ETH broke through $2,700 strongly last night, catching many off guard. As we emphasized earlier, the ETH market has clearly entered a trend reversal phase, and a new altcoin season is becoming clearer. So, if you missed the early rise, which cryptocurrencies should you focus on next? It is essential to pay attention to fundamentally solid cryptocurrencies. How can we specifically judge the potential of these cryptocurrencies?

When analyzing cryptocurrencies, in addition to looking at prices, three key indicators must be examined in depth:

1. Real user scale: Does the protocol have genuinely active users?

2. Sustainable profit model: Are users really paying for the service rather than just speculating?

3. Token value capture mechanism: Can the protocol's revenue be directly reflected in the token's value?

Performance of several cryptocurrencies

Hyperliquid ($HYPE): A decentralized perpetual contract exchange with institutional-grade performance

In the past 30 days, Hyperliquid has repurchased a total of $37 million in $HYPE.

Hyperliquid has rapidly grown into a leading decentralized perpetual contract trading platform, with daily trading volume exceeding $1 billion, 145 trading pairs, and over 200,000 active users.

Hyperliquid uses a HyperBFT consensus mechanism optimized for high-frequency trading, with strong Layer 1 performance, processing up to 100,000 transactions per second, providing high security and performance assurance for decentralized trading.

Hyperliquid's main revenue comes from transaction fees, including a Maker fee of 0.01% and a Taker fee of 0.035%, forming a stable and genuine source of revenue.

More importantly, Hyperliquid's method of rewarding token holders is very clear:

54% of transaction fee income is used for buying back and burning HYPE coins

Annual deflation rate of approximately 26%

46% of transaction fees are allocated to the HLP liquidity pool

Annual staking rewards of approximately 2.5%

Token holders enjoy governance voting rights

As trading volume increases, the token supply continues to decrease, creating a positive cycle of rising value.

AAVE ($AAVE): A benchmark in the DeFi lending space

In the past 30 days, AAVE has repurchased over $4 million in $AAVE.

AAVE is currently deployed on 14 different chains, with a total locked value exceeding $5 billion, showing real user demand far beyond speculation.

AAVE has diversified and stable sources of revenue:

Interest income from lending

Interest income from lending spread

Flash loan transaction fees

Liquidation fees

AAVE holders can earn the following rewards through the Safety Module staking:

Protocol transaction fee dividends (currently an annualized return of approximately 4.63%)

Deflation effects from buyback and burn

Governance rights over platform risk control and development direction

Such a design allows token holders to ensure the security of the protocol while fully sharing in the platform's growth dividends.

Pendle ($PENDLE): A pioneer in the yield trading space

Pendle distributes 3% of revenue fees and yield bonuses to $PENDLE stakers.

Pendle innovatively realized the tokenization and trading of future yields, with user growth of 400% in 2024 and TVL growth of 20 times, demonstrating excellent product-market fit.

Pendle's revenue channels are clear and sustainable:

AMM pool transaction fee income

3% transaction fee income from tokenized yield trading

Transaction fees after the expiry of principal/yield tokens

Token holders gain direct economic benefits through the vePENDLE staking mechanism:

Voting support pool's 80% fee dividend

Liquidity mining rewards can be increased by up to 250%

Governance rights over the future development direction of the protocol

Even if you missed the early market trend, focusing on fundamentally solid altcoins now can still allow you to take the initiative in the next wave of market trends. Whether it is Hyperliquid's liquidity-driven mechanism, AAVE's leading position in the DeFi lending space, or Pendle's innovative model in the yield trading sector, they all have significant user bases, stable profit models, and clear token value capture designs. The next market cycle's champion may well be those altcoins with solid fundamentals and strong profitability.