Are Tokenomics Useless? Crypto projects has often experimented with ever-thicker layers of sinks, faucets, locks, and multi-token loops to engineer price. Yet the tokens that actually hold value usually piggyback on pmf or narrative and not on spreadsheets of incentives. Some notable examples: - @berachain: PoL tied security to LPs, but a yield-chasing flywheel reversed: front-loaded emissions + liquidity exodus roundtripped $BERA from $9 to <$1.7 - @CurveFinance: veCRV locked >50% of supply and aligned LPs with fees, yet CRV still tracks protocol revenue - @AerodromeFi : ve(3,3) on @base bootstrapped >$1b TVL in weeks; now emissions outrun organic volume - @boopdotfun: pulled the entire playbook from fee-sharing, airdrops, KOL bounties, to cult leaderboards, yet activity fell 90% in a week. Token ≠ product. So no, tokenomics aren’t useless, just often overrated. A great product with vanilla economics wins more often than a weak product with baroque design. Case in point is obviously Hyperliquid. No fancy loops, just deep liquidity, tight spreads, buybacks and integrity. Alignment > complexity. Use tokenomics to amplify natural demand loops, cap leakage, and share value with real users.