In the current market environment characterized by liquidity tightening and narrative decline, certain Web3 projects are proving resilient. These projects fall into three main categories: centralized exchanges that profit steadily from transaction fees, on-chain protocols like PerpDex, stablecoin issuers, and high-frequency blockchains that have established a complete business cycle, and crypto KOL ecosystems that monetize attention and have restructured content during the bear market. These projects share a common trait of having stable revenue streams, relying less on funding or narrative-driven growth.