Space Retrospective | "Eco-synthesis" as a New Engine: Decoding a Value Creation Model Beyond Track-Based Cycling

The crypto market in 2025 stands at a crossroads of both cyclical and structural changes. The fog of the macroeconomic environment has yet to clear, with the pace of interest rate cuts, global capital flows, and market risk appetite still oscillating within the framework of macroeconomic policy. However, beneath the surface, undercurrents are already surging. In the "new normal" of high interest rates but strong expectations of rate cuts, global capital is seeking new directions, and a narrative battle surrounding the "bull market" has already begun. This is no longer merely a rotation of hot topics, but a profound reconstruction of value logic.

Against this backdrop, this SunFlash Roundtable aims to penetrate short-term fluctuations and dissect the underlying logic of this "ultimate battle" from a higher dimension of cycles and structures. This session of Space invites several industry observers to discuss: Why is the market so eager to vie for narrative dominance amidst macroeconomic uncertainty? Which sectors can truly weather bull and bear markets and become the enduring driving force of the market? And why is a continuously evolving, internally collaborative, comprehensive ecosystem more likely than a single sector to integrate liquidity, innovation, and network effects, ultimately defining the next stage of value growth paradigm?

The following is a summary of the most insightful viewpoints and market insights from this Space Dialogue, focusing on these core issues.

With the macroeconomic direction still unclear, what is the market's "rush to get ahead" logic?

Despite the continued uncertainty surrounding macroeconomic monetary policy and the economic outlook for 2025, early adopters in the crypto market have quietly begun a fierce competition regarding the main theme of the future bull market. This issue of Space's first core topic directly addresses this seemingly paradoxical phenomenon: why the rush to jump on the bandwagon when the signals are unclear?

Several speakers unanimously pointed out that the core driving force of the crypto market does not stem from current data, but rather from advanced expectations of the next stage's structure. HiSeven first pointed out that true market pricing often occurs during the period of greatest uncertainty. Macroeconomic variables (such as interest rate cuts and liquidity) are slow variables, while the market is a fast variable. The task of "smart money" is precisely to predict, amidst the fog, which sectors have the greatest potential to absorb the massive liquidity to be released when uncertainty dissipates.

bigpump.ai further explained the necessity of "getting a head start": once market consensus is formed, asset prices will be revalued instantly, and it will be too late to position oneself then . She pointed out that what funds are currently actively seeking is a "story anchor" that can provide an explanation for the market's direction over the next 6-18 months. This anchor acts as a safe haven, allowing mainstream funds to establish core positions first, and then allocate flexible assets around it.

Web3's Nanako summarized the profit-seeking nature of capital with a more straightforward logic: "Certainty is too expensive." He emphasized that the huge opportunities in the crypto market lie precisely in uncertainty. If one waits for all macroeconomic benefits (such as clear interest rate cuts and clear regulations) to fully materialize, the prices of core assets will already be high, and the cost advantage will be lost. Therefore, institutions and smart money must "bet before dawn," placing their bets early amidst disagreements.

Having clarified the logic of "getting a head start," this episode of Space naturally delves into specific sectors: which sectors can truly weather bull and bear markets and become the enduring main theme leading the market, rather than just fleeting, temporary hot topics? The guests proposed clear selection criteria and envisioned a new structure that the market might present in the future.

Several guests first clarified the distinction between the main theme and the hot topics. Crypto Swing King and Web3 Cai Cai Zi pointed out that similar periodic hot topics, such as the metaverse in the past, often lose their value after the initial hype fades. The true main theme must possess cross-cycle resilience, able to withstand macroeconomic fluctuations, regulatory pressures, and the baptism of bear markets; its value logic will not fail due to market fluctuations. Grace's analogy is even more vivid: after a market trend ends, the "hot topics" leave behind a mess, while the " main theme" should leave behind a new infrastructure or economic system that can operate in the long term. This reveals that the core of the main theme lies in the creation and accumulation of real value.

Based on the above differences, the guests extracted three core criteria for becoming the main theme of a bull market: namely, the ability to survive and develop across cycles, the scalability of the ecosystem and the innovation flywheel, and the continuous absorption and accumulation of liquidity.

Analyzing the "positive flywheel": How does the TRON ecosystem build an endogenous growth engine?

Beyond the traditional approach of seeking a single leading player, this discussion presented a forward-looking perspective: the "main theme" in 2025 may not be a single sector, but rather a synergistic and symbiotic ecosystem. The evolution of the TRON ecosystem was seen by many guests as a vivid example of observing the "potential of the main theme," its development path precisely reflecting the aforementioned key logics.

