DeFi researcher Ignas said in a post on X that the number of crypto tokens with meaningful revenue support remains very small, estimating that only about 20 projects generate more than $50,000 in daily income for token holders. He argued that this scarcity could push more capital and attention toward a limited group of projects, and said that is why he wants to see more revenue-producing protocols launch token generation events, including Polymarket.
Ignas added that the list becomes even shorter once valuation, token unlock schedules, and the durability of revenue are taken into account. Some tokens may appear attractive at first glance, he said, but their market cap to fully diluted valuation ratio is not compelling, leaving investors to bet that demand growth will outpace the increase in supply from unlocks. In those cases, he said, some tokens may be better suited for trading than for long-term holding. He also argued that most token investing is still driven by narrative and market sentiment, while recent DAO shutdowns show that decentralized accountability remains limited.
DeFi researcher Ignas said in a post on X that the market currently has very few high-quality tokens with strong revenue support, estimating that only around 20 projects generate more than $50,000 a day in income for token holders.
He said that scarcity could drive more capital and market attention toward a small number of projects. For that reason, he said he wants to see more projects that already produce real revenue move ahead with token generation events, and added that he hopes Polymarket will also choose a TGE route.
A stricter screen leaves even fewer candidates
Ignas said the investable universe shrinks further once valuation, token unlocks, and the sustainability of revenue are factored in.
He added that some tokens may look attractive on the surface, but their market cap to fully diluted valuation, or MC/FDV, is not ideal. In that setup, investors need demand growth to outpace the supply growth created by token unlocks.
Some tokens may be better for trading than holding
Based on that framework, Ignas said some tokens are better suited to trading than to long-term holding.
He also said that for most tokens, investors are still trading narrative and market sentiment, while relying on teams to deliver on their promises.
DAO closures raise questions about accountability
Ignas added that with several DAOs dissolving recently, so-called decentralized accountability mechanisms do not appear sufficient.
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