Bear markets actually reveal the most about project quality, many narratives will fade away, but those with real users, revenue, cash flow, or infrastructure value will gradually stand out. The next bull run includes several worthwhile copycat projects:

HYPE
A leading on-chain trading platform, the logic is not just about crypto trading, but also has greater imagination space in on-chain US stocks, Pre-IPO, and other assets. If traditional finance moves more onto the chain in the future, trading volume might not be at the current level. The fee-free buyback + USDC yield is also an advantage. However, valuation and unlocking issues still exist, so I remain optimistic long-term, but that doesn't mean blindly chasing in the short term.
ONDO
One of the RWA leaders, benefiting from asset on-chain and regulatory openness. Many people think RWA is just a story, but at least it corresponds to real assets, not entirely relying on air expectations.
LINK
An old oracle leader, with many narratives changing over time, it still provides underlying connections for DeFi and RWA. It’s the type that doesn’t make much noise day-to-day but is likely to last until the end.
UNI
A DEX leader, after the Hook mechanism, it proved again that it still has innovation capabilities. Compared to new projects, I prefer to focus on platforms with verified business models.
ASTER
In the same track as HYPE, but the gap is obvious. Weak in product, innovation, and operations, its biggest current advantage might still be the resources behind it. Currently holding a light position, mainly looking at cost-effectiveness and future changes.