1. Introduction: A New Era of Crypto Value InvestingWe are entering a distinctly new phase in crypto markets—one where value is no longer subordinate to growth, and where return on deployed capital matters as much as narrative. That shift is being catalysed by two structural developments: first, the sweeping regulatory clarity emanating from the U.S., which effectively de-risked the notion that a token can legitimately deliver yield and not trigger severe regulatory consequences; and second, ...

1. Introduction: A New Era of Crypto Value InvestingWe are entering a distinctly new phase in crypto markets—one where value is no longer subordinate to growth, and where return on deployed capital matters as much as narrative. That shift is being catalysed by two structural developments: first, the sweeping regulatory clarity emanating from the U.S., which effectively de-risked the notion that a token can legitimately deliver yield and not trigger severe regulatory consequences; and second, ...