Altcoins are experiencing an identity crisis as they are no longer seen as clear tools for value capture and incentive alignment. Their issuance mechanisms are under stricter scrutiny. The market is shifting its preference towards defensive projects with revenue, licensing, and distribution capabilities. Regions like Latin America, with clear regulatory paths, are gaining attention. The industry is not being abandoned but is undergoing a paradigm recalibration. Investors are raising their standards, demanding real users and fundamental support, as speculative narratives wane and long-term strategies return.