Token issuance failures have reached unprecedented levels, according to Foresight News. At the EthCC[9] conference, 21Shares researcher Darius Moukhtarzade highlighted the prevailing 'low circulation, high fully diluted valuation' model as a core issue for the years 2024 to 2025. Moukhtarzade proposed a practical framework aimed at achieving a sustainable token economy, which includes increasing the initial circulation ratio, establishing product-market fit, enhancing value capture mechanisms, and ensuring transparency and long-term alignment.
He emphasized that the success of tokens in 2026 will not rely on short-term explosive growth but rather on building a resilient on-chain economy amid institutional funding and stricter regulations.