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Grayscale's recent report ranked on-chain applications by protocol revenue, with WLFI ranking eighth, generating approximately $105 million in revenue over the past 12 months. While this figure is not explosive, it is a notable achievement considering the prolonged downturn in the market this year. More importantly, it reflects a shift in how on-chain projects are being redefined, with a focus on 'revenue' rather than 'narrative'. One of the main differences between on-chain protocols and traditional finance is their cost structure, with significantly lower personnel and organizational burdens. Once a revenue model is established, the marginal profit space can be more direct than many traditional businesses. However, the market's pricing of these projects has not yet fully caught up with this change, with many still stuck in conservative valuation ranges, which may indicate a gap in expectations. Another often-overlooked variable is the regulatory environment. If the CLARITY Act is gradually implemented, the boundaries of on-chain assets will become clearer, and the entry path for institutional funds will become smoother. At that stage, protocols with 'stable revenue + actual use cases' may more easily enter mainstream configuration logic. Looking at the product layer, the trading market built by WLFI and Dolomite, which has now been integrated with Zebec's super app, has changed not only by adding a new entrance but also by becoming a more 'app-like' toolset for ordinary users. For example, lending pools, liquidity management, and a 5.2% annualized return on USD1 deposits (with risk control structure), the overall experience is closer to completing financial management within an app rather than traditional DeFi's cross-protocol operations. Putting all this information together reveals a clear trend: on one hand, protocols are starting to generate sustainable revenue, and on the other hand, the usage path is becoming increasingly simplified. One solves the 'is there a solid foundation' problem, and the other solves the 'is anyone really using it' problem. My focus when looking at projects has also shifted to two points: whether there is real revenue support and whether the product is already good enough and has a low enough threshold. If both points are met, in the current market, it is indeed more worthy of attention than projects driven solely by narrative.