Part 3/11:
DeFi Summer 2020: An idea that banks are obsolete and that anyone can be their own bank through liquidity mining. This narrative shifted utility into profit, leading to explosive growth from around $700 million in TVL to over $15 billion within months, and tokens like YFI reaching astonishing prices.
NFT Mania 2021: Digital ownership and exclusivity, driven by celebrity endorsements and scarcity, turned simple profile pictures into multi-hundred-thousand-dollar assets.
2023-2024: The focus moved toward the convergence of AI and crypto, with autonomous AI agents and liquid proxies for AI projects rallying dramatically.
These cycles repeat with remarkable precision because they hinge on a narrative life cycle.