21Shares researcher: Project tokens will require more robust issuance strategies in 2026

Foresight News reports that 21Shares researcher Darius Moukhtarzade stated at the EthCC[9] conference that failed token issuances have reached record levels, with the core issue being the prevalence of the "low circulating supply, high fully diluted valuation" model between 2024 and 2025. This model causes token prices to be artificially inflated at launch due to limited circulating supply, subsequently leading to immense unlocking pressure from insiders. This results in retail investors being unable to absorb the ensuing sell pressure, ultimately triggering a downward price "death spiral."

Regarding the 2026 market environment, Darius proposed a practical framework aimed at achieving a sustainable token economy: First, increase the initial circulation ratio: project teams should raise the initial circulating supply to over 20% to promote more accurate price discovery and reduce the impact of later unlocks; Second, establish product-market fit (PMF): before token issuance, there must be substantial user growth and a revenue model, rather than just speculative hype generated by points; Third, strengthen value capture mechanisms: tokens must be closely tied to the protocol's core business, such as through fee sharing, governance weighting, or being used as incentive tools for AI agents within the "agent finance" ecosystem; Fourth, ensure transparency and long-term alignment: establish an auditable supply plan and extend vesting periods for teams and investors to ensure all stakeholders are aligned with the project's long-term success. Darius pointed out that, in 2026, token success will no longer depend on short-term explosive growth, but rather on the ability to build a robust on-chain economy in the face of institutional capital inflows and tightening regulations.