The on-chain environment looks ready for a compelling new narrative to drive the next wave of capital inflows. What's holding things back right now is the lack of a fresh, cohesive story that can capture market attention. We've seen cycles before—each bull run needs its own narrative engine to fuel speculative interest and unlock significant valuations. The infrastructure is there, the liquidity is positioned, but we're essentially waiting for that breakthrough moment when a new thesis emerges that can spark imagination across the crypto community and beyond.