Original Author: BitMEX

ETH recently broke through $2500 strongly, catching many off guard. As we emphasized earlier, the ETH market has clearly entered a trend reversal phase, and a new altcoin season is gradually becoming clear. So, if you missed the previous surge, which coins should you focus on next? Don't panic, this article will detail several potential coins worth considering in the next phase. Arthur Hayes also clearly stated in his latest podcast that "altcoin season" has officially begun, and focusing on coins with solid fundamentals is the key. How can we specifically assess the potential of these coins? We provide three hardcore indicators:

Three Core Indicators of Coin Fundamentals

When analyzing a coin, in addition to looking at the price, you must also delve into these three indicators:

1. Real User Scale: Does the protocol have genuinely active users?

2. Sustainable Profit Model: Are users really paying for the service, rather than just speculating?

3. Token Value Capture Mechanism: Can the protocol's revenue be directly reflected in the token's value?

Next, let's take a closer look at the performance of several coins:

1. Hyperliquid ($HYPE): A Decentralized Perpetual Contract Exchange with Institutional-Level Performance

In the past 30 days, Hyperliquid has repurchased a total of $37 million in $HYPE. Dashboard: https://data.asxn.xyz/dashboard/hl-buybacks

Hyperliquid has quickly grown into a leading decentralized perpetual contract trading platform, with daily trading volume exceeding $1 billion, offering 145 trading pairs and over 200,000 active users.

Hyperliquid employs the HyperBFT consensus mechanism, optimized for high-frequency trading, with Layer 1 performance capable of processing up to 100,000 transactions per second, providing high security and performance assurance for decentralized trading.

Hyperliquid's main revenue comes from trading fees, including a Maker fee of 0.01% and a Taker fee of 0.035%, forming a stable and genuine revenue source.

More importantly, Hyperliquid has a very clear way of rewarding token holders:

• 54% of fee revenue is used to repurchase and burn HYPE tokens

• Annual deflation rate of about 26%

• 46% of fees are allocated to the HLP liquidity pool

• Annual staking rewards of about 2.5%

• Token holders enjoy governance voting rights

As trading volume increases, the token supply continues to decrease, creating a positive cycle of value appreciation.

2. AAVE ($AAVE): A Benchmark in the DeFi Lending Space

In the past 30 days, AAVE has repurchased over $4 million in $AAVE. Dashboard: https://aave.tokenlogic.xyz/buybacks

AAVE is currently deployed on 14 different chains, with a total locked value exceeding $5 billion, demonstrating genuine user demand far beyond speculation.

AAVE's revenue sources are diverse and stable:

• Lending interest income

• Lending spread income

• Flash loan fees

• Liquidation fees

AAVE token holders can earn the following benefits through the Safety Module:

• Protocol fee dividends (currently an annualized yield of about 4.63%)

• Deflationary effects from buybacks and burns

• Governance rights over platform risk control and development direction

This design allows token holders to ensure protocol security while fully sharing in the platform's growth dividends.

3. Pendle ($PENDLE): A Pioneer in Yield Trading

Pendle allocates 3% of yield fees and yield bonuses to $PENDLE stakers. Dashboard: https://app.pendle.finance/vependle/overview

Pendle innovatively enables the tokenization and trading of future yields, with user growth projected to increase by 400% in 2024 and TVL increasing 20-fold, reflecting excellent product-market fit.

Pendle's revenue channels are clear and sustainable:

• AMM pool trading fee income

• 3% fee income from tokenized yield trading

• Fees after the maturity of principal/yield tokens

Token holders earn direct economic benefits through the vePENDLE staking mechanism:

• 80% of the fees from voting-supported pools are distributed

• Liquidity mining rewards can increase by up to 250%

• Governance rights over the protocol's future development direction

Conclusion

Even if you missed the previous market surge, focusing on fundamentally strong altcoins now can still give you an advantage in the next wave of market trends. Whether it's Hyperliquid's liquidity-driven mechanism, AAVE's leading position in the DeFi lending space, or Pendle's innovative model in yield trading, they all have significant user bases, stable profit models, and clear token value capture designs. As Arthur Hayes said, the kings of the next market cycle may well be those altcoins with solid foundations and strong profitability.

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