The Most-Hyped Tokens of 2025 Are All Struggling
Plus, SEC staff issue tokenization guidance
Squiffs _ & Olivia Capozzalo
January 30, 2026
Happy Friday Defiers!
Today’s big story:
- MegaETH is set to launch its highly anticipated mainnet and MEGA token in the coming weeks; however, it's unclear if the project will be able to overcome the market’s current apathy for altcoins.
In other news:
- SEC staff clarifies tokenized securities law
- Optimism announces enterprise suite
- Story, OpenLedger unveil standard for AI’s use of IP
- ZetaChain 2.0 brings private memory and AI interoperability to creators [SPONSORED]
- 5 crypto lending platforms & loans for fast capital access [SPONSORED]
The Defiant’s 2025 in review:
- How Digital Asset Treasuries Went Mainstream in 2025
- RWAs Became Wall Street’s Gateway to Crypto in 2025
- Prediction Markets Expand from DeFi Niche to Global News Sources
- Stablecoins Became Crypto’s First Mainstream Use Case in 2025
- Looking Ahead: The Biggest Names in Crypto Predict New Bitcoin Highs and a Tokenization Boom in 2026
Read more below! But first, please give our sponsors some love; they make this newsletter possible.
Stellar: The Proving Ground for Real-World Privacy
The latest Stellar upgrade, X-Ray, delivers zero-knowledge cryptography that lets developers build privacy into their apps—protecting what matters while keeping Stellar radically open, trusted, and ready for real-world finance.
We’re back! Here’s what you need to know in web3 today
📈 Markets in the Past 24 Hours
| TICKER | VALUE | 24H | |
|---|---|---|---|
 | Bitcoin | $82,236 | -1.98 % |
 | Ethereum | $2,667.87 | -4.46 % |
 | BNB | $837.24 | -2.84 % |
 | XRP | $1.72 | -4.16 % |
 | Solana | $115.29 | -1.26 % |
Today’s Big Story
Hyped Launches Fizzle As Crypto Market Sours
More than a year after its initial community raise on Echo, MegaETH is set to launch its highly anticipated mainnet and MEGA token in the coming weeks; however, expectations are beginning to wane, and it's unclear if MegaETH will be able to overcome the market’s apathy for altcoins.
While this crypto market cycle began showing signs of liquidity fragmentation in early 2024, the trend has only accelerated over the last two years, and now even the most hyped tokens from just a few months ago are leaving investors nervous about the safety of their capital.
Coming into the end of 2025, the main token launches that stood out were Plasma’s XPL, Monad’s MON, MegaETH’s MEGA, and Lighter’s LIT, with MON in particular being hyped for years.
So far, Plasma, Monad, and Lighter have all launched their tokens, and XPL is down 93%, MON is down 58%, and LIT is down 77% - so given these performances, the writing is on the wall for MEGA investors.
However, it is worth noting that MegaETH’s funding is far more community-aligned than any of the previously mentioned tokens.
Each of these tokens offered great opportunities for the community to make money in their own right - perhaps other than Monad, which ironically touted the importance of its community for three years, only to prioritize influencers and sybil farmers with the largest airdrop allocations.
Unlike its counterparts, MegaETH offered its community three different entry points at reasonable valuations to invest in the token: a vested fundraise on Echo, an NFT mint, and the ICO.
While exciting during the lead-up, the time has come for MEGA to launch and vested contributors may be feeling the heat a little bit, especially if MON, LIT, or XPL’s price action is any indication of MEGA’s future.
It is expected that vested investors are allocated for the long term, but given the altcoin space’s performance over the last four years, you can’t blame investors for feeling shaky.
Vested ICO investing has moved away from the idea of tokens going up in the future after the product matures - like a traditional venture capital investment - and more towards hoping the launch occurs at multiples above the investment valuation so that a 50% haircut from the launch price still results in a positive return on the initial investment whenever the vesting period is over.
MegaETH touts top speed and performance metrics; however, the past couple of years have proven how difficult it really is to take market share away from the likes of Solana, Ethereum, and Base.
In reality, most market participants these days act as mercenary capital and are less inclined to trade on a blockchain that settles transactions instantly, rather than one with the greatest profit potential.
Squiffs, resident degen at The Defiant
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🎬WATCH
Ethereum Is for Institutions: Danny Ryan Says Tokenization Isn't Enough
In this episode of The Defiant Podcast, Camila Russo sits down with Danny Ryan — former Ethereum Foundation researcher and a key leader behind Ethereum’s shift to proof of stake — now co-founder & president at Etherealize, to talk about the next big wave for crypto: institutional adoption of Ethereum.
Recorded in Buenos Aires during Devconnect, Danny breaks down why the mood inside banks has flipped from “we can’t touch crypto” to “if we don’t adopt it, we’ll be left behind.”
Top News in the Past 24 Hours
- SEC Staff Clarifies How Securities Laws Apply to Tokenized Assets The statement — issued jointly by three SEC divisions — points out that securities issued or represented on blockchains remain subject to the same rules as traditional securities. Why it matters: The monthly circulating asset market cap of tokenized equities has grown 100x in the past year.
- Optimism Unveils OP Enterprise Optimism and OP Labs CEO Jing Wang announced the launch of OP Enterprise today — a chain deployment suite for enterprise clients looking to build native blockchains while retaining revenue. Why it matters: The move aims to provide out-of-the-box blockchain infra for businesses that want to integrate the technology.
- Story Protocol and OpenLedger Launch New Standard for Legal AI Training Story Protocol and OpenLedger announced a new standard meant to let AI systems use creative work legally, and pay the people who own it. Why it matters: The announcement comes as lawsuits tied to AI continue to rise, with many AI-related court cases in 2025 centering around IP.
Trending on The Defiant
- Optimism Unveils OP Enterprise
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- Crypto Markets Tumble as US Stock Market Dips
- WisdomTree Expands Tokenized Fund Offerings to Solana
- Worldcoin Surges 25% as OpenAI Considers its Biometric Technology
- Coinbase Launches Nationwide Prediction Markets in Partnership with Kalshi
That’s it for today — if you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe
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