As the industry matures and more institutional money pours in we are seeing many old projects and many new projects emerge winners from a market perspective.How much of it is actually fueled by actual utility? Or is it mere market speculation?

I see many new projects that are innovating. Science Backed Blockchain Concordium plans to release GTU ( Global Transaction Unit ). The Graph plans to release its own Graph Tokens. Many Web 3 projects are releasing their own tokens that will utilize substrate.

Post Defi Wave how will these tokens probably do? Will it lead to the new waveof Bull run as more new projects which are heavily researched and hve working products take over the blockchain markets by storm?