2025 exposed a major disconnect in crypto. Adoption, infrastructure, and regulation advanced, while token prices lagged and fundamentals remained underpriced. Most new tokens now trade below TGE, signaling a shift toward value-driven markets.

Our 2026 Thesis shares our perspective on token design, market structure, and value capture. We look at why market structure can override fundamentals, how Ethereum creates and accrues value beyond revenue, and why revenue sharing and sustainable tokenomics will define the next cycle.

We also highlight under-the-radar breakthroughs in 2025 and outline how token valuation frameworks must evolve in 2026 toward value-receiving supply, revenue attribution, and automated analysis.

Link to the full thesis ⬇️