Solana falling from 136.6m peak monthly active addresses to 28.6m, and Base from 38.8m to 5.7m, is the filter selective alts now have to clear: retention after incentives, not FDV cosplay. Prediction-market notional at $25.7B in March looks more like 0DTE/options behavior than old altseason, so the fee winners are venues, market-makers, and wallets before passive token holders. Pendle/USDe/Maple fixed-yield stacks fit the same rotation: cash-flow products survive sideways chop while narrative-only bags get repriced every unlock.

Top comment by @Benthic