As the year comes to a close, we put together a report that looks back on everything that’s happened and outlines what lies ahead.
I know I’ve been quieter than usual on my personal twitter recently. I could say it’s because I was busy preparing this report, but honestly, that would just be an excuse. I also needed some time to refine my own perspective and thoughts.
For the rest of this year, I’ll be focusing on this report and my personal year-end reflection.
And going into next year, I want to think more deeply about the kind of content I should create — content that can genuinely provide value to many of you. I’ll keep working to write pieces that are more thoughtful, more helpful, and more impactful.
(btw I respect and appreciate the people on CT who openly share their views, but public sentiment on CT ultimately follows price — which means it’s not exactly the most sustainable source of perspective. Only a small minority on CT hold views that don’t waver with the market. Those are the people whose insights are truly worth listening to)
@FourPillarsFP
protocol I mentioned in this report (@SuiNetwork, @HyperliquidX, @monad, @RialoHQ, @ArchNtwrk)
: : [Report] 2026 Outlook: Restructuring
Perspectives from Four Pillars researchers
Written by @FourPillarsFP
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2025 marked the first year in which the crypto market began to be redefined under clearly articulated rules. With the institutional foundation being put in place, token models that had long gravitated toward narrative-driven or overly financialized structures are being reconstructed based on fundamental value once again.
This is not merely a recovery phase or the start of a new bull cycle; it represents a broader transition in which the entire crypto ecosystem is moving toward new operating principles and new economic models. This is why we define 2025 as a year of Restructuring.
In 2025, the market is undergoing rapid restructuring, and the ability to read the depth of this shift will determine who holds the advantage in the next cycle. With this context in mind, this report captures the perspectives of each Four Pillars researcher on how they foresee the market in 2026. We hope that our insights serve as a useful guide as you navigate the crypto ecosystem in the coming year.
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