For much of crypto’s history, markets were driven by narratives. Revelations about technological revolution, new paradigms, and sudden wealth were used to shape sentiment rather than the underlying system. The situation has changed decisively in 2026. Although there are still stories, they are no longer the determinants of what survives on which platforms and assets. Infrastructure does.
The standard of the exchange infrastructure is taking on a much more significant role in terms of market confidence, liquidity, and long-term participation than any short-term narrative.