Has the era of speculative coins come to an end?

Now the screen is filled with junk coins created by Pump.fun, which has scattered everyone's attention. But have you noticed that assets like HYPE and CRCL, which have some fundamentals, are starting to emerge? Meanwhile, on the tech stock side, the AI concept is on fire, and retail investors' money is flowing that way.

For a token to survive, it must have real value - a solid claim on the protocol's revenue. What effective strategies are left? Dividends, buybacks, burns, or direct control of the token by the treasury. Other flashy tactics are basically nonsense.

When it comes to making money, stablecoins and perpetual contracts are the printing machines. Trading applications and wallets are also quietly making a fortune.

What should you consider when investing? Three things: Can this coin generate income? Is the income steadily growing? Does the valuation align with historical income?

Take two examples. Curve's revenue has been rising, and the FDV has dropped to less than 8 times the annualized monthly revenue. Jupiter is even more aggressive, distributing an annualized share to coin holders that accounts for 25% of the circulating market value, exceeding FDV's 10%.

I bet the project party will play it for real next—making the income concrete and operating the tokens as "pseudo-equity." After all, air games can no longer be played.