Coins That Receive Valuation Are Gaining Attention: Common Points of Coins That Rose More Than Bitcoin Even in a Bear Market

Summary

Undefined Labs CEO Cho Dong-hyun analyzes the crypto bear market, noting that coins generating revenue and buying back tokens have outperformed Bitcoin. He argues DeFi protocols have replaced tech narratives as the main value drivers, and first-generation DeFi like Uniswap, Aave, Morpho, and Sky will dominate the next bull cycle thanks to fintech partnerships and regulatory moats. He also sees RWA tokenization platforms (Ondo, Centrifuge) as the next liquidity magnet, while cautioning about leveraged derivative layers.

• Current crypto bear market shows revenue-generating DeFi tokens with buybacks outperforming Bitcoin by a wide margin.
• Market focus has shifted from technological potential to business fundamentals and real revenue.
• Trading platforms and lending protocols (DEXs, money markets) are the most profitable crypto sectors, attracting long-term value.
• Integration of big fintechs (Robinhood, Coinbase) with established DeFi creates a powerful growth flywheel for 1st-gen protocols.
• First-gen DeFi projects (Uniswap, Aave, Morpho, Sky) have built high entry barriers through stress testing and regulatory licensing.
• RWA tokenization infrastructure (Ondo, Centrifuge) is positioned to capture liquidity when tokenized securities gain traction next cycle.
• Leveraged derivatives layers (Ethena, Maple) carry bubble risk, though the upper DeFi stack remains relatively resilient.