At the EthCC conference, 21Shares researcher Darius Moukhtarzade highlighted a record high in token issuance failures, attributing the trend to the prevalent "low circulation, high fully diluted valuation (FDV)" model of 2024-2025. This model initially inflates prices due to small circulating supplies, followed by concentrated internal unlock pressures that retail investors struggle to absorb, leading to a downward "death spiral." Moukhtarzade proposed a sustainable token economic framework for 2026, suggesting an increase in initial circulation to over 20% to improve price discovery and reduce unlock shocks. He also emphasized the need for clear product-market fit and genuine user growth/revenue models before token issuance, along with enhanced value capture mechanisms.