Foreign media commentators believe that as the market refocuses on fundamentals, a number of crypto projects that are no longer solely supported by narratives are beginning to gain more attention. The projects selected in the article are not ranked by market capitalization, but rather by whether they already have usable products, whether adoption data is available, and whether the token value is linked to actual use.

This article highlights five projects, covering Bitcoin Layer 2, lending, tokenized US Treasury bonds, yield-generating stablecoins, and AI applications. The core conclusion is that on-chain funds, total value locked (TVL), developer growth, and revenue distribution mechanisms are replacing mere hype as the criteria for market selection of projects.

Stacks bets on native Bitcoin yields

The article argues that Stacks attempts to address the long-standing issue of Bitcoin being "held more than used." It allows developers to build applications for lending, trading, and more around Bitcoin, while anchoring settlement back to the Bitcoin mainnet.

According to the data cited in the article, the total value locked in sBTC reached $545 million in the first quarter of 2026, before falling back to approximately $437 million. Electric Capital's developer survey listed Stacks as one of the top five fastest-growing developer ecosystems. Since January 2021, the network has distributed over 4,200 BTC to participants who have locked STX.

The article also mentions that Stacks is advancing a non-custodial Bitcoin staking product. Users can lock BTC on the Bitcoin mainnet and earn native BTC rewards by committing a small amount of STX (Single Transaction Trust) commitments. Commentators believe that this design, which avoids transferring custody, is closer to the needs of institutions using Bitcoin to generate returns.

Zest integrates lending scenarios onto Bitcoin.

If Stacks is the underlying platform, the article considers Zest as its representative application. Zest is a lending protocol built on Stacks that allows Bitcoin holders to borrow funds using BTC as collateral or directly earn yield.

According to data disclosed by the project, Zest has attracted over 800 BTC deposits, with a peak locked value of approximately $100 million, and has processed over 1,500 liquidations without any bad debts. The article argues that this data makes it highly representative within the Stacks ecosystem.

The article also mentions that Zest will launch Bitcoin Collateral Vaults in May 2026. This product allows users to lock their BTC in a non-custodial vault on the Bitcoin main chain and then borrow stablecoins on other chains, without the collateral itself leaving the Bitcoin network. The article argues that if this design is accepted by large holders, it could expand the available capital of Bitcoin in the lending market.

Ondo, Ethena, and Venice belong to three main storylines.

Regarding RWA, the article states that Ondo Finance has become one of the leading projects for on-chain tokenized assets. Its total value locked (TVL) exceeded $4 billion in June 2026, more than doubling from the beginning of the year. The article mentions that yield tokens like USDY, backed by short-term US Treasury bonds, have established a relatively clear product positioning; however, how the ONDO token itself can more directly absorb the protocol's value remains an unresolved issue.

Regarding stablecoins, the article argues that Ethena's growth stems from the expansion of USDe. USDe's supply has exceeded $13 billion, making it one of the largest stablecoin issuers in the industry. The commentary notes that after Ethena implements a fee-sharing mechanism in early 2026, ENA staking holders will be able to share a portion of the protocol's revenue; however, the pressure of subsequent token unlocking remains a focus of market attention.

In the AI field, the article categorizes Venice as one of the few AI token projects with existing real-world usage data to support its claims. According to the company, the platform has over 2 million users. Its product features locally encrypted prompts, avoids storing content on servers, and allocates computing power through VVV staking. The article argues that despite ongoing volatility and regulatory issues surrounding AI tokens, if product usage continues to grow, these projects will gradually differentiate themselves from purely conceptual tokens.