Avalanche just dropped research that's making everyone ask the uncomfortable question:

Does blockchain banking infrastructure actually pump the token? 🤔

The setup looks clean:
→ Institutions are coming in
→ Infra getting faster + cheaper
→ Network activity up

But here's the thing with $METAL and Metal Blockchain:

Building the rails ≠ token value accrual

You can have the best tech stack for TradFi integration, but if the tokenomics don't capture that value flow, you're just exit liquidity for VCs.

The real alpha isn't who builds first. It's who designs the flywheel where network growth = holder value.

$METAL either nails this or becomes another "great tech, dead token" story.