The market these past few days has been pretty typical—when it rebounds, everyone's calling for a bull run, but the moment it pulls back, people start complaining again. Essentially, it's one problem: the old narratives have lost their elasticity.

Whether it's L2, traditional DeFi, or that batch of AI Agents, it's more like incumbent capital fighting over scraps now. But what I've been paying more attention to lately is something else—new narratives are actually already being seeded by early movers.

Today I noticed that Coinbase has already put $PRL