Who will trigger the next bull run? A deep dive into three key metrics of encryption narratives and leading projects.

Author: hoeem (with omissions)

Compiled by: Tim, PANews

DeFi, DeFAI, and DeSci are the three strongest narratives in the crypto space today. Failing to continuously track their mind share, price trends, KOL opinions, and catalysts is akin to wasting significant profit opportunities in a volatile market.

I will outline these narratives one by one according to the following structure:

Mind Share: Used to identify the most popular projects

Market sentiment: Everyone is optimistic about the projects.

Smart Followers: Understand what top accounts are following

Top performers: Identify the projects that have moved the fastest in the past 7 days and the past 24 hours.

Mind Share/FDV: Exploring the Relationship Between Attention and Valuation

Funding Rate: Check if the bulls or bears are overly enthusiastic.

DeFAI Narrative Overview

1. Mental Share

$GRIFT—86.84% (mainly because this term appears frequently on crypto Twitter, just a personal opinion)

$GRIFFAIN—13.16%

2. Market Sentiment

The market sentiment for $ANON is the best.

3. Smart Followers

$LMT leads the list, followed closely by $GRIFT and $ANON.

4. Best Performers

Last 7 days

Last 24 hours

5. Mental Share/FDV

I removed the GRIFT project because its community popularity mainly comes from people exposing scams on the timeline. The adjusted icon can more accurately reflect the comparison between the token's actual mental share and FDV.

6. Funding Rate

Longs are increasing capital in the perpetual contract market.

Overview of DeFi Narratives

1. Mental Share

$LINK—14.26%

$MNT—14.26%

$AAVE—11.71%

$PENDLE—10.87%

$ENA—6.62%

$UNI—6.62%

$EIGEN—5.09%

$EUL—5.09%

$ENS—4.24%

2. Market Sentiment

$MNT leads bullish sentiment.

3. Smart Followers

$UNIT leads this chart

4. Best performers

Last 7 days

Last 24 hours

5. Mind Share/FDV

The top five related tokens currently ranked are: $TANGO, $EUL, $PENDLE, $HOME, $DOLO.

6. Funding Rate

Today, retail investors are driving the rise of $LINK.

Overview of DeSci Narratives

1. Mental Share

$BIO—37.5%

$CRYO—12.50%

$RIF—12.50%

$RSC—12.50%

$URO—12.50%

$YNE—12.50%

2. Market Sentiment

$URO is currently the token showing the strongest bullish sentiment.

3. Smart Followers

$CRYO has the highest ratio of smart followers.

4. Best Performer

Last 7 days

Last 24 hours

5. Mental Share / FDV

Compared to its FDV, $URO has the highest market mind share.

6. Funding Rate

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