The most popular tracks for new funds currently include re-staking ecosystems, integration of AI and Crypto, revival of the Bitcoin ecosystem and DePIN. 1) The re-staking protocol represented by EigenLayer improves capital efficiency and absorbs a large amount of long-term capital; 2) The combination of AI and blockchain has spawned decentralized computing power and data projects such as Render, Akash, Fetch.ai, etc.; 3) The Bitcoin ecosystem expands application scenarios through Ordinals, BRC-20 and Runes protocols to activate silent funds; 4) DePIN builds a realistic infrastructure through token incentives to attract the attention of industrial capital.

The explosion of the restaking (Restaking) ecosystem

The re-pled agreement led by EigenLayer is undoubtedly the track with the strongest ability to absorb funds at present. It allows users to "re-stake" Ethereum (ETH) or other liquid staking tokens (LSTs) that have been pledged, providing economic security for other emerging projects or networks (such as oracles, bridges, side chains, etc.) that require security. This "eat more fish" model has greatly improved capital efficiency, and its total locked value (TVL) has achieved exponential growth in a short period of time, attracting a large amount of long-term capital and institutional funds seeking higher compound returns.

The deep integration of AI and Crypto

Artificial intelligence (AI) is the hottest topic in the current technology field, and its combination with blockchain is creating huge imagination space and capital attraction. New funds are pouring into the track in large quantities, mainly focusing on the following directions:

• Decentralized computing power: Projects such as Render (RNDR) and Akash (AKT) provide lower-cost and easier-to-access computing power for AI model training and inference by integrating idle GPU resources around the world, and directly benchmark against centralized giants such as Nvidia.
• AI Data and Models: Projects such as Fetch.ai (FET) and Bittensor (TAO) are committed to building decentralized AI agents, data markets and machine learning models to ensure data verifiability and transparency, which attracts funds sensitive to AI ethics and data sovereignty.

Rediscovery of the value of the Bitcoin ecosystem

Bitcoin, long regarded as "digital gold", has an ecosystem that is experiencing an unprecedented revival. With the launch of the Ordinals protocol , BRC-20 tokens and the recently popular Runes protocol , the Bitcoin network has the ability to issue homogenized and non-homogenized assets for the first time. This greatly expands the application scenario of Bitcoin, transforming from a single value storage tool to an active ecosystem that can carry applications and culture. A large amount of originally quiet Bitcoin and new funds were activated and poured into relevant infrastructure, money and trading markets to find early dividends.

DePIN: Connecting the digital world with the physical world

The DePIN (Decentralized Physical Infrastructure Networks) track has attracted much attention for its ability to closely integrate blockchain technology with the real world. It aims to crowdsourcing the construction and operation of real-world infrastructure such as wireless networks, energy networks, data storage and sensor networks through token incentives. Projects such as Helium (HNT) , Filecoin (FIL) and Hivemapper (HONEY) are among the best. Due to its clear business model and the ability to generate real external revenue, DePIN is considered one of the key paths for blockchain to adopt on a large scale, and therefore continues to attract long-term industrial capital and venture capital.

In summary, the new round of on-chain capital flows clearly demonstrates the market's preferences: capital no longer pursues pure financial speculation, but prefers tracks that can improve capital efficiency (re-staking), integrate cutting-edge technology (AI), expand mature ecosystems (Bitcoin) or connect to the real world (DePIN). It is crucial for investors to understand the logic behind these flows of funds. While following hot topics, we should study the fundamentals and long-term value of the project and be wary of short-term overheating risks, so as to make smarter decisions in the ever-changing market.

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