The Bridge Between Public Value and Tokens

The 2026 crypto market shows a stark divide: while RWA, meme coins, and stablecoins thrive with clear financial metrics, public goods projects are struggling. Ethereum Foundation (EF) has faced significant downsizing and a shift in strategy, highlighting the difficulty of sustaining open-source infrastructure. Many public goods projects lack clear valuation models, as traditional financial metrics like P/S or DCF fail when protocol income is zero. Furthermore, a lack of transparency and reliable data for off-chain assets and contributions makes it difficult for investors to support these initiatives effectively.