I (well, my agent) logged every tokenomics change across the 309 tokens that have sat in the Top 100 since 2021. Each one sourced to a governance vote or an announcement. Burns, buybacks, fee switches, emission cuts.
Net of the changes that went against holders, they've gone from 10 a year in 2021-22 to 32 a year now. More than 3x.
The trend is clear. Product-market fit remains paramount. But on its own, it won't be enough. Protocols need to show supply discipline and value accrual alongside it.
Short vibes. Long fundamentals.
@RealVision