Over the last 5 years, most tokens have underperformed BTC, except for exchange tokens like BNB, OKB, etc. What do they have in common? Free cashflows, product market fit and investor/token alignment. The failure rate for tokens is rising, and the bar is getting higher for tokens to sustainably reach the top 20 by market cap. Fundamental research and investing will be more important than ever. Banger report from my good friend @0xcarlosg.(Ξliézer Ndinga)