Crypto isn’t just one thing — it’s an ecosystem where narratives swing between legit fundamentals and community-driven hype, and where public perception ranges from respectable to downright embarrassing. And while it’s true that crypto has its fair share of questionable projects, reducing the entire industry to just “degen” activity misses the full picture.
That’s why I put together the Degeneracy Matrix (2025 Edition) — a fun but comprehensive way to look at where different narratives, projects, and concepts fall within the industry.
Top Left – Legit + Acceptable
BTC as Digital Gold, Ethereum + Scaling, Stablecoins, RWAs, Crypto ETFs, DeFi Lending
→ Respectable building blocks — infrastructure, payments, and institutions stepping in.
Top Right – Narrative + Acceptable
Memecoins, AI Tokens, NFTs, Gaming, SocialFi
→ Story-driven sectors that are socially fun to talk about, but often lack deep fundamentals or are still in early development — making them highly speculative.
Bottom Left – Fundamental + Shameful
DAOs, Privacy Coins, Borrow/Lend Infra
→ Critical but too niche, technical, or just not as hot.
Bottom Right – Pure Degen
Pump.fun Launches, Solana Meme Waves, Telegram Bots, OTC Snipes
→ High risk, high entertainment value — the true degen zone.
This matrix isn’t about judgment — it’s a lens to see how crypto balances fundamentals, hype, and perception. Whether you’re here for the memes or the infrastructure, understanding the full picture makes the industry a lot more interesting (and a lot more fun).