Four months of decline. Most tokens have fallen 30-50%. But fee data can tell you which projects are more likely to benefit. The Helios screener shows that the top ten protocols in terms of fee revenue are almost all ETH/SOL decentralized applications (dApps). Most protocols are trading at less than 10x market capitalization/fees. Only Tron and Hyperliquid have broken this pattern at the infrastructure level. Lending fees are surging (Sky rose 204% in 90 days, Morpho rose 160%), but liquidations could make these figures look even brighter. Historically, fee surges during downturns are often a sign of mean reversion. These surges don't really mean anything until fees stabilize and prices rebound. Looking ahead: The next cycle will be more than just cryptocurrency hype. The deepening tokenization of financial assets will provide these protocols with a more stable revenue base. Many protocols need to improve their token economic models. Push for the Clarity Act. Witness AI-powered agent economies begin trading on-chain. These elements laid the foundation for the highly anticipated but still elusive DeFi (Renaissance) investment case.