Blockchain Partner: Crypto Assets Are Undergoing a Great Value Reassessment
The cryptocurrency industry is experiencing a paradox: while achieving unprecedented success in adoption and infrastructure, market sentiment remains deeply pessimistic due to a significant decoupling between utility and token prices. Key successes include record stablecoin transaction volumes ($33 trillion in 2025), widespread adoption of crypto-native applications like Polymarket and Phantom, and major traditional financial institutions implementing blockchain strategies. However, token prices have stagnated or declined, revealing a structural shift in value capture: economic value is increasingly accumulating at the application and distribution layers (e.g., wallets, exchanges, and companies like Coinbase and Tether) rather than at the infrastructure layer (L1s, L2s, protocols). This revaluation challenges long-held investment theses that assumed token holders would benefit directly from protocol-scale adoption. The article argues that controlling user relationships and distribution channels now dominates value capture, commoditizing underlying infrastructure. While tokens may evolve to better align with application-layer economics, the current market demands clearer, direct links between usage, revenue, and token value.
比推02/21 16:10
