Uniswap (UNI)

We might not have seen a ton of crazy new technologies or sectors developed this past cycle, but we have seen a big move towards actual revenue generating companies.

Even the big DeFi protocols from the past few years are still raking in millions a month and have since also implemented some form of fee switch or buyback mechanism.

The 2021 cycle kind of felt like the dot com bubble for DeFi. A lot of hype, no sustainable revenue/value accrual for holders. Coins fell and many have not made it back to that top since.

With most investor unlocks done from protocols that did launch that cycle, I think at some point these can be pretty good long term spot buys. I don't think the likes of $UNI, $AAVE etc are going anywhere. But you might need a lot of patience for these and have a multi-year horizon.

Newer protocols like $ENA, $PUMP and of course $HYPE are interesting but will have more volatile revenue and still have token unlocks ahead, so timing will be more difficult. I think ENA & PUMP will perform incredible during a hot market, but that's the key.

Just some random thoughts. I think many of these big protocols have come down to reasonable levels by now. Obviously DeFi itself has not been hot while $ETH has underperformed this cycle too.

But I don't think the DeFi lull lasts forever.