In 2025, the main narrative was basically gambling. Memecoins, perp DEXes, prediction markets, and actual crypto casinos. I think that will change in 2026. People are tired of losing money, and the only reason it worked so well is that people thought it was positive EV for them because of airdrops. Now, however, most airdrops are worth 10x less, while the competition for them has increased by 10x at the same time. Most of these protocols are no longer worth farming for people who deliberately burn money for airdrops, so that capital will flow elsewhere. Let’s see what narrative we get in 2026.