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Lao Bai believes that competition in the crypto market is shifting from narratives to PMF and cash flow, with RWA, Perp, and Privacy as three main themes.
Lao Bai: This is Crypto's last decent bull market! Three main themes: RWA, Perp, and Privacy
The market has entered the “post-narrative era.” The low-hanging fruit has already been picked, and the focus of competition has shifted from “telling stories” to PMF and cash flow.
Source: https://www.panewslab.com/zh/articles/01a0d20e-0009-7235-a207-e25625daeb3a
The title attributes this view to Lao Bai.
The text states that the market has entered the “post-narrative era.”
The text states that “the low-hanging fruit has already been picked.”
The text states that the focus of competition has shifted from “telling stories” to PMF and cash flow.
The title lists RWA, Perp, and Privacy as three main themes.
The following is analysis, separate from reported facts. Verify important claims independently.
This is a market opinion: the author believes that attracting attention solely by telling stories is becoming more difficult, while PMF and cash flow will become competitive priorities. RWA, Perp, and Privacy are listed in the title as areas of focus, but the text provides no specific projects or data.
If this assessment is correct, the market may place greater emphasis on product performance and cash flow when evaluating projects, rather than narratives alone; however, the original text provides no evidence that this shift has already occurred.
Beginners can treat this as a market observation rather than a confirmed trend or investment conclusion. When assessing related projects, they should still verify product and cash flow information.
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