Author: Katherine Ross, Blockworks; Compiled by: Whitewater, Golden Finance

We ask ourselves one question over and over again: When will altcoins take off?

To be fair, David has done a pretty good job of getting ready for the next altcoin season to take off. But to figure out how optimistic people should be, I turned to HashKey’s Jupiter Cheng.

Zheng and David are on the same page when it comes to when we might see the next altcoin season, and HashKey has put together a report explaining why the team is so bullish on altcoins right now.

Part of the reason is that Bitcoin’s dominance is likely to peak, and if you’re a regular Empire reader, you’ll know that’s one of the necessary factors for altcoins to take off.

Once Bitcoin’s dominance exceeds 60% or even 65%, Zheng expects a "massive altcoin season" will start. BTC’s current dominance is 61.64%.

Zheng highlighted three areas of success that he is focusing on: Ethereum, Solana, and certain tokens in DeFi such as UNI and SKY (formerly MKR).

Let’s start with Ethereum, especially since it feels like more and more people are falling off the bull train right now.

HashKey believes that there are three factors that led to the collapse of Ethereum: increased competition, value transfer, and lower transaction fees.

Review of past altcoin seasons provided by HashKey

The report states: “Currently, the Ethereum community is Developing metrics to measure 'Ethereum consistency', these efforts are expected to generate best practices that further solidify the Ethereum ecosystem and ensure long-term success." As for Solana, it is a "major foundation. Game”, which is different from the “dilemma game” played by Ethereum.

“Solana has achieved a lot this year, and compared with Ethereum, Solana is a bit centralized, but very efficient. Therefore, Solana’s operational capabilities are very strong. Ethereum is more focused on technology... There’s the technology layer, the decentralization layer, the security layer, but Solana is more focused on how to achieve mass adoption,” Zheng explained to me.

In addition, Zheng believes that this will be the next token selected by ETF after ETH and BTC funds.

In short, “Many DeFi projects in the last cycle have gradually becomefor infrastructure and across cycles, forming a 'must-have' pattern," HashKey wrote.

But it's not all bull markets and daydreams, Zheng is not so optimistic about some things.

Tier 2, for example. There's only so much investors can focus on, and even beyond that, there's only the "top 5 or top 10." Names have value," he explains.

To solve this problem, he made a suggestion: "If we try to select the best Tier 2 out of the 100 [offered], this is Pretty difficult, so maybe just pick the top ones, like we did with Seven Hero stocks from the United States. ”