Who’s quietly making a fortune in the bear market?

The market’s been quiet lately, and all sorts of narratives have fizzled out. At times like this, it becomes clear which projects are actually making money. To put it simply, the ones that survive and still turn a profit basically fall into three categories:

First, the top exchanges—they earn transaction fees, so they have steady revenue whether it’s a bull or bear market.

Second, the DeFi infrastructure players—they collect protocol fees and liquidity service fees. Even though their scale has shrunk, the business model still works.

Third, applications that have found real demand—not relying on hype or subsidies, but with users who are truly willing to pay.

When the tide goes out, you see who’s been swimming naked. In this market, business models matter way more than stories.