Space Review｜The Race Between Sectors Enters the "Fulfillment Phase," Who Can Complete the Final Piece of the Bull Market Puzzle?

After a prolonged period of volatility and stagnation, the recent crypto market has shown signs of stabilization and recovery among mainstream assets, with certain sectors leading the breakout. Market sentiment is gradually awakening from the deep freeze. However, unlike past "mini-rallies" driven purely by sentiment or news, this round of movement reveals a clearer hierarchy: capital is no longer blindly following trends but is beginning to concentrate in specific sectors along the trajectory of narrative and fundamental validation. The market appears to have entered a more critical watershed: the driving force behind the market is shifting from expectations to realization, from broad-based gains to differentiation.

Among the numerous competing sectors and narratives, which can truly attract capital, achieve value realization, and thus complete the final piece of the bull market puzzle? This edition of the SunFlash Roundtable delves into deep discussions on market phase assessment, the logic of sector realization, and future main themes, aiming to clarify the true dynamics behind the recovery and attempting to provide participants with a navigation map to traverse the cyclical differentiation.

Is the Market Bottoming Out? Which Sectors Have Entered the "Realization Phase"?

Against the backdrop of the recent market's gradual recovery from low-level volatility, the nature of the market movement—whether it is a "brief mini-rally" or a "sustainable structural recovery"—has become a focal point for investors. In the first topic discussion of this Space session, several guests shared their judgments from different perspectives.

Crypto波段王 (Crypto Swing King) first expressed a cautious view. Based on observations of historical cycles, he pointed out that this adjustment cycle lasted about 6-7 weeks, similar in duration to some historical bottoming phases. Therefore, the current rise is more likely a phased rebound. His core argument lies in long-cycle technical indicators; for example, the monthly MACD has formed a death cross. Historically (such as in early 2022), this pattern often indicates that the market may still experience a prolonged period of adjustment and bottoming after a rebound, rather than directly launching a new bull market. He emphasized that although negative factors have decreased and some institutional capital is entering, risk management is still necessary to avoid becoming passive due to excessive optimism in the later stages of the rebound.

小孩RIVER also stated that it is too early to draw conclusions. He pointed out that judging a structural recovery requires grasping two core signals: first, the price stability of mainstream assets, meaning the rise needs sustainability rather than a state of high volatility with short-term spikes and retreats. Second, the rationalization of capital flows. A true structural recovery would not see capital flocking to speculate on a single hot topic in a浮躁 manner. Instead, there would be orderly rotation among different sectors like Layer 2 and DeFi, showing that capital is making long-term plans. He reminded investors that in the current environment, they need to avoid missing out due to panic while also being wary of being misled by short-term sentiment.

As the market enters a more complex phase, investors' focus is shifting from "whether it will rise" to "which areas are creating real value." In the second topic, guests discussed sectors that have currently entered the "realization phase" and their core value manifestations.

ChainBitX believes the Real World Asset (RWA) sector already exhibits significant characteristics of the "realization phase." He pointed out that RWA, by tokenizing traditional assets like government bonds and real estate, realizes verifiable real cash flows and institutional-grade adoption. Its core value lies in providing stable yields of 6%-15%, and its on-chain Total Value Locked (TVL) has experienced explosive growth from tens of billions to hundreds of billions of dollars in 2025. This marks the transition of this narrative from concept to actual value capture and scale expansion.

墨鱼 (Moyu), while agreeing with RWA, further emphasized the realization potential of the stablecoin and payment sectors. He believes these two sectors are key bridges connecting cryptocurrency to real-world demand. The launch of products like payment cards is expanding cryptocurrency's application scenarios to daily consumption. Meanwhile, the stablecoin market is expected to reach a settlement scale in the trillions of dollars by 2026 and is attracting traditional institutions. These two sectors are realizing large-scale practical application and massive capital flow.

YOMIRGO turned his attention to more cutting-edge infrastructure areas, expressing greater optimism for AI, particularly the AI Agent sector. He believes decentralized computing is a fundamental need for AI development, and Web3 can provide native identity and financial infrastructure for autonomous AI Agents. This sector realizes the underlying protocol capability for future human-machine interaction and value exchange, possessing long-term potential. 

Finding Key Narratives and Ecosystem Practices: What Can Become the "Final Piece" of the Bull Market?

As the market foundation gradually solidifies, finding the "final piece of the puzzle" that can ignite a comprehensive bull market and absorb massive capital becomes crucial. Under this topic, guests painted different pictures, but their core demands all pointed towards a value carrier that is "large-scale, sustainable, and capable of connecting broader capital and users."

