Most L1 tokenomics have a quiet problem.
The better the engineering gets, the weaker the value capture becomes.
This is not a bug. It is structural. And most teams are not talking about it yet.
Full breakdown below 👇

I’m going to say what most in this industry already know about tokenomics but find too controversial to admit:
• The primary value accrual mechanism of major L1s is structurally broken
• Token burns are a strong narrative but weak long-term value mechanics
Here’s why 🧵👇

Matias

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