating system" aimed at connecting the entire process from capital entry to smart interaction and management, and finally to value capture. Its core mission is to assemble each "puzzle piece" into interdriven gears, collectively constructing a "value flywheel" that accelerates the entire cryptocurrency market.

In the discussions of this Space, consensus gradually became clear: the evolution path of the market is shifting from emotion-driven broad narratives to the "realization period" validated by real cash flows and user value. In this filtering process, sectors like RWA, stablecoin payments, and AI have demonstrated solid value capture capabilities. However, a more forward-looking insight is that the explosion of a single sector may struggle to bear all the imaginations for the next bull market, while ecological practices like SUN.io, which organically integrate technology, assets, users, and capital through a "value operating system," may point to a more certain future. The final piece of the bull market puzzle may not be a solitary technology or asset, but a complete ecosystem capable of continuously generating synergistic effects and driving value circulation.