墨鱼 (Moyu) explicitly stated that the driving force for the next partial bull market is likely to come from the "Intelligent Economy" or AI sector. He believes AI is currently the only vast field that can simultaneously meet institutions' demand for efficiency and retail investors' demand for new opportunities, representing a new technological revolution. Related projects may have higher return expectations by 2026.

Coincidentally, guest YOMIRGO also focused on the AI sector, further dissecting a future vision driven by AI agents. He believes AI can play a key role in two aspects: first, as an "automated investment manager" on-chain, it can analyze markets in real-time, find yield opportunities in sectors like RWA, thereby improving the allocation efficiency of large-scale capital; second, as an "interaction gateway" for users, it can understand natural language instructions and automatically execute complex on-chain operations, significantly lowering the technical barrier for mass participation in Web3.

ChainBitX, from the perspective of asset and payment integration, emphasized the strategic significance of the "RWA + Stablecoin" combination. He believes this combination perfectly fits the core characteristics required for the "final piece": it provides verifiable cash flow and compliance anchors through real-world assets, while leveraging stablecoins to achieve efficient on-chain circulation and value stability. This model can systematically lower the barriers and concerns for traditional capital entering the crypto space, potentially opening up a compliant, sustainable, and massive incremental capital channel.

Finally, 小孩RIVER further defined the underlying logic from the perspective of market structure and capital absorption. He pointed out that the true "final piece" must be a direction with immense capital capacity, similar to "financial infrastructure" or "compliant derivatives." Its core lies in simultaneously meeting the essential needs of different participants: providing institutions with compliant, transparent, and risk-controllable investment tools, and offering retail investors low-barrier participation opportunities and significant profit potential.

In the grand visions conceived by the guests, whether it's the AI-driven intelligent economy, the combination of RWA and stablecoins, or financial infrastructure carrying massive liquidity, their successful implementation requires a foundational ecosystem with strong synergy capabilities, a deep user base, and the ability to efficiently connect various elements as support.

Against this backdrop, the SUN.io ecosystem on the TRON network is demonstrating the potential to become this "key piece." Through the deep synergy of core products like SunSwap (decentralized exchange), SunX (decentralized perpetual contracts), and SunPump (Meme fair launch platform), the SUN.io ecosystem has already built an efficient internal value cycle. More notably, it has strategically undergone a comprehensive upgrade and iteration of its AI agent, SunAgent, which constitutes a key part of realizing the ecosystem synergy vision.

SunAgent perfectly responds to the guests' outlook on the AI sector. Its core functionality is mainly reflected in two layers: first, as a universal intelligent interaction gateway, users can directly complete complex on-chain operations through natural language instructions, such as asset allocation, cross-chain transfers, or participation in liquidity mining, thereby greatly lowering the usage barrier and technical friction of Web3; second, as an automated strategy tool for on-chain capital, it can analyze market data in real-time, autonomously find optimal yield opportunities among DeFi protocols, and execute refined operations, thereby improving the utilization efficiency and return rate of large-scale capital. By deeply embedding the AI agent into the TRON DeFi ecosystem, SunAgent aims to become the bridge connecting user intent with complex on-chain financial operations.

This means the SUN.io ecosystem is integrating multiple key narratives discussed by the guests—AI agents, stablecoins, derivatives, financial infrastructure—into an organic whole capable of achieving value cycles and synergistic enhancement. The SUN.io ecosystem is no longer merely a collection of products but a "Value Operating System" aimed at streamlining the entire process from capital entry, to intelligent interaction and management, and finally to value capture. Its core mission is precisely to assemble the various "puzzle pieces" into gears that drive each other, collectively constructing an "value flywheel" that accelerates the entire crypto market.

In the discussions of this Space session, a consensus gradually became clear: the market's evolution path is shifting from broad narratives driven by sentiment to a "realization phase" validated by real cash flows and user value. In this screening process, sectors like RWA, stablecoin payments, and AI have already demonstrated solid value capture capabilities. However, a more forward-looking insight is that the explosion of a single sector may struggle to bear the full imagination of the next bull market. Ecosystem-level practices like SUN.io, which organically integrate technology, assets, users, and capital through a "Value Operating System," may point towards a more certain future. The final piece of the bull market puzzle may not be an isolated technology or asset, but a complete ecosystem capable of continuously generating synergistic effects and driving value cycles.