Below the Token Surface: Why Protocol Economics Offer Sharper Alpha Than Tokenomics Analysis Alone
The most sophisticated participants in digital asset markets have quietly shifted their analytical frameworks away from token supply mechanics and toward the deeper economic architecture of the protocols themselves. Validator incentive structures, MEV extraction dynamics, and fee accrual pathways represent a category of mispricing that remains largely invisible to conventional tokenomics analysis. For elite allocators seeking genuine asymmetric opportunity, the protocol layer is where durable ed