Compiled by: Jia Huan, ChainCatcher

There is a "good coin" problem in the crypto space.

Most tokens are junk.

Most tokens are not treated with the same level of respect by teams, both legally and strategically, as equity. Since teams have historically never given tokens the same level of respect as equity firms, the market naturally reflects this in token prices.

Today I want to share two sets of data that have given me some optimism about the state of tokens in 2026 and beyond:

MegaETH's KPI Plan

Cap's stablecoin airdrop

Conditionalize token supply

MegaETH has locked 53% of the total supply of MEGA tokens under a "KPI plan." The core idea is that these tokens will not be unlocked if MegaETH does not meet its KPIs (Key Performance Indicators).

Therefore, in a bear market where the ecosystem is not growing, at least no more tokens will flow into the market and dilute holders. MEGA tokens will only enter the market when the MegaETH ecosystem truly grows (as defined by KPIs).

The plan's KPIs are divided into 4 scoreboards:

1. Ecosystem growth (TVL, USDM supply)

2. MegaETH Decentralization (Progress in the L2Beat Phase)

3. MegaETH Performance (IBRL)

4. Ethereum's decentralization

In theory, as MegaETH achieves its KPI targets, its value should increase accordingly, thus buffering the negative price impact of MEGA dilution on the market.

This strategy feels very similar to Tesla's compensation philosophy towards Elon Musk: "rewards are only given for deliverable results." In 2018, Tesla granted Musk a stock-based compensation package, divided into several tranches, which would only vest if Tesla simultaneously achieved progressively higher market capitalization and revenue targets. Elon Musk would only receive $TSLA if Tesla's revenue increased and its market capitalization grew.

MegaETH is trying to transplant some of this logic into their token economics. “More supply” is not a given – it’s a right that the protocol must actually score on a meaningful scoreboard to earn.

Unlike Musk's Tesla benchmark, I don't see any targets for MEGA's market capitalization in Namik's KPIs—likely for legal reasons. But as a public MEGA investor, this KPI is certainly interesting to me.

Who gets the new supply is important

Another interesting aspect of this KPI plan is which investors will receive MEGA when the KPIs are met. According to Namik's tweet, those who stake MEGA in the lock-up contract will receive the unlocked MEGA.

Those who lock up more MEGA for a longer period will gain access to 53% of the MEGA tokens entering the market.

The logic behind this is simple: dilute MEGA and distribute it to those who have proven themselves to be MEGA holders and are interested in holding more MEGA—that is, those who are least inclined to sell MEGA.

Trade-offs of aligned interests

It's worth emphasizing the risks involved. We've seen examples of similar structures historically experiencing serious problems. See this excerpt from Cobie's article: " ApeCoin and the Demise of Staking ".

If you're a token pessimist, a crypto nihilist, or simply a bear, this alignment of interests is what you're worried about.

Setting token dilution after KPIs that should reflect the value growth of the MegaETH ecosystem is far better than any typical staking mechanism we saw during the 2020-2022 yield farming era, when tokens were issued regardless of whether the team made fundamental progress or the ecosystem grew.

Therefore, the dilution of MEGA ultimately boils down to:

Constrained by the growth of the MegaETH ecosystem

Dilute it to those least inclined to sell MEGA.

This doesn't guarantee that MEGA's value will rise as a result—the market will do what it wants. However, it is an effective and honest attempt to fix a core, underlying flaw that seems to affect the entire crypto token industry.

Treat your tokens like you would equity.

Historically, teams have distributed their tokens in a "scattershot" fashion throughout the ecosystem—airdrops, farming rewards, grants, etc.—but teams wouldn't do these things if they were distributing something of real value.

Because the team distributed the tokens as if they were worthless governance tokens, the market priced them as worthless governance tokens.

You can see the same ethical principles in MegaETH’s approach to listing on CEXs (centralized exchanges), especially after Binance opened MEGA token futures on its platform (a tactic Binance has historically used to blackmail the team for tokens).

Hopefully, the team will become more selective in its token distribution. If the team starts treating their tokens like precious gems, perhaps the market will respond in kind.

Cap's "stablecoin" airdrop

Instead of using the traditional airdrop method, the stablecoin protocol Cap launched a "stablecoin airdrop ." Instead of airdropping its native governance token CAP, they distributed its native stablecoin cUSD to users who farmed using Cap credits.

This approach rewards users who cultivate points with real value, thus fulfilling their social contract. Users who deposit USDC into the Cap supply bear the smart contract risk and opportunity cost, which is compensated accordingly by the stablecoin airdrop.

For those who want CAP itself, Cap is conducting a token sale through Uniswap CCA. Anyone seeking CAP tokens must become a genuine investor and commit real capital.

Selecting steadfast holders

The combination of stablecoin airdrops and token sales filters out committed holders. Traditional CAP airdrops might flow to speculative volume-washers who could sell immediately. By requiring capital investment through token sales, CAP ensures that it flows to participants willing to take all downside risk in exchange for upside potential—a group more likely to hold for the long term.

The rationale is that this structure increases the probability of CAP’s success by establishing a centralized holder base aligned with the protocol’s long-term vision, rather than by employing an imprecise airdrop mechanism that hands tokens to those focused only on short-term profits.

Token design is maturing

Protocols are becoming increasingly intelligent and precise in their token distribution mechanisms. There are no more shotgun-style, indiscriminate token releases—MegaETH and Cap are choosing to be highly selective in determining who receives their tokens.

"Optimized distribution" is no longer in vogue—perhaps a lingering consequence of the Gensler era (former chairman of the U.S. Securities and Exchange Commission (SEC), known for his tough stance on cryptocurrency regulation). Instead, both teams are optimizing concentration to provide a stronger holder base.

I hope that as more applications launch in 2026, they can observe and learn from some of these strategies, and even improve upon them. In this way, the "good coin problem" will no longer be a problem, and all we will have left are "good coins".

MegaETH: MEGA allocation query page is now online.

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