For over a decade, crypto markets have oscillated between narratives, hype cycles, and bursts of liquidity-driven speculation. Valuation frameworks were thin, inconsistent, or absent. Price action moved ahead of fundamentals because fundamentals themselves were either immature or impossible to measure. But that era is ending. The next phase of crypto’s evolution will be defined not by imagination alone, but by measurable performance. The fundamentals are coming to crypto, and in some corners ...