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

After a prolonged period of fluctuation and hesitation, the recent crypto market has shown mainstream assets stabilizing and rebounding, with some sectors leading the breakout. Market sentiment is gradually awakening from extreme cold. However, unlike past “mini rebounds” driven solely by sentiment or news, this round of movement exhibits clearer layers: capital is no longer blindly following the trend but is beginning to gather along narratives and fundamentals that are being validated, focusing on specific sectors. The market seems to have entered a more critical watershed: the driving force of the trend is shifting from expectations to realization, from broad rallies to differentiation.

Among many competing sectors and narratives, who can truly absorb capital and realize value, thereby completing the final piece of the bull market puzzle? This SunFlash roundtable delves into market stage judgments, sector realization logic, and future main themes, aiming to clarify the true context behind the warming trend and to provide participants with a navigation map through cycle differentiation.

Market Bottoming in Progress? Which sectors have entered the “realization phase”?

In the context of the recent market gradually rebounding from lows, the question of whether the trend is a “short-term mini rebound” or a “sustainable structural warming” has become a focus for investors. In the first discussion topic of this Space, multiple guests shared their judgments from different perspectives.

Crypto market strategist first expressed cautious views. Based on observations of historical cycles, he pointed out that this adjustment cycle lasts about 6-7 weeks, similar to some bottoming phases in history, so the current rally is more likely a temporary rebound. His core argument is based on macro technical indicators, such as the monthly MACD forming a death cross, which in history (e.g., early 2022) often signals that after a rebound, the market may still undergo a prolonged period of adjustment and bottoming rather than immediately entering a new bull phase. He emphasized that although negative news has decreased and some institutional funds are entering, risk management remains essential to avoid being caught off guard by excessive optimism in the late rebound stage.

Child RIVER also believes it is premature to draw conclusions now. He pointed out that judging a structural warming requires two core signals: one is the stability of mainstream asset prices, meaning the rally should be sustainable rather than short-term spikes with high volatility. The second is the rational flow of funds; true structural warming will not show frantic speculation on a single hot spot but will involve orderly rotation across different sectors like Layer2, DeFi, indicating long-term strategic deployment by capital. He reminds investors to avoid panic selling and missing opportunities, but also to beware of being misled by short-term emotions.

As the market enters a more complex stage, the focus shifts from “Will it rise?” to “Which areas are creating real value?” In the second topic, guests discussed sectors that have entered the “realization phase” and their core value expressions.

ChainBitX believes that the Real World Asset (RWA) sector already exhibits significant features of the “realization phase.” He pointed out that RWA, by bringing traditional assets like government bonds and real estate on-chain, is realizing verifiable cash flows and institutional adoption. Its core value lies in providing stable yields of 6%-15%, and the total locked value (TVL) on-chain has exploded from billions to hundreds of billions of dollars by 2025, marking that this narrative has shifted from concept to actual value capture and scale expansion.

Mo Yu, based on agreement with RWA, further emphasized the potential of stablecoins and the payments sector to realize value. He believes these two sectors are key bridges connecting crypto to real-world demand. The launch of payment cards and other products is expanding crypto application scenarios into daily consumption, and the stablecoin market is expected to reach a settlement scale of hundreds of trillions of dollars by 2026, with traditional institutions entering. These two sectors are realizing large-scale practical applications and massive capital flows.

YOMIRGO looks toward more cutting-edge infrastructure, especially favoring AI, particularly the AI Agent sector. He believes decentralized computing is a fundamental 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, with long-term potential.

Finding the Key Narrative and Ecosystem Practice: What Could Be the “Final Puzzle” of a Bull Market?

As the market foundation gradually stabilizes, identifying the “final puzzle” that can ignite a comprehensive bull market and absorb massive capital becomes crucial. Under this topic, guests painted different pictures, but their core message points to a “large-scale, sustainable, and capable of connecting broader capital and users” value carrier.

Mo Yu explicitly states that the next local bull market’s driving force is likely to come from the “Intelligent Economy” or AI sector. He believes AI is currently the only vast field that can meet both institutional demands for efficiency and retail investors’ desire for new opportunities, representing a new technological revolution. Projects related to AI may have higher return expectations by 2026.

Coinciding with this, guest YOMIRGO also focuses on the AI sector, further dissecting a future driven by AI intelligent agents. He believes AI can play a key role in two ways: one as an “automated investment manager” on-chain, analyzing markets and seeking RWA and other yield opportunities in real-time to improve large-scale capital allocation efficiency; the other as an “interactive entry point” for users, understanding natural language commands and automatically executing complex on-chain operations, greatly lowering the technical barriers for mass participation in Web3.

ChainBitX emphasizes the strategic importance of combining “RWA + Stablecoins.” He believes this combination perfectly fits the “final puzzle” core features: it provides verifiable cash flows and compliance anchors through real-world assets, while stablecoins enable efficient on-chain circulation and value stability. This model can systematically reduce the entry barriers and concerns of traditional capital into crypto, potentially opening a compliant, sustainable, and large-scale incremental capital channel.

Finally, child RIVER further defines the underlying logic of market structure and capital capacity. He points out that the true “final puzzle” must be in directions like “financial infrastructure” or “compliant derivatives” with huge capital capacity. The core is to meet the essential needs of different participants: providing institutional investors with compliant, transparent, and risk-controlled investment tools, and offering retail investors low-threshold participation opportunities with significant profit potential.

In the grand visions guests have painted—AI-driven intelligent economy, RWA and stablecoin integration, or financial infrastructure capable of carrying massive liquidity—the successful implementation of these requires a robust underlying ecosystem with strong synergy, a deep user base, and efficient connection of all elements.

Against this backdrop, the SUN.io ecosystem on TRON shows potential to become this “key puzzle.” Through deep integration of core products like SunSwap (decentralized exchange), SunX (perpetual contracts), SunPump (Meme fair launch platform), it has built an efficient internal value cycle. More importantly, it has strategically upgraded its AI intelligent agent SunAgent, which is a key part of realizing the ecosystem synergy.

SunAgent responds perfectly to the guests’ outlook on AI sectors. Its main functions are twofold: first, as a universal intelligent interaction interface, users can directly perform complex on-chain operations via natural language commands, such as asset allocation, cross-chain transfers, or liquidity mining, greatly lowering Web3’s usage barriers and technical friction; second, as an automated capital strategy tool on-chain, it can analyze market data in real-time, autonomously seek optimal yield opportunities across DeFi protocols, and execute refined operations, improving large-scale capital utilization and returns. By embedding AI agents deeply into TRON’s DeFi ecosystem, SunAgent aims to be a bridge connecting user intent with complex on-chain financial operations.

This means that the SUN.io ecosystem is integrating the narratives of AI intelligent agents, stablecoins, derivatives, and financial infrastructure into an organic whole capable of value circulation and synergistic enhancement. It is no longer just a collection of products but an “operating system of value” designed to connect capital entry, intelligent interaction and management, and ultimate value capture. Its core mission is to assemble these “puzzles” into interconnected gears, jointly constructing an accelerating “value flywheel” for the entire crypto market.

In this Space discussion, a consensus is emerging: the market’s evolution path is shifting from emotion-driven broad narratives to a “realization phase” 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, the more forward-looking insight is that a single sector’s explosion may be insufficient to carry all expectations for the next bull run. Ecosystem-level practices like SUN.io, which organically integrate technology, assets, users, and capital through a “value operating system,” may point toward a more certain future. The final puzzle of a bull market may not be a single isolated technology or asset but a complete ecosystem capable of sustained synergy and driving a continuous value cycle.