What survives the cycle.
Bull markets amplify narratives. Bear markets reveal infrastructure.
2017 built $ETH. 2020 built lending. 2024 built restaking.
Every cycle, attention shifts. The protocols solving real problems compound quietly.
KernelDAO's ~$1.5B across $ETH, $ARB, $OP, #BNBChain came from restaking and vaults that function through volatility.
Now building institutional credit through Kred.
Narratives launch projects. Utility sustains them.
