Personally, I feel that the future bull market will be a 'application bull'. The fat protocol is already a thing of the past.

For example:

$TANGO 2 times

$LAIKA 12 times

$AIFUN 20 times

Additionally, this round of market has produced a phenomenon-level application like http://pump.fun.

Henez Finance $HEZ public offering starts:

① Chain abstract narrative: Henez is the first DeFi chain abstraction layer, pioneering the OmniDeFi module for one-click integration by projects.

② Low initial FDV: 15 million USD

③ Relatively fair: 80% of tokens distributed to the community.

Finally, do your own research dyor.