in the local board, my country's crypto community and my circle, the narratives are different, in the airdrop community the best narrative is now that retro airdrops can generate thousands of dollars in just one airdrop, which means now it is the success of airdrops. If in the trading community they are waiting for the bitcoin halving which will happen soon, what they believe is that after the halving bitcoin will rise to $100,000. Apart from that, there are several fanatical Solana network communities whose communities are very solid, layer 1 layer 2 or layer 3 projects which I don't really understand either. ntf, ico, defi seem to be dead.
This is what popular now in my local especially in our social media channel. The consecutive airdrop from Aptos, Tia and many more gives an airdrop another spotlight again that outshine DeFi and other altcoins area.
L1 and L2 project are now trending nomkatter what is the project as long as its new since VC keeps throwing money on it for initial liquidity including funding the airdrops and wait for new investors to cash in more liquidity for them to use as exit liquidity. The typical whale moves which I believe everything will blow ip after the Bitcoin hype but this will take longer for sure.