Currently, the altcoin projects still being actively built are mainly focused on DeFi and mainstream public chains. Their core directions are AI executability, decoupling from reliance, liquidity contests, and real yield.

The integration of DeFi + AI is an obvious trend. Typical examples include Morpho launching an AI protocol that can be directly operated, and Solana releasing Agent Skills—both are racing to secure the “on-chain AI entry point,” so that AI truly participates in capital flows rather than just telling stories.

Governance and risk models are also being adjusted: AAVE has been decoupled from Chaos Labs to improve governance independence, but risk control still needs to be observed; STRK is pushing ahead with decentralized verification upgrades; ADA has started an “on-chain sovereignty fund” for external investments via treasury voting; and KAIA is restructuring its economic model.

On the liquidity incentives layer, PENDLE uses limit orders to incentivize (up to 100% APY) and seize interest-rate pricing power; SUSHI is using HyperLiquid to rebuild derivatives, attempting to replicate the path where trading becomes cash flow.

In terms of restoring confidence, ENA has disclosed that USDe’s underlying strategy is shifting to a multi-strategy portfolio to address doubts about whether the yield is sustainable; XLM continues to steadily strengthen its payment and RWA infrastructure.

On the macro level, the ETHCapital conference (April 15 Seoul) is an important catalyst. It involves ETH, LDO, OP, NEAR, ALEO, etc., with the core focus on how institutional funds will enter and deploy within the Ethereum ecosystem, and subsequent capital moves will gradually become evident.

Overall, the currently active projects have moved beyond mere concept speculation and have shifted into a stage of substantive development—executable protocols, real yield, independent governance, and institutional onboarding.#Gate广场四月发帖挑战