very interesting observation. from my pov, the same playbook every new and sustainable narrative follow would be:
phase 1: easy edges + narrative hype
phase 2: tools + agents + verticalization
phase 3: edge becomes operational efficiency
what happens next after Kalshi or Polymarket has its position settled would be a stack of micro-games built on the same incentive layer. this is when the easy meta phase ends and it becomes way more competitive.