Crypto discussions often default to token price, market cap, and short-term performance. But if tokens are taken out of the equation entirely, what actually remains valuable?
In an interview with BeInCrypto, Ryan Chow, CEO and co-founder of Solv Protocol, said that if tokens stopped mattering tomorrow, priorities would snap back to fundamentals. He also shared 3 crypto protocols he believes would still clearly matter in 2026, even if tokens no longer existed.
Are Token Prices a Reliable Measure of Value in Crypto?
Crypto is often defined by its tokens and volatile price swings. Much of the industry conversation revolves around price speculation.
What top coins will do next, when altcoin season might begin, or which token could be the next 100x winner? These narratives dominate headlines, social media, and market sentiment.
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While prices dominate mindshare, what do they actually say about whether a project is actually working, being used, or delivering real value?
Chow mentioned that price can be informative when it’s backed by sustained usage and revenue. However, most of the time, he described it as a “lagging, noisy proxy.”
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The real test, he said, is when it’s backed by sustained usage and revenue, and becomes infrastructure that people build on, and institutions can trust, regardless of market charts.
“Token price tells you what the market feels, not whether the system works,” he stated.
According to Chow, price movements often run ahead of fundamentals or diverge from them entirely. Tokens can rally on expectations alone, while protocols that are steadily gaining adoption may see little immediate price reaction.
He added that a project’s real progress is better measured by the strength of its infrastructure, the security of its operations, and its ability to earn trust from institutional participants. Chow explained that if tokens are removed:
“Value then comes down to adoption, usability and security. Metrics like onchain adoption, integration with other protocols, compliance readiness and the ability to scale reliably for institutions are far stronger signals of impact than market cap alone.”
What User and Developer Behavior Looks Like Without Crypto Tokens
But if tokens, and with them trading, were to disappear, would users leave as well? Chow suggested that without the ability to profit from holding or trading tokens, most speculative activity would vanish almost immediately.
“What would remain is purely instrumental use: stablecoins for payments and treasury, onchain credit for capital efficiency, and institutions using verifiable rails for issuance and collateral. I am seeing genuine demand in crypto for capabilities, settlement, custody, verification, distribution, and risk-managed yield, not for tokens. This tells us that real utility is what sustains a project beyond price incentives,” he told BeInCrypto.
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The executive also stressed that such a theoretical scenario would fundamentally shift developer priorities. According to Chow, token performance has pushed builders to focus on short-term gains rather than long-term infrastructure.
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The current structure rewards what is easiest to market, such as new narratives, incentives, points programs, and short-term total value locked (TVL), rather than what is hardest to build: security, risk controls, reliability, and clear unit economics.
“If tokens stopped mattering tomorrow, priorities would snap back to fundamentals. Builders would focus on systems that earn trust, such as verifiable reserves and accounting, execution and management, auditability, uptime, governance, and compliance-ready workflows. You’d see more work on distribution rails across wallets, exchange integrations, settlements, identity, and business models that work on fees,” he remarked.
Lending, Settlement, and Custody as Core Crypto Use Cases
Chow also argued that crypto would continue to exist even in the absence of tokens.
“In a token-agnostic world, crypto survives as paid infrastructure, with revenue tied to measurable work,” he commented.
He pointed to several business models that are already operating sustainably. These include usage-based fees for settlement, execution, minting, and routing, as well as financial primitives such as lending protocols. According to him,
“One of the most proven sustainable revenue models in DeFi is lending protocols. Well-designed lending protocols generate revenue through interest rate spreads and borrower fees, with income scaling based on utilisation and risk management rather than token emissions.”
Chow noted that even during periods of market volatility, demand for leverage, hedging, and liquidity tends to persist, allowing these systems to continue generating revenue.
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Chow also highlighted infrastructure designed for institutional use as among the most resilient segments of the industry. Services such as custody, compliance, reporting, and payments are typically paid for in fiat or stablecoins and are adopted to reduce operational and regulatory risk. In weaker market conditions, he said, these services often remain the primary bridge between traditional finance and crypto.
“Another sustainable revenue model is to incorporate transactional infrastructure fees. Blockchains and settlement layers that charge for real activity, such as processing transactions or facilitating cross-chain transfers, generate revenue regardless of the market sentiment, making it sustainable even in the face of speculation, hedging, or arbitrage,” he remarked.
Ultimately, Chow argued that any system capable of reliably solving real-world problems and integrating into enterprise workflows can sustain itself, regardless of token performance or market cycles.
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Which Crypto Projects Would Still Matter in 2026 Without Tokens?
