🧐 FN Exclusive | The Evolution of Altcoin Investment from HYPE 🎯 Key Points 📍 The success of a token depends on three main factors: narrative, product-market fit (PMF), and value capture. 📍 Most tokens stop at the "two-thirds" stage: narratives are easy to construct, product-market fit is challenging but not a binary outcome; however, value capture is more complex — the interplay between stakeholders, legal compliance requirements, and considerations at the listing level can make the design and timing of value capture mechanisms tricky. 📍 Only a few tokens (like HYPE) can satisfy all three factors simultaneously. Many protocols that perform strongly in other areas still encounter bottlenecks in value capture, which can limit the upside potential of the token even if the fundamentals are solid; in some cases, there may even be a phenomenon where the fundamentals are weak but the token performs contrary to expectations. 📍 The investment triangle model is easy to understand...
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