Narrative Games: Part 1

This report was originally published as an Enterprise tier report on June 7, 2024.

Key Insights

• Messari Research holds quarterly "Narrative Games" meetings to assess the potential of compelling narratives based on token supply overhang, impact, probability, and market consensus.
• The first part of “Narrative Games” covers three major DeFi and yield-related narratives. The next part will focus on consumer themes.
• Real World Assets are a compelling narrative that could significantly align TradFi and crypto markets, but their near-term likelihood is low.
• A new Yield Meta has a high probability of occurring but will likely have minimal impact as the market has already priced it in.
• Shared security protocols like EigenLayer are likely to create a significant impact. However, they are still early with large future supply unlocks and have consensus buy-in.