Those who survive the cycle are the real deal.

Bull markets amplify stories. Bear markets filter out the real infrastructure.

In the 2017 cycle, Ethereum stood its ground. In 2020, the lending system was built. By 2024, restaking has become the new foundational infrastructure.

In every cycle, the hot topics change. But those protocols that solve real needs? They quietly accumulate momentum.

Take KernelDAO as an example—it spans ETH, ARB, OP, and several major chains, managing about $1.5 billion TVL through staking and treasury management. These mechanisms continue to operate steadily even during extreme market volatility.

Now they're working on Kred, targeting the institutional credit market.

Storytelling can kickstart a project, but long-term survival depends on utility. The market remembers protocols that endure across cycles, not the fleeting trends.