The crypto market is shifting gears. After a strong first phase marked by regulatory clarity, Bitcoin ETF approvals, and the explosive growth of Solana’s ecosystem, we’re now entering what many — including seasoned degens — believe to be the second stage of the current bull run.
This isn’t just speculation. On-chain data, capital flows, and emerging narratives point to deeper momentum building beneath the surface. While Bitcoin consolidates in what appears to be an accumulation zone, new catalysts are brewing: potential ETH ETF approvals, rate cut speculation, and groundbreaking innovation on both Ethereum and Bitcoin layers.
And with this evolution comes a fresh wave of high-potential airdrops, emerging ecosystems, and novel leverage strategies that could define who wins — and who gets left behind — in 2025.
The Shift: From Cleanup to Innovation
In the first stage of the bull market, the industry focused on healing:
- Resolving legal overhangs from past collapses
- Achieving institutional acceptance via Bitcoin ETFs
- Revitalizing ecosystems like Solana through user-driven growth
- Distributing early airdrops (JITO, STRK, ETHFI)
Now, the narrative is accelerating toward innovation, expansion, and speculation.
Key developments shaping this phase include:
- Regulatory resilience: The market is proving it can withstand scrutiny.
- Monetary policy shifts: Anticipated Fed rate cuts could fuel risk appetite.
- Ethereum ETF momentum: Approval or even strong signals could ignite ETH.
- Bitcoin’s renaissance: Runes protocol, ordinals, and native dApps are unlocking utility.
- Restaking & LRTs: Protocols like Eigenlayer are creating new forms of yield and leverage.
- Layer 2 wars: New L2s (Zircuit, Mode) are competing for attention with aggressive incentive models.
👉 Discover how to position yourself ahead of the next major airdrop cycle.
Why This Bull Market Feels Different
It’s easy to assume history repeats itself — but each cycle introduces new mechanics.
One major shift? The ease of token creation.
Where early projects required technical expertise and infrastructure (like Dogecoin’s PoW mining), today’s tools allow influencers — even those unfamiliar with blockchain — to mint tokens in minutes.
This democratization has a downside: attention fragmentation. With thousands of tokens vying for visibility, only those anchored in strong narratives survive.
And what are the hottest narratives today?
- Restaking (Eigenlayer, EtherFi)
- BTC DeFi & Ordinals (Runes, Stacks)
- LRTs (Liquid Restaking Tokens)
- Modular blockchains & AI integration
- Meme coins with utility layers
These aren’t just buzzwords — they’re Schelling points where capital and developers converge.
The New Airdrop Frontier
While early airdrops rewarded simple activity (swaps, deposits), today’s protocols demand strategic engagement. Here are the most promising new opportunities:
🔹 Elixir
An orderbook liquidity network backed by Crypto.com, Sui Foundation, and Amber Group. By depositing ETH and minting elxETH, users earn “Potion” points and unlock mystery chests. Mainnet launches in August — your ETH remains locked until then.
🔹 Phaver
Positioned as the best frontend for Lens Protocol. With Farcaster’s rise fueling social layer interest, Phaver offers mining through posts, follows, and NFT connections. Raised $7M from Polygon and Nomad Capital.
🔹 Zircuit
A zk-rollup L2 branding itself as “AI-powered” with a controversial invite-only model. Backed by Pantera and Dragonfly, it integrates major LRTs — enabling double-dipping on Eigenlayer and Zircuit points by depositing restaked ETH.
🔹 Mode Network
An Optimistic rollup similar in design to Blast or Manta. Its edge? Native support for weETH (EtherFi) and ezETH (Renzo), allowing users to farm two layers of rewards simultaneously. With $175M TVL and an upcoming token launch, timing is critical.
🔹 Ethena
No introduction needed. For those holding stablecoins or seeking synthetic dollar exposure, Ethena remains one of the highest-yield airdrop opportunities. Its sUSDe product continues to attract massive inflows.
Still Worth Farming: Core Ecosystems to Watch
Despite shifts, several ecosystems from earlier plays remain highly relevant — especially those tied to upcoming token launches.
1. Eigenlayer & LRT Protocols
Eigenlayer’s TVL has exploded from $262M to $12B since late 2023 — a 4,480% increase. With mainnet launch expected in April 2025, both EIGEN and AVS (Actively Validated Services) airdrops are imminent.
Top LRT platforms to consider:
- EtherFi: Offers eETH with dual yield — 20% APY via liquidity strategy + Eigenlayer points. Advanced users can leverage up on Fluid for amplified rewards.
- Renzo: Fastest-growing LRT ($2.3B TVL). Backed by Binance Labs; widely considered one of the best places to park ETH.
- Swell: Confirmed token launch mid-April. Also launching its own L2 with native staking yields. rswETH withdrawals coming soon.
- Puffer: Despite declining TVL due to lack of native ETH staking support, still backed by Binance Labs. Join “Crunchy Carrot Quest” for boosted rewards.
- Kelp: Controversial move — launched KEP as a liquid EIGEN point token. Running a “Road to a Billion” campaign offering up to 100 extra EIGEN per ETH staked.