The question now becomes which crypto protocols would still clearly matter in 2026 if tokens were removed entirely. Chow told BeInCrypto that the answer lies in identifying projects that have built real economic infrastructure that solves actual problems. He pointed to 3 protocols:
1. Chainlink
First, Chow pointed to Chainlink. He detailed that it would remain essential because it provides critical data infrastructure underpinning much of the crypto ecosystem.
DeFi protocols rely on accurate and secure price feeds to function properly. Without reliable oracles, basic activities such as liquidations, derivatives settlement, and asset pricing become unsafe.
He claimed that Chainlink has emerged as the de facto standard for oracle services, processing billions of dollars in transaction value. Chow emphasized that even without the LINK token, protocols would continue paying for these services in stablecoins or Ethereum (ETH).
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“Because the alternative is building inferior oracle systems themselves or facing catastrophic failures from bad data. Institutions and protocols would continue paying for Chainlink’s verifiable, tamper-proof data feeds because the cost of not having them is existential.”
2. Canton Network
Second, Chow highlighted the Canton Network. He argued that its relevance is driven by institutional demand for privacy combined with regulatory compliance.
According to Chow, Canton provides a regulated settlement layer where BTC-backed positions can move without exposing sensitive counterparties or proprietary strategies. The executive revealed that its value is still clear, institutional coordination, and settlement funded by enterprise usage and validator/service fees.
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“It would survive because its demand is structural (regulated workflows don’t disappear in bear markets) and its economics are usage-funded (enterprise adoption and validator/service fees), not dependent on speculation,” he suggested.
3. Circle
Third, Chow said Circle would continue to matter in a tokenless crypto space. USDC, he noted, has become foundational infrastructure for crypto payments, treasury management, and cross-border settlement.
For banks and enterprises seeking a reliable and regulated digital dollar, USDC has emerged as a trusted settlement option. Without a native token to manage or distribute, Chow described Circle as essentially a modern financial utility that earns spreads on deposits.
As demand for instant, programmable dollars capable of moving globally around the clock continues to grow, he argued that Circle could potentially thrive in a token-agnostic world by continuing to solve real financial problems.
Overall, Chow’s comments present an alternative framework for assessing value in crypto that places less emphasis on token price and more on usage, infrastructure, and operational reliability.
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His views suggest that, in the absence of token-driven incentives, projects with sustained adoption, clear revenue models, and institutional relevance would be better positioned to remain relevant over time.
[PRESS RELEASE – Amsterdam, Netherlands, February 9th, 2026]
NOWPayments, a crypto payment gateway, has announced a limited-time promotion offering zero network fees on USDT (TRC20) payments for new partners.
To access the zero-fee option, users need to register with NOWPayments and enable Custody in their dashboard. Enabling Custody also provides access to additional features such as Mass Payouts and off-chain conversions, allowing businesses to streamline payment flows and manage settlements more efficiently.
The initiative allows newly registered merchants to accept USDT TRC20 payments without network fees for the first two months*, helping businesses save on operational costs while exploring crypto payments in a real-world environment.
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The offer is designed to support companies across multiple industries – including iGaming, Trading, Software as a Service (SaaS), and technology teams such as IT companies and developers – by lowering the barrier to entry for stablecoin payments. By removing network fees on USDT TRC20 deposits, NOWPayments enables merchants to experience fast, reliable, and cost-efficient crypto transactions from day one.
“Our mission is to make crypto payments practical and accessible for businesses of all sizes,” said Kate Lifshits, CEO of NOWPayments. “This promotion gives new partners the opportunity to evaluate our infrastructure without additional network costs – from seamless API integration to near-instant settlement.”
In addition to the zero-fee promotion, NOWPayments supports 350 cryptocurrencies, including 20+ stablecoins across Ethereum, Tron, Binance Smart Chain, Solana, Polygon and other blockchain networks. Payments can reach finality in under a minute, depending on the network, with no limits on transaction size – large-value payments are processed at the same speed as smaller ones. The platform also imposes no limits on transaction volume, offering high throughput and enabling businesses to process a large number of payments efficiently and at scale.
NOWPayments also offers a comprehensive set of payment tools, including:
Permanent deposit addresses
Mass payouts with 0% fee
Average transaction time of approximately 1 minute
Fiat off-ramp & on-ramp support
Gateway fees of 0.5% for single-currency payments and 1% for payments with conversion
These features position NOWPayments as a flexible and scalable payment solution for businesses seeking transparent, efficient, and compliant crypto payment infrastructure.
About NOWPayments
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NOWPayments is a cryptocurrency payment gateway that helps businesses to accept, manage, and distribute crypto payments across more than 350 digital assets. Founded in 2019, the platform supports companies operating in iGaming, eCommerce, and other high-risk industries with permanent deposit addresses, mass payout tools, fiat off-ramp & on-ramp capabilities, and average transaction times of under three minutes.
