# Finding Alpha in This Bull Market

By [Avery](https://paragraph.com/@avery) · 2025-08-13

alpha

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**1\. The New Meta: On-Chain + Off-Chain TradFi**

The loudest narrative this cycle is the seamless fusion of traditional finance and DeFi.

*   **Stablecoins Go Infrastructure**  
    Stablecoins are no longer just “dollars on-chain”; they are the plasma connecting TradFi and DeFi. Alpha lies in arbitraging cross-chain yield differentials, locking stablecoin flows, and building novel rails on top of them.
    
*   **The MicroStrategy Effect for BTC & ETH**  
    Public companies adding crypto to their balance sheets is now a trend, not a headline. Spotting the next “quasi-reserve assets” before they’re announced is the new edge.
    
*   **“To Wall Street” Verticals**  
    Protocols purpose-built for institutions—compliant yield products, permissioned DeFi, on-chain fund-management tooling—will hoover up the big checks.  
    The old mantra “Code is Law” has quietly morphed into **“Compliance is King.”**
    

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**2\. Native Crypto Themes: Survival of the Fittest**

Pure-play crypto narratives are entering a rapid culling phase.

*   **Ethereum’s Second Renaissance**  
    ETH’s price breakout reignites developer mindshare. The post-breakout playbook shifts from “Rollup-Centric” to “ZK-Centric,” with zero-knowledge stacks becoming the default upgrade path.
    
*   **High-Performance L1s: Real Activity > Vanity TPS**  
    The arms race is no longer about raw speed; it’s about who can onboard genuine economic activity. Watch three KPIs:  
    – share of stablecoin TVL  
    – native, sustainable APY  
    – depth of institutional partnerships
    
*   **Altcoins’ Last Gasp**  
    A broad “alt season” is structurally starved for fresh capital. Expect only isolated “dead-cat bounces.” Screen for:  
    – tight token distribution (low float, high conviction holders)  
    – still-vibrant communities  
    – ability to rebrand around fresh memes like AI or RWA
    

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**3\. MEME Coins: From Sideshow to Portfolio Staple**

Degens have become a permanent asset class.

*   **Capital Efficiency**  
    Traditional alts suffer bloated FDVs and dying liquidity. Fair-launched, high-velocity MEMEs now vacuum up the capital that once chased vaporware.
    
*   **Attention Arbitrage Still Rules**  
    KOL reach, meme culture, and engineered FOMO cycles remain the primary moats. Liquidity follows eyeballs faster than fundamentals.
    
*   **MEME Activity as a Chain KPI**  
    A vibrant MEME market is no longer a joke—it’s a signal of ecosystem health. The next L1 bragging rights will be measured in dog-money volume, not TPS.

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*Originally published on [Avery](https://paragraph.com/@avery/finding-alpha-in-this-bull-market)*