Altcoin season highlights: ENA, SKY, and CRV are attracting capital against the trend, functional protocols are gaining attention.

Despite Bitcoin's dominance remaining high, the altcoin quarterly index has fallen to 36, and the overall market sentiment is weak. However, the three functional protocols, Ethena (ENA), Sky (SKY), and Curve DAO (CRV), have attracted attention from funds and traders against the trend. This article will focus on the latest developments of these three popular Tokens, analyzing how they stand out in the rotation market and become the focal point of this season's altcoin market.

Ethena (ENA): The popularity of the synthetic dollar protocol remains strong

Ethena is centered around the synthetic stablecoin USDe and a dual-coin model, continuously promoting protocol activity. The current price of ENA is approximately 0.598 USD, with a market capitalization nearing 3.96 billion USD and a daily trading volume exceeding 650 million USD. The trading and staking demand for USDe is strong, with impressive liquidity data from platforms like Curve. Even amid recent price fluctuations, holders remain actively involved in governance and liquidity programs, keeping Ethena highly discussed during the altcoin season.

Sky (SKY): A New Star in Decentralized Lending and Asset Tokenization

Sky highlights a DeFi platform that supports real-world credit linkage, with a market capitalization of approximately $1.7 billion, a price of about $0.0798, and a daily trading volume of around $1.9 million. The protocol is active in ecosystems like Avalanche, focusing on decentralized lending pools and asset tokenization. Although market attention has not yet caught up with mainstream projects, Sky has shown solid performance in protocol growth and usage, continually attracting DeFi users to participate.

Curve DAO (CRV): Strong duality of stablecoin liquidity and governance participation

Curve DAO, as a leading DeFi stablecoin trading platform, has a market capitalization of approximately $1.27 billion, a price of about $0.92, and a 24-hour trading volume exceeding $220 million. Curve provides deep liquidity for stable assets such as USDT and USDC, with active protocol governance and holders actively participating in fee structure adjustments and incentive proposals. Although the CRV price has fallen from its peak, its on-chain liquidity and yield cycles remain highly followed by the market.

The altcoin season rotation continues, functional protocols become the new favorites

Although Bitcoin's dominance exceeds 60%, the altcoin season has not fully erupted yet, but functional protocols like Ethena, Sky, and Curve DAO have shown independent market performance. These assets not only have active trading volumes but also attract investors seeking returns and diversified asset allocation with innovative applications such as synthetic dollars, decentralized lending, and stablecoin liquidity. Rotating funds focus on protocol functionalities and governance participation, driving the market structure towards diversification.

Conclusion

Although the altcoin season has not fully started yet, market rotation and fund flow have clearly shifted towards functional protocols. Ethena, Sky, and Curve DAO have become the focus of this season's altcoin market thanks to their innovative applications and active user base. Investors can continue to follow the trading volume, staking programs, and governance participation of these protocols to seize new opportunities in the rotating market.