After the Tide Recedes, How Many Truly Resilient Crypto Projects Remain?

Source: Tiger Research

Author: Ekko & Ryan Yoon

Original Title: Realism Is the Only Answer in a Crypto Downturn

Compiled and Edited: BitpushNews

The cryptocurrency market continues to be in a prolonged downtrend. In such an environment, the projects that can survive are those that present pragmatic and realistic visions.

Core Points

The Canton Network was born in response to these needs. Using the smart contract language DAML, Canton can provide customizable data disclosure schemes based on the needs of the participating parties.

This allows financial institutions to maintain transaction confidentiality while sharing information only to the necessary extent. Instead of强行推行 a technology-provider-led design, Canton has built infrastructure that highly aligns with institutional needs.

Another key factor is that Canton has aimed for "real-world deployment" from the start to expand its ecosystem, receiving early collaborative support from financial institutions. Most notably, its partnership with DTCC (The Depository Trust & Clearing Corporation) has established a channel for assets managed in the traditional financial system to enter the Canton environment. DTCC handles approximately $3.7 quadrillion in transactions annually, further validating the practical feasibility of the Canton Network's solution.

In the end, Canton provides a structured solution that simultaneously meets three major institutional requirements: privacy protection, regulatory compliance, and integration with the existing financial system.

Kite AI: Building the AI Economy That Has Yet to Arrive

Unlike the previous two examples, Kite AI currently has relatively limited application in the real world. However, viewed from the future perspective of "AI Agents operating as economic entities," its structural logic remains highly compelling.

There is broad consensus, both in Web2 and Web3, on an "agent-driven future." Few would dispute that future AI Agents will handle tasks like booking hotels or ordering groceries on behalf of users.

However, realizing this future requires an infrastructure that allows AI Agents to independently initiate and execute payments. Existing transaction systems are designed around transfers between people and efficiency for human participants.

Therefore, for AI Agents to become autonomous economic entities, new mechanisms are needed, including identity verification and automated payment frameworks. Kite AI is building payment infrastructure specifically designed for this environment, with core components including the "Agent Passport" for identity verification and the x402 protocol for automated payments.

The vision presented by Kite AI is not yet ready for large-scale deployment, simply because the future it targets has not fully arrived. Nonetheless, the project's practical significance stems from a broader assumption: when this widely anticipated future arrives, the foundational technology it is developing will become a necessity. This alignment with macro trends gives the project structural credibility even with its current limited usage.

Three Key Questions for Assessing Practical Feasibility

Although these three projects operate on different timeframes, they share a common characteristic: real-world feasibility.

Evaluations of the same project often diverge: some believe it solves real problems, while others dismiss it as hype. To bridge this interpretative gap, we must ask at least three core questions:

1. What specific problem is the project aiming to solve? (Is it a genuine pain point for users, or a need fabricated just to use the technology?)

2. Is the proposed solution structurally feasible? (Does it hold up technically, in terms of compliance, and in its economic model?)

3. Does the team have the capability to execute in reality? (Do they have relevant industry resources, technical expertise, and implementation experience?)

Since most projects promote optimistic future narratives, answering these questions correctly requires time and effort; filtering out misleading or incomplete information is not easy. Projects that cannot confidently answer these three questions might experience short-term price increases, but when the next downturn comes, they will likely perish with it.

The current state of the crypto market is clearly not optimistic. But this does not mean the industry is over. New experiments will continue, and our task is to assess what these efforts truly represent. Right now, keeping our feet on the ground is the only choice.

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