* The promotion applies to USDT (TRC20) payments only and is available to new users for a period of two months.
Disclaimer
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This communication is provided for informational purposes only and does not constitute investment, financial, or legal advice. It is not intended as an offer, solicitation, or recommendation and does not create any binding obligations. Terms and conditions may change without notice. Cryptoassets are highly volatile and may result in total loss of capital. Service availability and regulatory status depend on your jurisdiction. Users can refer to the Terms & Conditions for further details.
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Monday.com (MNDY) beat Q4 earnings with $1.04 per share versus $0.92 expected and revenue of $333.9 million against $329.51 million consensus
Stock plunged 15% in premarket trading despite the earnings beat on disappointing 2026 guidance
Company projects 2026 operating income of $165-$175 million, well below Wall Street’s $218 million estimate
Full-year 2026 revenue guidance of $1.45-$1.46 billion missed analyst expectations of $1.48 billion
MNDY shares are down 34% year-to-date, caught in the broader software sector selloff
Monday.com stock tumbled in early trading Monday despite posting fourth-quarter results that topped Wall Street expectations. The work-management software provider delivered an earnings beat but spooked investors with cautious guidance for the year ahead.
The company reported adjusted earnings of $1.04 per share for the fourth quarter. That beat analyst estimates of $0.92 per share by $0.12.
Revenue came in at $333.9 million for the quarter. That topped the consensus estimate of $329.51 million and marked a 25% increase from the same period last year.
But investors quickly shifted their focus to the company’s 2026 outlook. Monday.com projected operating income between $165 million and $175 million for the full year.
That forecast fell well short of Wall Street’s expectations. Analysts had been expecting operating income of $218 million heading into the earnings report.
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The revenue guidance also disappointed. Monday.com expects 2026 revenue between $1.45 billion and $1.46 billion.
Analysts had estimated $1.48 billion for the full year. The midpoint of Monday.com’s guidance represents a roughly $30 million shortfall from expectations.
Market Reaction and Stock Performance
Shares dropped 15% in premarket trading following the earnings release. The stock closed Friday at $98.00 after a brutal stretch for the company.
MNDY is down 34% year-to-date. The stock has fallen 38.98% over the past three months.
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The 12-month performance looks even worse. Shares have declined 69.99% over the past year.
Monday.com has been swept up in the broader software sector selloff. The entire industry has faced pressure as investors rotate out of growth stocks.
Analyst Activity and Financial Health
The company has seen mostly positive analyst activity in recent months. Monday.com received 17 positive earnings revisions in the last 90 days.
Only one negative revision came through during that period. InvestingPro rates Monday.com’s financial health score as showing “good performance.”
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The earnings beat marks another quarter of execution on the top and bottom lines. But the conservative guidance suggests management sees headwinds ahead.
The operating income miss of roughly $50 million at the midpoint raises questions about profitability expectations. Revenue growth is expected to continue but at a pace that fell short of analyst models.
The stock’s steep decline this year reflects both company-specific concerns and broader sector weakness. Software stocks have faced multiple compression as interest rates remain elevated.
Monday.com’s Q4 revenue of $333.9 million beat estimates by $4.39 million while earnings per share topped forecasts by 13%.
The company’s latest purchase raised some eyebrows due to the poor timing.
Michael Saylor, the Bitcoin champion behind Strategy’s BTC accumulation strategy, announced minutes ago the latest acquisition made by the company, in which it spent $90 million to accumulate 1,142 units.
Consequently, the firm’s total stash has grown to 714,644 BTC, acquired at an average price of $76,056 for a total of $54.35 billion. Thus, Strategy’s bitcoin holdings continue to be in the red as the asset trades below $70,000 at press time.
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Strategy has acquired 1,142 BTC for ~$90.0 million at ~$78,815 per bitcoin. As of 2/8/2026, we hodl 714,644 $BTC acquired for ~$54.35 billion at ~$76,056 per bitcoin. $MSTR$STRChttps://t.co/4X2c81LQwm
Given the cryptocurrency’s adverse movements over the past week or so, the average price of $78,815 per BTC means that Strategy completed its acquisition on Monday or Tuesday. After all, the asset plunged hard in the following days and hasn’t traded at such high prices for a week now.
This raised some questions within the cryptocurrency community, including Satoshi Flipper, who indicated that buying BTC at these levels, even with DCA, makes these purchases “beyond silly.”
DCA all the way but what’s up with these purchase prices, they are beyond silly.
$78k?
