The speculation era is coming to an end. The crypto maturity era starts here.
Protocols that actually care about users and real revenue (not hype) are the ones that will make it through the next bear.
Last cycle was pure hopium, L2s, DeFi season, random projects did 2-3 figs multiples while generating zero revenue or any value at all, all were running on inflation and ponzinomics.
Now we are watching top DeFi like AAVE, Fluid, and Uni, turning on buybacks. Real products with real PMF like Ethena and Hyperliquid delivering better UX than traditional solutions while redirecting value to holders.
Protocols > companies
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