Panga Capital has identified three primary narratives shaping the cryptocurrency landscape: CryptoMoney, CryptoTech, and CryptoApplications. CryptoMoney focuses on value storage assets such as Bitcoin, while CryptoTech addresses the deceleration in Layer-1 blockchain innovation. The firm emphasizes CryptoApplications as the most promising area, highlighting user-facing blockchain innovations. Panga Capital also notes the convergence of artificial intelligence and cryptocurrency, particularly within tokenized economies. The firm suggests adopting the term 'Web 3' to better encapsulate the potential of CryptoApplications, which it views as a key driver for future returns in the crypto sector.