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So the last time price was $78k it was 2/2-2/3 … these must be purchases made 1 week ago. https://t.co/V0LSZvS4yr
Interestingly, Strategy’s stock prices ended the previous week on a high note, skyrocketing by over 26% to $135. However, MSTR has dropped by nearly 4% in pre-market trading today. On a monthly scale, MSTR’s price is down by 14% despite Friday’s bounce.
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XRP recently suffered a sharp sell-off that dragged the price close to the $1.00 level, marking its lowest point in nearly 15 months. The decline shook market confidence and triggered widespread fear among short-term holders.
However, XRP avoided a deeper breakdown at the last moment. The key question now is whether downside pressure will resume or stabilize.
XRP Holders Exhibit Mixed Signals
Large XRP holders have returned to accumulation mode during the downturn. Wallets holding between 100 million and 1 billion XRP acquired more than 1.6 billion tokens over the past week. At current prices, this buying exceeds $2.24 billion, signaling renewed interest from influential market participants.
This accumulation helped support XRP’s bounce from recent lows. Whale buying often absorbs sell-side pressure and stabilizes price during volatile phases. While it does not guarantee immediate recovery, such activity improves liquidity conditions and provides a foundation for short-term price resilience.
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Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.XRP Whale Holding. Source: Santiment
Long-term holders remain cautious despite whale accumulation. The recent crash appears to have weakened confidence built over the prior weeks. XRP’s Liveliness indicator spiked during the decline, signaling increased movement of long-held tokens back into circulation.
A rising Liveliness reading suggests long-term holders are shifting from accumulation to distribution. This behavior is concerning because long-term investors typically anchor market stability. If their selling continues, it could offset whale demand and limit XRP’s ability to sustain a recovery rally.
XRP Liveliness. Source: Glassnode
XRP Traders Under Pressure
Derivatives positioning highlights a bearish bias in XRP’s broader market structure. Liquidation data shows roughly $399 million in short exposure compared with $152 million in long positions. This imbalance suggests traders are positioning for further downside rather than a sustained rebound.
XRP is particularly vulnerable if the price revisits the $1.00 level. A breakdown below that threshold could trigger cascading liquidations. Such an event would amplify volatility and accelerate selling, reinforcing bearish momentum in the futures market.
XRP Liquidation Map. Source: Coinglass
XRP Price Is Holding Support
XRP is trading near $1.44 at the time of writing, holding above the $1.42 support level. On the weekly chart, the token briefly dipped to $1.11 before rebounding. This move marked XRP’s lowest level in 15 months, stopping just above the critical $1.00 psychological zone.
Given current conditions, a retest of lower support remains possible. Weak long-term holder confidence and bearish derivatives positioning increase downside risk. A loss of $1.42 could send XRP back toward $1.11, where buyers would need to defend aggressively to prevent further losses.
A bullish alternative exists if selling pressure fades. Continued whale accumulation could help XRP regain momentum. A push toward $1.91 would mark a significant recovery. Breaking that resistance could lift the price toward $2.00, invalidating the bearish thesis and restoring market confidence.
Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, added another tranche of BTC last week, expanding its holdings without pushing its overall cost basis lower.
Strategy acquired 1,142 Bitcoin (BTC) for $90 million last week, according to a US Securities and Exchange Commission filing on Monday.
The acquisitions were made at an average price of $78,815 per BTC despite Bitcoin trading below that level for most of the week and briefly touching $60,000 on Coinbase last Thursday.
Source: SEC
The latest buy brought Strategy’s total Bitcoin holdings to 714,644 BTC, purchased for around $54.35 billion at an average price of $76,056 per coin.
Strategy misses the Bitcoin dip?
By buying Bitcoin at close to $79,000 per coin, Strategy avoided lowering the average cost basis of its existing holdings.
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Bitcoin, however, has traded well below that level for almost a week. The price fell sharply below $78,000 last Tuesday and has not climbed above the $72,000 mark since, according to Coinbase data.
Bitcoin price versus Strategy’s average purchase price. Source: SaylorTracker
The purchase marks Strategy’s second Bitcoin acquisition as the cryptocurrency trades below the company’s average acquisition price of $76,056.
Strategy faced a similar situation in 2022 when Bitcoin fell below $30,000 while its average purchase price stood at about $30,600. At the time, Strategy significantly slowed the pace of its buying, though it continued to make smaller purchases even at prices below its cost basis.
In the lead-up to the purchase, some market participants speculated that Strategy would try to avoid buying below its average cost this cycle, given the optics around unrealized losses.
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Some users joked that Michael Saylor might instead announce another purchase at much higher levels.
