YashasEdu

5,876 Twitter followers

Love to read and write on DeFi and AI | Building @PrismHub_io | Thoughts are my own

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DePIN generated $73.8M in revenue over 2025 but look at what happened to the tokens. ➥ YTD 2025, the average DePIN token is down 58.45% while most are down ~90% ➥ Even $TAO, one of the stronger performers is down ~40%+ this year ➥ The infra is being built and real usage is happening but none of that is flowing to token holders Most DePIN tokenomics are broken. Tokens incentivize network growth but don't capture value from the network's success. The business generates revenue. DePIN needs better token models. This is one of the few areas where crypto meets real world utility. New DePIN projects haven't launched tokens yet. If they figure out value accrual instead of just incentive distribution, they will set a new standard.

At first glance, this chart looks bad. (Tbh it is bad only) Projects down 70-99% from their VC valuations but there's a problem with how it's set up. The chart compares VC valuation (FDV, counting ALL tokens) and current mcap (only tokens actually circulating) which are mixing metrics. Say a project raises at $1B FDV. » Only 10% of tokens circulating = 100M tokens » Token price = $1 » Mcap = $100M » Here FDV = 1B tokens × $1 = $1B Six months later unlocks happens, now. » 20% circulating = 200M tokens » Since demand didn't double with supply, so price drops to $0.75 » Mcap = 200M tokens × $0.75 = $150M » FDV = 1B tokens × $0.75 = $750M The chart shows a 85% drop ($150M market cap vs $1B VC valuation) but actually FDV went from $1B ➝ $750M which is a 25% decline and token price went from $1 to $0.75 (25% decline) The drop looks massive because you're comparing today's mcap (circulating only) to the original FDV (all tokens) which is not the same thing. Tho some projects did experience genuine near-total losses in due to poor performance. The correct way👇 1. FDV at raise vs FDV now 2. Token price at launch vs token price now Most retail investors who bought at launch got crushed as 84.7% of all token launches in 2025 ended up below their launch price. It's mainly because of 3 reasons... 1. VCs bought early at prices far cheaper than public launch. When retail buys at TGE, they're paying FDV while VCs hold cheap tokens. Here retail loses unless explosive growth happens and it didn't 2. Token unlocks flooded the market. Most projects launched with 10-30% circulating supply. The rest was locked and scheduled to release over time and that dilution killed any chance of holding launch valuations 3. When the market corrected, projects without real revenue or adoption got liquidated. Capital rotated to Bitcoin The market stopped rewarding narrative alone. Projects needed actual revenue, real adoption and liquidity. If you had none of that, you got repriced 80-90% down regardless of VC backing. This is healthier longterm, but painful short term for anyone caught holding these tokens. twitter.com/YashasEdu/status/2...

YashasEdu

Investor mindset has shifted in DeFi this year because regulation got clearer. » 2024: Only 5% of protocol revenue went to token holders » 2025: 20% of revenue distributed to holders Buybacks, burns, fee sharing mechanisms all became safer to implement without securities risk. The trend moving forward is that tokens that act like equity (distribute revenue) will be winning and those that don't will be speculation plays. I expect 35-45% of protocol revenue to flow to holders as rev sharing becomes table stakes for competitive positioning. h/t to @DefiLlama for the infographics twitter.com/YashasEdu/status/2...

YashasEdu

If it pumps we're immortal. If it dumps we're mortal🤣 Either generational wealth or generational memes. In 2026… BTC > Gold twitter.com/YashasEdu/status/2...

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