💡 Pro Tip: Use Pendle Finance’s YT tokens to lock in yield while accumulating airdrop points. Many top degens used this strategy to maximize their ETHFI returns.
2. Stacks (Bitcoin L2)
Stacks continues to fly under the radar — which makes it ideal for early positioning.
Why it matters:
- Native Bitcoin layer for smart contracts
- Nakamoto Upgrade (April 2025) brings 5-second block finality
- Small ecosystem = less competition for future rewards
Key opportunities:
- Stacking DAO: Stake STX for stSTX and earn double points on Bitlow DEX
- Lisa: New liquid stacking protocol; join waitlist now
- Arkadiko: Mint USDA stablecoin by locking STX
- Velar: AMM with active points program post-Gate.io/Bybit listing
👉 Learn how to access hidden yield opportunities before they go mainstream.
3. Starknet
Despite disappointment over zkLend’s underwhelming airdrop, Starknet remains compelling.
Why?
- Unique Cairo programming language reduces copy-paste forks
- STRK token utility includes staking and gas discounts
- TVL ($314M) is tiny compared to FDV ($19B) — signaling room for growth
- Second STRK airdrop expected soon
Focus on:
- Nostra: Largest dApp by TVL (~$200M)
- Ekubo: Top DEX with generous LP rewards (50%+ APY on some pairs)
- Avnu: Aggregator like Jupiter; earn points via frequent small trades
⚠️ Note: Ekubo charges high withdrawal fees (up to 1%). Optimize by providing wide-range liquidity.
4. Solana
Solana’s ecosystem remains fertile ground for farming — even as major protocols begin launching tokens.
Still worth your time:
- Kamino: Season 2 live; expect token launch in April
- Sanctum: LST aggregator; raised $6.1M; INF vault offers 9.3% yield
- Marginfi: No token yet, but persistent points system + new stablecoin YBX
- Backpack: Exchange/wallet hybrid; KYC may boost airdrop eligibility
- Tensor: NFT marketplace holding steady despite MagicEden competition
- Grass: Passive income via AI data sharing; raised $3.5M; building own L2
- Parcl, Flash.trade, Drift: All offering points for liquidity or trading activity
5. SUI
Latecomers might be surprised — SUI outperforms SEI, INJ, and Aptos in TVL growth.
Advantages:
- Move language prevents lazy Ethereum forks
- Three liquid staking options available
- High APYs (up to 100%) on some pools
Strategies:
- Stake SUI for haSUI on Headal (tradeable on Cetus)
- Borrow stablecoins using haSUI/afSUI on Navi or Scallop
- Mint $BUCK stablecoin via Bucket protocol
6. Bitcoin Ecosystem (Ordinals & Runes)
After restaking, Bitcoin ordinals are the most bullish narrative in crypto.
Why?
- Cultural momentum: NFTs, BRC-20s, inscriptions
- Runes protocol launches at block 840,000 — enabling fungible tokens on BTC
- Multiple airdrops already claimed (RSIC, Runestone)
Action steps:
- Acquire Bitcoin NFTs early
- Monitor Rune mints post-halving
- Follow educational threads from @DoggfatherCrew and @peddy_
7. SEI & Injective: A Reality Check
Not every ecosystem delivers.
SEI: Limited dApp innovation despite V2 EVM plans. Only Silo’s liquid staking offers meaningful farming potential.
Injective: Exit warning. Poor UX, typo-filled interfaces, low-value airdrops ($200–$500 despite six-figure deposits), and weak community signal declining health. Likely investor-driven pump post-unlock.
Frequently Asked Questions (FAQ)
Q: Is the bull market really entering a second phase?
A: Yes. Evidence includes renewed institutional interest (ETF inflows), technological maturation (L2s, restaking), and narrative evolution beyond basic speculation.
Q: When will Eigenlayer launch its token?
A: Expected in April 2025. Mainnet rollout will likely coincide with EIGEN distribution and AVS integrations.
Q: Are meme coins still viable for gains?
A: Only those tied to real ecosystems (e.g., Solana x AI via Grass). Pure hype coins carry higher risk as attention spans shorten.
Q: Should I stake ETH directly or use an LRT?
A: LRTs offer higher reward potential via Eigenlayer points and future airdrops. However, they add smart contract risk — diversify accordingly.
Q: How do I avoid missing airdrops?
A: Focus on protocols with transparent point systems, active communities, and VC backing. Regular interaction (swaps, stakes, borrows) increases eligibility.
Q: What’s the safest way to farm without leverage?
A: Use non-custodial liquid staking (e.g., EtherFi, Renzo) with reputable teams and audited codebases. Avoid overexposure to single platforms.
Final Thoughts: Stay Ready for the Unexpected
Markets rarely follow scripts — remember SBF?
While we expect continued innovation and generous airdrops through 2025, prepare for surprises: regulatory shocks, black swan events, or sudden shifts in narrative.
Your edge? Focus on ecosystems with real tech, strong backers, and clear incentives.
Don’t chase every trend — build positions where value accrues long-term.
Because when the next spark hits — whether it's an ETH ETF approval or a breakout Bitcoin dApp — you want to be ready.
👉 Secure your position before the next wave of crypto innovation takes off.