Messari highlights a paradigm shift in crypto: focus moves to hard economics over illusions
In their annual report, Messari analysts observe a shift away from past cycle illusions towards strict economic logic. They emphasize that Bitcoin remains the only true "monetary" crypto asset to which the market retreats in times of fear.
Source X
The report also notes that most Layer 1 altcoins will be weaker than Bitcoin: speed and low transaction costs do not equate to the trust required of money. Ethereum is institutionally understood but often behaves as an "enhanced version of Bitcoin" in terms of market dynamics. Stablecoins have emerged as the primary mass use case, focused on payments and settlements rather than revolutionary narratives. Tokens lacking clear economic models are punished by the market—promises no longer suffice. DeFi is maturing, moving away from tales of high APY toward reliable income from fees, spreads, and funding.
Messari concludes that crypto is transitioning into a financial infrastructure rather than a perpetual growth story. By 2026, demand will hinge on trust, as institutional markets will no longer support a leap of faith.