“Saylor on Monday: We’ve added another 1,000 bitcoins at an average price of $95,000,” one market observer joked in an X post on Friday.
Source: Breadman
Strategy (MSTR) shares have mirrored Bitcoin’s volatility, dropping to around $107 last Thursday, according to TradingView data.
In line with a minor rebound on crypto markets, the stock started rising on Friday, posting a spike of 26% to close at around $135.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
Editor’s note: As market attention remains heavily concentrated on AI and high-growth technology stocks, this announcement highlights a quieter but notable shift toward defensive, income-generating equities. Drawing on recent market performance, the release points to McDonald’s and Coca-Cola as examples of established companies that have outperformed broader indices during recent volatility. With both firms reporting earnings this week, the commentary frames dividends and consumer resilience as key factors for investors, particularly in the UAE, who are increasingly focused on global diversification and portfolio balance amid uncertain macro conditions.
Key points
McDonald’s shares are up 8% and Coca-Cola shares have gained 14% while the Nasdaq has turned negative.
Both companies are positioned as defensive holdings supported by strong brands and consistent demand.
Upcoming earnings reports are expected to provide insight into consumer and discretionary spending trends.
Dividend growth remains a central theme, with decades-long records of consecutive increases.
Why this matters
The focus on dividend-paying, defensive stocks underscores a broader reassessment of risk as market volatility persists. For investors and portfolio builders, particularly in the UAE, the performance of established consumer brands offers a counterbalance to exposure in higher-growth and more volatile sectors such as AI and crypto. Earnings results from companies with global and regional footprints can also serve as practical indicators of consumer health, helping market participants gauge resilience across different economic environments.
What to watch next
McDonald’s and Coca-Cola earnings results and management commentary this week.
Updates on margins, pricing strategies, and consumer demand trends.
Market reaction to dividend sustainability and forward guidance.
Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.
Abu Dhabi, United Arab Emirates – February 09, 2026: While global markets remain heavily focused on artificial intelligence and technology stocks, this enthusiasm has shifted attention away from steady performers that continue to offer reliability during uncertain times. After a strong start to the year, the Nasdaq has turned negative, yet McDonald’s (NYSE: MCD) shares have risen 8% and Coca-Cola (NYSE: KO) has gained 14%. Both companies have demonstrated resilience across multiple market cycles, supported by strong brand power and consistent demand.
Zavier Wong, Market Analyst at eToro
“In volatile markets, dividend-paying stocks offer something precious: stability,” said Zavier Wong, Market Analyst at eToro. “These are mature, financially sound businesses that continue to reward shareholders even when markets pull back.”
For investors in the UAE, where diversification across global markets is a growing priority, defensive and income-generating stocks deserve renewed attention. While recent investor enthusiasm has largely centred on high-growth sectors such as AI and crypto, reliable dividend payers continue to play an important role in building balanced portfolios.
Both McDonald’s and Coca-Cola report earnings this week, offering valuable insight into the health of the consumer and discretionary spending trends.
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For McDonald’s, investor focus will be on its ability to maintain margins while driving customer traffic, particularly as lower-income consumers scale back spending. Value-focused offerings have been key to sustaining demand. The company also maintains a significant presence across the Middle East, operating more than 2,000 locations in the region.
Coca-Cola, which controls around 45% of the global carbonated soft drink market and owns five of the world’s top ten beverage brands, including Sprite and Fanta, is expected to demonstrate continued resilience. Fourth-quarter revenue is forecast to grow by 5%, with margins remaining stable.
Both companies continue to offer defensive qualities in today’s volatile market environment. If earnings results confirm resilient demand, it reinforces the case for holding these stocks as stabilising positions. McDonald’s has increased its dividend for nearly 50 consecutive years, while Coca-Cola has done so for more than 60.
“They may not be the flashiest names in the market,” Wong added, “but in turbulent times, they’re the kind of stocks that help keep portfolios steady. Sometimes, boring is brilliant.”
About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.
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Disclaimers:
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:
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Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure
Over the past two years, the landscape for crypto derivatives has shifted dramatically. A significant contraction in the supply of ETF leveraged tokens has occurred across top-tier exchanges. Platforms that previously championed these products have initiated phased suspensions, halted subscriptions, or delisted leveraged pairs entirely throughout 2024 and 2025. However, the demand for leverage among traders has not vanished. It has simply been displaced.
In this environment of market retrenchment, Gate has taken a contrarian approach. Rather than withdrawing, Gate has doubled down, treating ETF leveraged tokens not as a niche add-on, but as a core product line. By prioritizing transparent mechanisms and a unified low-fee framework, Gate has transformed what was once a complex instrument into a scalable, user-friendly tactical tool.
