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 ⬇️
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 ⬇️
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Protocol revenue ≠ tokenholder revenue
P/F, P/S are protocol-level, not token-level metrics.
We introduce Effective Multipliers, accounting:
- token revenue (not protocol revenue)
- cashflow-receiving token supply instead of circulating supply
It is designed for: How expensive is the token relative to the cashflow it captures?
https://x.com/valueverse_ai/status/2011937946459345361
P/F, P/S are protocol-level, not token-level metrics.
We introduce Effective Multipliers, accounting:
- token revenue (not protocol revenue)
- cashflow-receiving token supply instead of circulating supply
It is designed for: How expensive is the token relative to the cashflow it captures?
https://x.com/valueverse_ai/status/2011937946459345361
X (formerly Twitter)
Valueverse (@valueverse_ai) on X
Pricing the Revenue: Effective Revenue Multipliers
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The State of Cashflow Pricing:
- Buyback revenue is generally more expensive than direct fee sharing (except $PUMP)
- Owning $1 of tokens in $CRV, $AERO, $PENDLE, or $YB earns up to 3-7x yield vs. average buybacks
- The $UNI revenue is 28 times more expensive than $CRV and 74 times more expensive than $AERO.
Details in our recent research piece:
https://x.com/valueverse_ai/status/2015931557995758017?s
- Buyback revenue is generally more expensive than direct fee sharing (except $PUMP)
- Owning $1 of tokens in $CRV, $AERO, $PENDLE, or $YB earns up to 3-7x yield vs. average buybacks
- The $UNI revenue is 28 times more expensive than $CRV and 74 times more expensive than $AERO.
Details in our recent research piece:
https://x.com/valueverse_ai/status/2015931557995758017?s
X (formerly Twitter)
Valueverse (@valueverse_ai) on X
Valuing Cashflow Without Narratives
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Which tokens drive more value?
Revenue pricing overview by Stacy Muur
https://x.com/stacy_muur/status/2016335173345026422?s=46
Revenue pricing overview by Stacy Muur
https://x.com/stacy_muur/status/2016335173345026422?s=46
X (formerly Twitter)
Stacy Muur (@stacy_muur) on X
If you invest $10,000 in AERO, you get $4,167/year in actual yield.
If you invest $10,000 in UNI, you get $56/year.
@valueverse_ai research compares revenue efficiency across major DeFi tokens ↓
Two types of DeFi revenue models:
• Fee-sharing: You lock…
If you invest $10,000 in UNI, you get $56/year.
@valueverse_ai research compares revenue efficiency across major DeFi tokens ↓
Two types of DeFi revenue models:
• Fee-sharing: You lock…
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$CRV $YB $AERO $VELO epochs completion soon
New data & updated multipliers coming
New data & updated multipliers coming
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