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 $VELO epochs completion soon
New data & updated multipliers coming
New data & updated multipliers coming
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$HYPE value structure has much more functions than is presented by Defillama
Some investors miss it
https://x.com/valueverse_ai/status/2016772813450035201
Some investors miss it
https://x.com/valueverse_ai/status/2016772813450035201
X (formerly Twitter)
Valueverse (@valueverse_ai) on X
$HYPE has not only buybacks:
- staking in validators (2%, 43.8% $HYPE is staked)
- HyperEVM/HyperCore burns
- It's powerful discount token (up to 40% fees discount)
- and more (link in comment)
Complicated? $HYPE Revenue Multiplier -> one magnitude to track…
- staking in validators (2%, 43.8% $HYPE is staked)
- HyperEVM/HyperCore burns
- It's powerful discount token (up to 40% fees discount)
- and more (link in comment)
Complicated? $HYPE Revenue Multiplier -> one magnitude to track…
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TL;DR:
Defillama tried to do utility mapping, but even for biggest & most known projects -> incorrect
Valueverse does it better
https://x.com/vasily_sumanov/status/2016779448444735757?s=20
Defillama tried to do utility mapping, but even for biggest & most known projects -> incorrect
Valueverse does it better
https://x.com/vasily_sumanov/status/2016779448444735757?s=20
X (formerly Twitter)
Vasily Sumanov (@vasily_sumanov) on X
The brief review of @DefiLlama's "Token Rights":
- $CRV incomplete (+ holders' revenue data is wrong)
- $HYPE utility incomplete
- $AERO incorrect, none of at lest three revenue sources are there (+ incorrect holders' revenue data)
The correct $CRV is below👇
- $CRV incomplete (+ holders' revenue data is wrong)
- $HYPE utility incomplete
- $AERO incorrect, none of at lest three revenue sources are there (+ incorrect holders' revenue data)
The correct $CRV is below👇
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We estimate that the number of DeFi assets with solid fundamentals is < 20.
The good news is that this number will rise to the hundreds (or even thousands) in one to two years.
By identifying them early, we can find fundamental gems.
• For example, $CVX made dollars per token since launch and rose to $50.
• $AERO, priced at $0.03, earned $0.22 per token in cash flow in the following years.
These assets exist, and we just need to analyze them quickly and make the right moves.
• Clear input data
• Revenue multipliers (not F/S, P/S, and all that legacy stuff).
• Growth models accounting for dilution.
A kind of a plan for Revenue Meta
https://x.com/valueverse_ai/status/2016792140224074022
The good news is that this number will rise to the hundreds (or even thousands) in one to two years.
By identifying them early, we can find fundamental gems.
• For example, $CVX made dollars per token since launch and rose to $50.
• $AERO, priced at $0.03, earned $0.22 per token in cash flow in the following years.
These assets exist, and we just need to analyze them quickly and make the right moves.
• Clear input data
• Revenue multipliers (not F/S, P/S, and all that legacy stuff).
• Growth models accounting for dilution.
A kind of a plan for Revenue Meta
https://x.com/valueverse_ai/status/2016792140224074022
X (formerly Twitter)
Valueverse (@valueverse_ai) on X
Truly, only few ones have a value
Less than 20 tokens with tangible revenue & value (add $CRV, $YB, $AERO, $PENDLE) to your list
And it’s for entire DeFi!
Less than 20 tokens with tangible revenue & value (add $CRV, $YB, $AERO, $PENDLE) to your list
And it’s for entire DeFi!
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Poor data analysis = information asymmetry
Any asymmetry is an advantage
https://x.com/vasily_sumanov/status/2016831785842463051?s=46
Any asymmetry is an advantage
https://x.com/vasily_sumanov/status/2016831785842463051?s=46
X (formerly Twitter)
Vasily Sumanov (@vasily_sumanov) on X
I had a call with a TradFi guy.
- Data reporting is poor and inaccurate.
- The quality of 99% of assets is poor.
- The majority of projects will never be considered "a business."
We need to do better.
- Data reporting is poor and inaccurate.
- The quality of 99% of assets is poor.
- The majority of projects will never be considered "a business."
We need to do better.
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Btw The DAO is back with Vitalik in multisig
https://x.com/thedaofund/status/2016898906915811488
The Second Chance😇
https://x.com/thedaofund/status/2016898906915811488
The Second Chance😇
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thedao.fund (@thedaofund) on X
TheDAO is back. BULLISH
A decade later, we’re opening a new chapter.
TheDAO Security Fund: activating 75,000+ ETH to strengthen Ethereum security.
https://t.co/VV3cH313TE
A decade later, we’re opening a new chapter.
TheDAO Security Fund: activating 75,000+ ETH to strengthen Ethereum security.
https://t.co/VV3cH313TE
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Who earns when everything is going down?
DEX tokens
DEXes literally have been printing fees today. An overview coming soon.
DEX tokens
DEXes literally have been printing fees today. An overview coming soon.
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