Unknowingly, the market has started to recognize valuable coins, while new coins that rely on empty promises are fading away one after another. However, “hard currencies” like Aave, Pendle, and MKR, which have actual revenue and use cases, have either been rising slowly or not losing money in the past few months. I believe these coins will perform better than L1 in the future — L1 has been hot for so many years, giving rise to various crazy valuations, and the process of demystification still has a long way to go.