Binance Research Team: A Bull Market Requires the Resonance of Monetary Easing and Paradigm Innovation, with RWA as a Key Driving Force

The Binance research team pointed out at the "Ye Tan - Under the Cycle" private meeting that a bull market typically requires the resonance of monetary easing and paradigm innovation, with new use cases determining the scope of growth diffusion. They reviewed five major cycles in the cryptocurrency market. The first cycle was value storage (2011-2015), represented by BTC and Litecoin, competing around digital gold and peer-to-peer currency. The second cycle was public chain infrastructure (2016-2018), where Ethereum, EOS, and others explored the "world computer," with infrastructure leading and applications still immature. The third cycle was DeFi (2019-2022), transitioning from trading and lending to algorithmic liquidity experiments, with some projects collapsing after interest rate hikes due to a lack of real cash flow. The fourth cycle is institutional entry (2023-2025), where spot ETFs open funding channels, with themes like Meme, BTCFi, and AI rotating, but new application paradigms are limited. The fifth cycle is RWA / DeFi 3.0 (starting in 2026), where real assets on-chain will connect DeFi to real cash flow, potentially driving a "DeFi Renaissance." On-site presentations showed that the on-chain RWA scale has approached $40 billion, growing approximately 50-60% within the year. The Binance research team believes that RWA is likely to become an important driving force in the next stage.

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