10x Research: Web3 is shifting from speculation to fundamentals-driven growth.

A report by 10x Research points out that while most investors still view the market as a "price game," the underlying structural changes in Web3 are profoundly reshaping asset pricing logic. The report states that emerging Layer 1 ecosystems are, for the first time, demonstrating a quantifiable relationship between user activity and long-term value, while deflationary mechanisms and continuous ecosystem incentives are redefining the yield structure of crypto assets. 10x Research believes the market may be shifting from a purely speculative cycle to a phase driven by fundamentals and network growth, proposing two potential profit paths: a 35% upside or a 79% upside, depending on investor positioning. The team states that this could be "one of the most undervalued structural opportunities" in the current cycle.