Why Exchanges Are Leaving
In the context of crypto, ETFs generally refer to ETF Leveraged Tokens. These are tokenized instruments traded on the spot market that track perpetual futures positions, allowing users to gain leveraged exposure (e.g., 3x Long BTC) without managing margin or liquidation prices.
Despite their utility, these products are highly structured. Without robust risk controls and clear user education, they are susceptible to volatility decay in ranging markets. Consequently, major platforms have exited the space to minimize compliance risks and user disputes. For example, exchange no. 1.phased out leveraged token services in early 2024, eventually discontinuing support, and exchange no. 2. followed suit in late 2025, issuing batch delisting announcements for BTC and other major assets.
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This industry wide reduction has created a vacuum. As comparable platforms shrink, product availability itself has become a scarce competitive advantage. Gate has stepped in to absorb this liquidity, offering a stable home for short-term leveraged trading demand.
Simplifying Leverage With Unified Fees
Gate’s ETF architecture is designed to map professional derivatives positions into a simple tokenized format. For the user, the experience mirrors spot trading, there is no need to monitor margin maintenance or fear sudden liquidation events.
A key differentiator is Gate’s approach to cost transparency. In derivatives trading, costs are often fragmented across funding rates, trading fees, and slippage. Gate consolidates these fragmented costs into a single, understandable metric known as the unified management fee. This flat 0.1% daily fee is entirely all-inclusive, covering everything from hedging costs and funding rates to potential trading friction.
By packaging costs at the product level, Gate shifts the complexity from the user to the platform. The user gets a predictable cost structure, while the platform leverages professional expertise to manage execution and hedging.
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Transparency in Mechanics
The sustainability of leveraged tokens relies on explainability. Two critical variables define these products: the Net Asset Value (NAV) and Rebalancing Rules.
The sustainability of leveraged tokens relies on explainability. Unlike competitors that often operated these mechanisms as “black boxes,” Gate provides explicit parameter disclosures. This includes specific leverage fluctuation ranges where rebalancing is not triggered, which significantly reduces frictional costs in choppy markets.
For instance, Gate ensures position stability by avoiding rebalancing for 3x Long tokens as long as leverage stays between 2.25x and 4.125x, while the 3x Short variant maintains a range of 1.5x to 5.25x. Similarly, for 5x tokens, no adjustments are triggered unless the leverage moves outside the 3.5x to 7x boundary. These technical parameters are vital for professional traders as they minimize the “decay” often associated with these products during range-bound price action.
Scale by the Numbers
Gate’s ecosystem is expanding. According to Gate’s 2025 annual report, the “Scale Effect” of their ETF product line is evident in the platform’s ability to support 244 different ETF leveraged tokens throughout the year. This robust supply served a cumulative user base of over 200,000 traders, driving average daily trading volumes into the hundreds of millions of dollars. This growth is supported by continuous technical iterations, including the launch of multidimensional data dashboards, rebalancing history displays, and specialized educational modules designed to reduce the learning curve for new participants.
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The platform’s success is not merely a result of being one of the last providers standing, but rather a reflection of its commitment to product depth. Gate continues to broaden its asset coverage, ensuring that users can access leveraged exposure across a diverse range of emerging and established tokens. Looking ahead, Gate plans to build on this momentum by introducing sophisticated new formats, such as portfolio ETFs and low-leverage inverse ETFs. By retaining technical complexity at the platform level while delivering operational certainty to the user, Gate is positioning itself to capture an even larger share of the short-term leveraged trading market.
Conclusion
The industry wide contraction of leveraged tokens was not a failure of the concept, but a failure of execution regarding transparency and education. Gate has succeeded where others retreated by systematizing the product.
By offering clear disclosures, a unified 0.1% daily fee, and a spot-like user experience, Gate has built a sustainable ecosystem that preserves the utility of leverage while mitigating its complexity. As the market matures, Gate’s ETF offering stands as a testament to the value of explainable, transparent financial engineering.
Disclaimer: Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate is not liable for any losses or damages resulting from such investment activities.
Binance added another $300 million worth of Bitcoin to its emergency reserves on Monday, continuing its experiment with a Bitcoin-backed protection fund as markets remain under pressure.
Binance bought another 4,225 Bitcoin (BTC) worth $300 million for its Secure Asset Fund for Users (SAFU) wallet, which holds its emergency reserves, according to blockchain data platform Arkham.
The acquisition lifts the fund’s Bitcoin holdings to more than $720 million at current prices.
“We’re continuing to acquire #Bitcoin for the SAFU fund, aiming to complete conversion of the fund within 30 days of our original announcement,” Binance wrote in a Monday X post.
