Who is quietly making a fortune during the bear market? After the market cools down, there are really only three types of Web3 projects that can survive: first, centralized platforms that earn passive income from fees—guaranteed profit regardless of conditions; second, on-chain protocols that are actually working—perpetual DEXs, stablecoin issuers, high-frequency blockchains—relying on real revenue, not empty promises; third, crypto content creators who manage to thrive during the bear market, as attention is their wallet. When liquidity dries up, narratives are worthless—cash flow is king.