Name: Hivemind: Will 2026 Be Bullish & Crypto's Token vs Equity Problem
Uploaded: 2026-01-08T14:45:00+00:00
Duration: 3870 s

Speakers

Jason Yanowitz — Co-Founder, Blockworks

Ceteris — Head of Research, Delphi Digital

Yan — Managing Partner, Delphi Ventures

Jose

Summary

The Hivemind team debates whether crypto can rally in Q1 after a rough Q4, with most panelists expecting a mean-reversion bounce while Jose is more cautious. They then dig into crypto's token-versus-equity problem, covering MetaDAO's ownership-coin and Stamp models, Lighter's value accrual, ICO design, and adverse selection. The episode ends with a discussion of tokenized equity/private markets and a watch item on Solana block building and validator timing games.

Q1 crypto views are mostly bullish on mean reversion, though not a clear path to new highs.
Equities remain strong while crypto is relatively weak.
Solana is favored as the top large-cap alt, expected to outperform Bitcoin.
Panel debates L1 tokens versus applications as revenue focus grows.
MetaDAO's ownership coin and Stamp are discussed as attempts to align tokens with equity-like value.
Lighter is cited as a token with clearer value accrual.
Jose is more cautious on broad crypto and prefers opportunities outside crypto.
Solana block building and timing games are flagged as an existential issue to monitor.

Ideas

Jason Yanowitz Co-Founder, Blockworks 3:03

Equities still look great versus crypto.

Says equities still look great for the most part even as crypto remains relatively weak versus TradFi; this contrast is notable but does not undermine his constructive equity view.

Jason Yanowitz Co-Founder, Blockworks 17:39

Solana should outperform Bitcoin this year.

Most bullish large-cap alt is Solana; expects Solana to outperform Bitcoin by year-end. He views liquid crypto markets as the big opportunity and sees potential for massive winners; if Solana fails to outperform, he suspects it would be due to broad apathy toward L1 tokens rather than a Solana-specific issue.

Jason Yanowitz Co-Founder, Blockworks 18:12

Revenue focus helps apps, hurts L1s.

Thinks a likely path is that revenue and cash-flow focus becomes the overarching crypto theme, which hurts L1 tokens and helps applications. He still sees solid opportunities in applications, even though they will be harder to find without a rising tide.

Jason Yanowitz Co-Founder, Blockworks 18:12

Revenue focus helps apps, hurts L1s.

Ceteris Institutional Research 20:36

Lighter token has clear value accrual.

Lighter is a good example of a token launch where the team is doing everything to accrue value to the token, unlike many token rugs; if launching a token today, a clear strategy for why the token is valuable is needed. He cites Lighter as having demand and value-accrual efforts.

Jose 37:08

MetaDAO ownership coin aligns token value.

Holds MetaDAO and became more bullish on it after the discussion. He likes the ownership-coin model where the token is designed to own the IP and revenue, aligning token holders with value capture, though he remains critical of capital formation and adverse selection in ICO platforms.

Ceteris Institutional Research 61:31

Solana block-building debate is existential.

Flags Solana block building as an important setup to monitor: there is infighting over whether Solana should adopt Jito's BAM model, Harmonic's PBS-style model, or Anza's multiple concurrent proposers. Timing games by validators, including Galaxy running Forward Industries' validator, produce higher validator yield at the expense of the network; this is existential to Solana's future and likely to get louder.

Hivemind: Will 2026 Be Bullish & Crypto's Token vs Equity Problem

Summary

Ideas

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