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While the acquisition is a sign of confidence in Bitcoin by the world’s largest exchange, it also exposes Binance’s emergency fund to downside volatility of Bitcoin’s price swings, which could reduce the fund’s total value.
Binance SAFU Fund. Source: Arkham
Binance first announced shifting $1 billion of its user protection fund into Bitcoin on Jan. 30, framing it as an expression of its conviction in Bitcoin’s long-term prospects as the leading crypto asset.
Binance said it would rebalance the fund back up to $1 billion if the market volatility drove its value below $800 million.
Binance’s fund conversion occurs amid a wider crypto market correction, which saw Bitcoin’s price sink to $59,930 on Friday, a price level last seen in October 2024 before the re-election of US President Donald Trump, according to TradingView.
BTC/USD, 2-year chart, weekly timeframe. Source: Cointelegraph/TradingView
Meanwhile, Bitcoin investor sentiment remains “fragile,” threatening more downside in the absence of positive market catalysts, Hina Sattar Joshi, director for digital assets at liquidity and data solutions platform TP ICAP, told Cointelegraph.
“Sentiment is currently very fragile, with investors anchoring themselves to the traditional four-year Bitcoin cycle, in which Bitcoin’s price historically follows a recurring pattern of ‘boom and bust.’”
The industry’s best traders by returns, tracked as “smart money,” also continue betting on more crypto market downside.
Smart money trader positions through the Hyperliquid exchange, top tokens. Source: Nansen
Smart money traders added $7.38 million worth of leveraged short positions and were net short on Bitcoin for a cumulative $109 million, according to crypto intelligence platform Nansen.
Smart money traders were betting on the price decline of most of the leading cryptocurrencies, except Avalanche (AVAX), which had $7.38 million in cumulative long positions.
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Solana Foundation President Lily Liu recently declared that blockchains should abandon their consumer ambitions and return to their “original purpose: finance.” Her dismissal of gaming and Web3 consumer narratives as “intellectually lazy” sparked immediate debate across an industry already reeling from plunging token prices and fading retail enthusiasm.
But here’s the uncomfortable truth: Liu is simultaneously correct about blockchain’s current reality and catastrophically narrow in her vision for its future.
The Part She Gets Right
Liu isn’t wrong that finance remains blockchain’s most defensible moat. Tokenization, 24/7 settlement, and programmable money represent genuinely superior infrastructure compared to legacy rails. Traditional finance moves slowly not because it’s stupid, but because it’s encumbered by decades of regulatory frameworks, closed systems, and geographic silos.
Blockchain cuts through that like a hot knife through butter when the use case actually requires it.
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The problem with the “blockchain for everything” narrative wasn’t the ambition. It was the execution. The industry kept treating decentralization as a feature consumers would pay a premium for, rather than infrastructure they’d never think about. We built products where the blockchain was the selling point instead of the invisible rails enabling something genuinely better.
Gaming didn’t fail because it was the wrong vertical. It failed because teams shipped half-baked experiences and expected players to tolerate wallet friction, gas fees, and convoluted tokenomics just for the privilege of “true ownership.” Players don’t care about decentralization, they care about fun, fair economies, and actual utility for their digital assets.
Finance works because traders tolerate complexity for profit. That’s not vision. That’s just knowing your audience will put up with clunky UX if there’s money on the table.
Where She’s Dangerously Wrong
But here’s where Liu’s retreat becomes myopic: financialization of everything is the vision. It’s just not the version we’ve built yet.
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Every digital asset—from in-game items to social engagement, creative work, and reputation—should be ownable, tradable, and liquid. The mistake wasn’t trying to bring blockchain to gaming or consumer applications. The mistake was building extractive tokenomics that enriched founders and VCs while creating zero genuine value for users.
When you can truly own your digital identity across platforms, trade gaming assets in open markets, and capture value from your creative output without platform rent-seeking, that is revolutionary. We just haven’t built the infrastructure properly yet.
“Read, write, own” wasn’t intellectually lazy. Implementing it via ponzinomics and calling it innovation? That was lazy.
Dismissing consumer applications entirely because the first wave failed is like abandoning e-commerce in 1999 because Pets.com crashed. The thesis wasn’t wrong, the timing, technology, and business models were premature.
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The Real Recalibration
Liu’s pivot conveniently arrives as consumer crypto collapses and institutional money flows toward tokenized securities and stablecoins. It’s easy to call this “strategic refocusing.” It’s harder to admit it’s also damage control.
This narrative shift lets the industry quietly abandon metaverse partnerships and DePIN experiments without acknowledging capital destruction. When those projects shutter, it’ll be spun as “returning to core competencies” rather than “we built products nobody wanted.”
