The Great Reset
Dead projects piling up, but the ones with real revenue are holding. Makes you think about where the demand actually lives.
Reading about Botanix, Sonic, and the others shutting down — it's a lot of noise, but the pattern is pretty clear. The projects that never had a real revenue stream are the first to go. Meanwhile, look at SOL holding around 72, AVAX still above 6.3, LINK near 7.9… these aren't dead. They've got actual users and fees coming in.
The numbers underneath are telling: DeFi TVL dropped 30% but fees only fell 8.6%. That means the capital that left was mostly speculative, while the people actually using the protocols stayed. 🤔 So are we really in a bear market, or just a reckoning for projects that relied on hype instead of utility?
I'm not saying everything is fine — but when I see funding still flowing ($11.58B in H1 2026, basically flat YoY) and derivatives revenue up 38%, it feels like money is just getting pickier. The junk gets cleared out, the survivors get stronger. Worth checking which side your bags are on.
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