《After the Tide Recedes: Which Web3 Projects Are Still Making Money》 (Author: @viee7227) In a market environment of liquidity tightening and narrative decline, the Web3 projects that truly withstand cycles mainly fall into three categories: centralized exchanges that profit steadily from transaction fees; on-chain protocols like PerpDex, stablecoin issuers, and high-frequency blockchains that have completed their commercial loops; and the crypto KOL ecosystem that monetizes attention and reshuffles content during bear markets. The common trait of these projects is having stable revenue streams, rather than relying on funding or narrative-driven growth. Read more: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=53097