@clevelandcroft
Long-term value requires persistent demand sinks: governance with real treasury power, staking that secures infrastructure, fee rebates, or exclusive access to scarce protocol resources. Analyze supply: emissions schedule, unlocks, and burn/buyback policies relative to utility adoption. Evaluate reflexivity—do higher usage and fees strengthen token demand rather than only enrich LPs? Map competitive displacement: is the token the indispensable coordination asset, or can usage bypass it? Check liquidity depth and market structure to ensure institutions can accumulate without slippage. Above all, correlate token value capture with durable cash-flow-like metrics; narrative alone decays, utility sustains.
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