I took a look at the market for alts, and it seems that the market has quietly shifted from speculating on concepts and competing for popularity to a more pragmatic approach—value coins are slowly gaining the upper hand. In contrast, some newly launched PPT projects are more disappointing than the last, with hype coming and going, prices rising and falling, and they simply cannot stabilize.

Some projects with real income and clear use cases, such as Aave, Pendle, MKR, Hype, Syrup, Cake, etc., although there haven't been significant fluctuations, their overall trend has been quite stable over the past few months, with some even gradually increasing. They are like "blue-chip stocks" in the crypto world, relying on solid value support rather than hype.
I am increasingly convinced that honest projects that work diligently, have revenue, and real application scenarios will go further than those L1 (Layer 1) platform coins that are speculated back and forth. After all, L1 has been popular for several years, and its valuation has been inflated too high; the bubble will eventually need to be squeezed. The upcoming market will probably be about "what are you still fantasizing about, it's time to return to reality."