The Edge Podcast Crypto Is Winning, Tokens Aren't: Why Fundamentals Matter More Than Ever
Grant is the Founder & CEO of Blocmates, and 563 is Head of Research.
Crypto is winning, but tokens aren't. Headlines that would have pumped markets 30-40% in 2021 barely move prices today. There's a massive disconnect between fundamentals and price action--record adoption, institutional integration, real-world use cases, yet token prices are bleeding. Grant and 563 break down why this paradox exists, where the industry goes from here, and what actually matters this year in their newly published Blocmates 2026 Thesis.
In this episode:
+ The paradox: Why fundamentals are up but token prices are down
+ Token distribution and fixing tokenholder rights for real ownership
+ Why we don't need more L1s and what wins: distribution or innovation
+ ZK as the unlock for Ethereum scaling and new on-chain products
+ Where Blocmates is deploying capital in 2026
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💎 THIS EPISODE'S PARTNERS
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🔊 DECIBEL | The new sound of trading
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🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale
⚙️ GEARBOX PROTOCOL | Onchain lending reimagined
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⏱️ TIMESTAMPS
0:00 - Intro
1:40 - Blocmates 2026 thesis overview
4:37 - Crypto is winning, tokens aren’t, the paradox explained
16:53 - The token distribution problem: founders vs. community expectations
21:06 - Why we don't need more general-purpose chains
23:41 - Distribution vs. innovation: What wins in 2026?
29:45 - Will TradFi rebuild, acquire, or partner with DeFi?
34:28 - Fixing tokenholder rights: Tokens as real ownership
41:29 - x402 is the start of something big
45:32 - How ZK unlocks Ethereum scaling and new onchain products
53:06 - Why demand for onchain privacy is coming
56:33 - Could RWAs become the most traded assets onchain?
1:00:18 - Why regulation could be crypto's biggest catalyst
1:03:20 - Where Blocmates is deploying capital in 2026
1:06:56 - Closing
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🔗 GUEST LINKS
► Blocmates website: https://blocmates.com/
► Blocmates on X: https://x.com/blocmates
► Grant on X: https://x.com/Grantblocmates
► 563 on X: https://x.com/563defi
► The Blocmates 2026 Thesis: https://www.blocmates.com/articles/the-blocmates-2026-thesis
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► Follow Nomatic: https://x.com/Nomaticcap
► Learn DeFi: http://defidad.com/
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DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.