The IN Token Thesis: A Path to 100x Alpha

The next major crypto cycle will be defined by tokens that power the infrastructure of decentralized applications. We call them IN tokens—short for Infrastructure and Network tokens. These assets sit beneath the app layer and monetize demand for blockspace, security, interoperability, and execution. As core rails standardize and scale in 2025, IN tokens can capture outsized value, offering a compelling path to asymmetric returns for disciplined investors.

This thesis is not financial advice. It is a framework for identifying high‑potential infrastructure assets in a rapidly evolving market.

What Are IN Tokens?

IN tokens are native assets of protocols that supply essential, reusable services to the rest of the crypto stack. They typically fall into four buckets:

• Data Availability and Modular Blockspace

  • Examples include DA layers that sell blobspace to rollups and modular chains. Their tokens secure the network and are often used to pay fees for data posting. The modular thesis accelerated after Ethereum’s Dencun upgrade reduced L2 costs and boosted demand for off‑chain DA. See the Ethereum Foundation’s overview of Dencun on mainnet for context: Ethereum Foundation: Dencun is live.
  • For sector activity and risk profiles across L2s, dashboards such as L2Beat track total value secured and system designs.

• Restaking and On‑Demand Security

  • Restaking turns staked capital into a marketplace for cryptographic services (oracles, sequencing, shared security). As AVSs (Actively Validated Services) launch, demand for programmable security expands. For background, review EigenLayer’s technical and roadmap materials: EigenLayer blog.

• Interoperability and Secure Messaging

  • Cross‑chain intent routing, generalized messaging, and secure bridges will keep absorbing value as ecosystems fragment into L2s and appchains. Understanding the historical risks here is crucial; Chainalysis’ analysis of bridge exploits offers a sober baseline: Chainalysis on bridge hacks.

• Intent‑Centric Execution and Order‑Flow

  • Systems that translate user intents into optimal execution—while minimizing MEV externalities—are evolving into networked marketplaces for order‑flow and auction rights. For a technical primer, see Flashbots’ SUAVE introduction: Flashbots: SUAVE overview.

IN tokens monetize demand from other crypto businesses. As modularity spreads, infrastructure providers become suppliers to many buyers simultaneously, compounding their revenue base.

Why Now: 2025 Catalysts

Several structural tailwinds have set the stage for infrastructure‑dominant growth:

• Cheaper, scalable rollups post‑Dencun

  • L2 fees fell after EIP‑4844 introduced blobs, unlocking rollup growth and DA consumption. A good summary of the impact is available here: Blockworks on Dencun and cheaper L2s.

• Institutional flows and mainstream rails

  • Spot Bitcoin ETFs—and the subsequent approval of spot Ether ETFs in 2024—broadened capital access and improved market plumbing, with cumulative effects through 2025. For official actions, refer to the U.S. SEC’s rulemaking archive and orders; for market research streams, see Coinbase Institutional Research.

• Regulatory normalization

  • The EU’s MiCA framework is phasing in, clarifying licensing and token issuance rules across 2024–2025. ESMA maintains a structured overview and implementation timeline: ESMA on crypto assets and MiCA.

• The rise of DePIN and crypto‑native compute

  • Decentralized physical infrastructure networks and crypto compute services (storage, bandwidth, GPU marketplaces) are bridging on‑chain incentives with real‑world supply. For sector maps and fundamentals, tools like Token Terminal and DefiLlama Protocol Revenue help quantify traction.

Together, these vectors increase end‑user demand for infrastructure services, deepen monetization channels, and compress the time between adoption and value capture.

The Economics Behind 100x Alpha

A 100x outcome requires non‑linear economics and defensible moats. IN tokens can exhibit both:

• Multi‑tenant demand curves

  • One supplier sells to many buyers. DA layers, restaking marketplaces, and messaging networks scale revenue faster than single‑app tokens because each new rollup, AVS, or appchain is incremental demand on the same rails.

• Cost reduction and standardization flywheels

  • As infrastructure lowers unit costs (e.g., blobs post‑Dencun), developers shift more workloads on‑chain. Standard APIs and SDKs reduce integration friction, further growing protocol volume.

• Security budget monetization

  • Restaking and shared security allow protocols to price reliability explicitly. As more services seek economic guarantees, security marketplaces deepen and professionalize, creating durable fee streams.