TRON has demonstrated structural resilience across economic cycles by building a large, active, and continuously evolving comprehensive ecosystem. The core advantages of this ecosystem are reflected in the following mutually supportive layers:

First, it has built a high-performance underlying infrastructure, providing a solid foundation for the prosperity of the ecosystem . The high throughput and low transaction fees of the TRON network have solved the core bottleneck for the large-scale application deployment. It is this foundation that supports its more than 250 million total user accounts and continuously growing on-chain activity, forming a strong network effect base.

Secondly, it has successfully captured and retained a massive amount of real-world liquidity, establishing its position as a core financial layer . TRON is one of the world's largest stablecoin circulation networks. The continuous inflow of stablecoins provides a deep liquidity pool for its upper-layer DeFi applications (such as JustLend DAO and SUN.io ), generating real returns. This is strongly evidenced by on-chain data: On November 28, according to Nansen data, only 6 public chains had fee revenue exceeding $1 million in the past 7 days, with the TRON network ranking first with $6.16 million in fee revenue. This not only directly reflects the robust activity and real demand of its network, but also means that the massive liquidity within its ecosystem has been effectively transformed into sustainable protocol revenue and value retention, perfectly illustrating the core capability of "attracting and retaining funds."

Furthermore, its ecosystem demonstrates exceptional scalability and an internal innovation flywheel. The TRON ecosystem has spawned core protocols covering diverse application scenarios such as DeFi, AI, Memes, NFTs, cross-chain, decentralized storage, and oracles. More importantly, these protocols are not simply an aggregation of applications, but rather form a self-reinforcing, continuously growing positive flywheel through a sophisticated internal collaboration and value feedback mechanism.

1. Composability between Protocols : The composability between protocols within the TRON ecosystem constructs a system-level collaborative network where capital can flow seamlessly and returns can be multiplied. For example, users can mint the decentralized stablecoin USDD on the USDD platform and then deposit it into JustLend DAO to earn deposit interest, completing a smooth conversion from stablecoin generation to interest-bearing assets. Furthermore, users can also borrow liquidity in JustLend DAO using collateralized assets and then invest it in SunSwap to provide liquidity, thereby simultaneously capturing multiple returns and greatly improving the capital efficiency of the entire ecosystem.

2. Deflationary Model and Feedback Mechanism: Key protocols within the ecosystem, through business model design, directly feed back the captured value to the ecosystem and token holders. This is the core driving force that keeps the "flywheel" turning. For example, the buyback and burn mechanism of SUN and JST tokens directly reduces the circulating supply of tokens, providing endogenous support for token value and sharing growth dividends with participants.

3. Infrastructure Expansion and Narrative Upgrade: As the official cross-chain solution, BitTorrent Chain (BTTC) not only achieves multi-chain interoperability of assets but also attracts reverse inflows of projects and users from external ecosystems, realizing the external expansion of the ecosystem. Meanwhile, the TRON ecosystem's strategic deployment in cutting-edge AI fields has entered an accelerated phase. Its official AI products, such as SunAgent and SunGenX, are building the next generation of decentralized intelligent infrastructure for the ecosystem. SunAgent has created a decentralized AI agent and automated task execution platform, aiming to lower the operational threshold of DeFi. SunGenX, as a one-click, low-threshold Meme asset issuance tool, has empowered the community to create over 100,000 Meme coins on the SunPump platform, becoming an important innovation experiment and liquidity launch platform within the ecosystem.

In summary, the "positive flywheel" of the TRON ecosystem can be clearly outlined: Strong infrastructure attracts users and capital → thriving application scenarios generate real revenue and user stickiness → the protocol returns a portion of the revenue through buybacks and burns, enhancing the token economic model and participant confidence → increased value and strengthened confidence further attract more developers and capital, and expand outwards through cutting-edge sectors such as AI → the ecosystem's scale and vitality continue to grow. This closed loop allows the ecosystem to break free from dependence on a single hot topic and achieve endogenous and sustainable growth.

The practices of the TRON ecosystem provide a real-world example of the "combined symbiosis" paradigm. It doesn't rely solely on a single trend, but rather continuously attracts developers, users, and capital by building an internally collaborative and self-reinforcing value loop. This commitment to building a complete and sustainable economic system gives it resilience against cyclical fluctuations, allowing it to stand out from the current market structure. This development path gives it the potential to lead the industry from single-asset speculation to complex ecosystem value creation, and it is expected to occupy a key position in the future market structure.