But there’s a deeper risk here: if blockchain leaders concede that the technology only works for finance, we’re admitting we can’t compete with Web2 on user experience. We’re retreating to the one domain where regulatory arbitrage and 24/7 markets create structural advantages traditional systems can’t easily replicate.
That’s not a vision. That’s a surrender dressed up as pragmatism.
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What Actually Needs to Happen
The industry doesn’t need to choose between finance and consumer applications. It needs to stop treating blockchain as the product and start treating it as invisible infrastructure that enables genuinely superior experiences.
Finance will remain the killer app for the next few years because the ROI on improved settlement rails is measurable and institutions are finally ready to move. But the long game isn’t replacing Visa, it’s building an internet where value, ownership, and identity are native primitives, not bolt-on features controlled by platforms.
That requires financial rails robust enough to handle trillions in assets and consumer experiences good enough that users never think about the blockchain underneath.
Liu’s right that we need to build real markets, not just slap tokens on existing apps and call it innovation. But retreating entirely from consumer applications because the first attempts failed isn’t strategic, it’s a failure of imagination.
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The technology that enables programmable money can also enable programmable ownership, reputation, and creative economies. We just have to build products people actually want instead of products that make us feel ideologically pure.
Blockchain’s purpose isn’t just finance. It’s building an internet where value flows as freely as information and that future is a hell of a lot bigger than better payment rails.
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Samsung Electronics stock climbed 4.9% to 6.4% after announcing mass production of HBM4 memory chips starting this month.
The Korean chipmaker will supply HBM4 chips to Nvidia by mid-February for Vera Rubin AI accelerators.
Samsung’s production timeline puts it ahead of Micron Technology, which plans HBM4 rollout in Q2 2026.
Micron stock still rose 3.08% as analysts expect the company to hold its 20%-25% HBM market share.
AI chip makers are adopting three-supplier strategies, creating space for Samsung, SK Hynix, and Micron.
Samsung Electronics shares popped on Monday following reports that the company will kick off mass production of next-generation memory chips this month. The stock gained between 4.9% and 6.4% depending on the source.
Samsung Electronics Co., Ltd. (005930.KS)
Industry insiders told South Korea’s Yonhap news agency that Samsung will begin producing HBM4 chips in late February. These high-bandwidth memory chips are critical components for artificial intelligence processors.
The company plans to ship these advanced semiconductors to Nvidia by mid-February. The chips will power Nvidia’s upcoming Vera Rubin AI accelerators, which represents a key win for Samsung in the AI supply chain race.
Nvidia stock jumped 7.87% on the news. SK Hynix, another South Korean memory chip manufacturer, saw shares rise 5.72%.
Race Against Micron Intensifies
Samsung’s announcement puts it in direct competition with Micron Technology for AI chip market share. Micron has seen its stock more than quadruple over the past year thanks to HBM chip demand.
Micron shares rose 3.08% despite the competitive pressure. The company plans to ramp up its own HBM4 production during the second quarter of 2026.
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That timeline puts Micron roughly one quarter behind Samsung’s production schedule. Micron CEO Sanjay Mehrotra outlined the company’s HBM4 plans during the most recent earnings call.
Samsung’s stock has nearly tripled in the past 12 months. The memory chip boom has lifted valuations across the entire sector.
Wall Street Sees Room for Multiple Winners
Analysts aren’t overly concerned about market share battles between the three major HBM suppliers. Demand remains strong enough to support all players.
UBS analyst Timothy Arcuri noted that AI accelerator vendors are moving toward three-supplier sourcing strategies. Companies previously relied on just two suppliers for their HBM needs.
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This shift benefits Micron. Analysts estimate the company can maintain the 20%-25% market share it captured last year despite increased competition.
HBM chips command higher profit margins than standard memory components. The lucrative margins make the market attractive for Samsung, Micron, and SK Hynix.
Financial Position Remains Strong
Samsung’s market capitalization sits at $694.62 billion. The company reported revenue of $223.32 billion with a 7% growth rate over three years.
The chipmaker maintains a current ratio of 2.63 and a debt-to-equity ratio of 0.04. These metrics indicate solid liquidity and low leverage.
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Samsung’s gross margin stands at 36.65% with an operating margin of 9.51%. The Altman Z-Score of 7.78 suggests strong financial health.
The company’s P/E ratio of 32.73 sits near its one-year high. Technical indicators show an RSI of 100, suggesting the stock may be overbought.
Samsung didn’t immediately respond to requests for comment. The company’s HBM4 production represents a major milestone in the ongoing AI chip race.
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