Intern Narratives - Part 2

Key Insights

• Messari interns continue their exploration of compelling narratives for 2024. The second of this two-part report covers Parallelized EVMs, Cult Coins, and the Decoupling of Crypto from Bitcoin.
• Parallelized EVMs: These next-gen blockchains aim to scale the EVM by processing multiple transactions simultaneously. The success of these networks, like Sei and Monad, could transform the smart platform landscape, but challenges such as dependent transactions and competition from alternative scaling solutions pose significant obstacles.
• Cult Coins: Emerging as a more sustainable subcategory of memecoins, Cult Coins emphasize community-building and niche cultural themes. Their organic growth and low supply overhang offer high potential returns, but they face challenges in maintaining relevance and combating market saturation.
• Decoupling Crypto from Bitcoin: The long-term decoupling of crypto assets from Bitcoin remains a complex narrative. While diverse crypto sectors show varying levels of correlation with Bitcoin, regulatory clarity and innovative applications may eventually drive a broader market differentiation.

Messari hired twelve intern analysts from elite schools over the summer. They worked with different research teams – Protocol Services, Diligence, and Enterprise. While their time with Messari didn't "retire them from a 100x trade", they did (hopefully) gain a broad understanding of our research process.

For their time with the Enterprise team, they were asked to cover six narratives in teams of two in the style of our own Narrative Games. These are the narratives they believe are most compelling for the next 3-6 months based on the potential for hype, financial gain, and technology adoption. The framework for comparing different narratives is based on the following criteria: