Gate News reports that on March 31, 21Shares researcher Darius Moukhtarzade stated at the EthCC[9] conference that token issuance failures have reached a record high, with the core issue being the prevalent “low circulating supply, high fully diluted valuation” model during 2024 to 2025. Darius proposed a practical framework aimed at achieving sustainable token economics: first, increasing the initial circulating proportion; second, establishing product-market fit; third, strengthening value capture mechanisms; and fourth, enhancing transparency and long-term alignment. He pointed out that the success of tokens in 2026 will no longer depend on short-term explosive growth, but on whether they can build a resilient on-chain economy amid institutional capital inflows and stricter regulations.