Great analysis.
But also, this cannot be news to anyone who has been looking at tokens seriously for any length of time.
I barely think you can call the tokens of the past an "asset class"
The single biggest reason I chose to become an investor (professionally) in crypto this year vs in the past is that this is the first year where I looked at tokens and thought "hey there are some actually investable assets in here"
Now, I strongly suspect the Token Class of 2026 (at least the Ownership Coins) will outperform BTC
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