• Order‑flow economics

  • Intent‑centric systems and execution auctions introduce new revenue primitives around routing, privacy, and MEV minimization. If these systems win market share, they unlock recurring value with high switching costs.

• Token utility and incentive alignment

  • When tokens secure the network, gate access to scarce resources, or mediate revenue distribution, they convert protocol growth into token demand. The strongest designs avoid reflexivity traps and ensure fees contribute to long‑term sustainability.

A Research Framework for IN Tokens

Use a standardized checklist to evaluate targets:

• Adoption and usage

  • DA consumption (bytes, blobs, fees), rollup integrations, AVS count, message throughput, developer tool usage. Public trackers like L2Beat and revenue dashboards such as DefiLlama Protocol Revenue and Token Terminal are helpful.

• Business model clarity

  • What is being sold (blockspace, security, messages, execution)? Who pays? Is pricing transparent? Are fees sustainable under competition?

• Token economics

  • Supply schedule, unlocks, staking yields, emission controls, governance rights, and how value accrues (direct fees, indirect demand, or only security utility).

• Technical moat and ecosystem lock‑in

  • SDKs, developer experience, composability, integration costs, cryptographic guarantees, and differentiated trust assumptions.

• Risk assessment

  • Smart contract risk, operational risk, bridge risk, restaking slashing vectors, and regulatory exposure. For cross‑chain security context, review Chainalysis on bridge hacks. For EU regulatory cadence, monitor ESMA on crypto assets and MiCA.

• Governance and decentralization

  • Client diversity, validator/operator distribution, upgrade paths, and credible neutrality. Ethereum’s public post‑mortems and protocol notes are instructive benchmarks; see Ethereum Foundation: Dencun is live for how major upgrades are communicated.

Portfolio Construction: Capturing IN Alpha

A practical approach:

• Barbell by maturity

  • Hold a core basket of infrastructure names with demonstrated adoption, and a satellite sleeve of earlier‑stage networks with asymmetric upside.

• Focus on revenue‑linked primitives

  • Prefer protocols with observable demand metrics (paid DA, security service fees, message settlement fees) over narrative‑only plays.

• Participate in ecosystems, not just price action

  • Staking, delegation, governance voting, and early developer incentives can compound exposure beyond spot holdings.

• Use transparent analytics

  • Benchmark thesis drift monthly using Token Terminal fundamentals and DefiLlama sector revenue.

• Manage tail risks

  • Avoid concentration in a single trust model. Diversify DA, bridges, and restaking exposures. Treat unlock schedules and operator centralization as red flags.

Tactics for the 2025 Landscape

• Track rollup proliferation and DA pricing

  • Post‑Dencun fee reductions are still rippling through business models. Low fees compress margins for some apps but expand infra volumes. Monitor blobs, throughput, and fee rate policy updates via core dev notes and sector research, including Blockworks on Dencun and cheaper L2s.

• Watch restaking AVS launches and slashing events

  • The risk‑adjusted yield of restaking hinges on real slashing discipline and operator diversity. Follow roadmap posts on the EigenLayer blog and community governance.

• Evaluate intent‑centric execution markets

  • Privacy, auction design, and routing neutrality will determine where order‑flow settles. Review protocol writings such as Flashbots: SUAVE overview.

• Use regulatory clarity to size positions

  • MiCA implementation reduces eurozone uncertainty for many token models. Balance exposure accordingly by monitoring ESMA on crypto assets and MiCA.

Security: Don’t Let Operational Risk Eat Your Alpha

IN strategies often require interacting with multiple networks, staking, claiming airdrops, and voting in governance. Each step involves private key usage and complex transaction signing. To reduce operational risk:

• Prefer hardware isolation for keys and offline signing.
• Verify contract addresses and messages on‑device.
• Segment wallets by strategy, with dedicated governance and staking accounts.

OneKey helps here by offering a secure element, open‑source firmware, and broad multi‑chain support, including Ethereum L2s and Cosmos‑based networks. If you are deploying capital across DA layers, restaking markets, or intent networks, using OneKey for self‑custody and transaction verification can materially lower key‑management risk while keeping you agile.

Conclusion

IN tokens are the monetization layer of crypto’s modular future. As rollups scale, restaking matures, interoperability hardens, and intent systems professionalize, infrastructure demand compounds across many buyers. With disciplined research, risk controls, and secure operations, a focused IN portfolio can capture the best asymmetric opportunities of the 2025 cycle.

Stay curious, stay rigorous, and secure your edge.