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.