What secondary tracks in cryptocurrency are worth retail investors' attention in the future? The difference in this cycle compared to the previous one is that in the last cycle, people's attention was on high annualized returns and payback speed, chasing opportunities to strike gold and gaining first-mover advantages, then transitioning to narratives (NFTs and the metaverse). In this cycle, people will focus their attention and quickly accept narratives, then swiftly transition from narratives to valuations, driven by low valuations leading to MEME explosions. The future focus of people's attention is still uncertain, but some tracks have already secured advantageous positions: 1. Restaking & AVS EigenLayer $EIGEN has launched six AVS on Stage-3 mainnet, with nearly 70% of the staking volume still concentrated in the top 3. The LRT track is still in its early stages, having experienced a round of speculation in 2023, but has not formed a market leader. 2. RWA 2.0: On-chain government bonds & yield-bearing stable assets BlackRock's BUIDL scale has reached $2.9 billion, with the market value of on-chain government bonds being < $10 billion. It has not yet formed a scale, and the track is still early, but it has already captured attention. 3. Bitcoin L2 / Runes Bringing smart contracts onto $BTC has always been the ultimate goal of cryptocurrency, and L2 is generally considered the most likely route to achieve this. Currently, $BTC DeFi TVL is < $2.5 billion, only 1/20 of Ethereum, while Ethereum's market cap is only 13% of BTC's.