For years, the crypto industry has thrived on narratives over numbers. Tokens surged on promises, speculation, and “community hype,” often disconnected from measurable performance.
But according to Alex Svanevik, the co-founder and CEO of Nansen, that era is ending.
In his wide-ranging conversation on Episode 452, Svanevik explains why blockchain revenue is the new meta—a truer reflection of real adoption and sustainable business models than inflated metrics like Total Value Locked (TVL) or artificial user counts.
“Revenue is the new meta—and it should be,” says Svanevik. “It’s much harder to fake revenue than hype.”
Why Blockchain Revenue Matters More Than Ever
Svanevik argues that crypto projects with genuine on-chain revenue will define the next market cycle. Unlike speculative metrics, revenue cannot easily be inflated. It signals product-market fit, user trust, and sustainable growth.
He notes that while early-stage narratives fueled 2021’s bull run, the maturing ecosystem demands transparency and tangible results. Revenue metrics, often overlooked, will soon become the ultimate differentiator between real builders and opportunistic projects.
Hyperliquid The Inverse of XRP
One of Svanevik’s boldest predictions centers on Hyperliquid, a rising, low-profile high-performance trading blockchain.
Despite having fewer than 20 team members, Hyperliquid has been rapidly gaining traction among traders and developers for its speed, low fees, and community-driven growth.
Svanevik is openly bullish, calling it “the inverse of XRP.” While XRP focuses on centralized partnerships, Hyperliquid embodies the opposite—lean, fast, and community-centric.
He even predicts that Hyperliquid could overtake Cardano in market capitalization by the end of summer—a stunning forecast considering Cardano’s long-standing top-10 status.
Coolness and the Cult of Blockchains
Beyond numbers, Svanevik dives into a fascinating psychological layer: “coolness” as a metric of blockchain success.
“Crypto networks live and die by their communities,” he says. “Coolness drives loyalty.”
He compares Layer-1 (L1) ecosystems to cults of personality:
- Ethereum has Vitalik Buterin,
- Cardano has Charles Hoskinson,
- Hyperliquid has Jeff.
Each leader brings a unique brand of charisma and ideology that fuels their communities. Svanevik believes “coolness” and belonging may be as powerful as technology in sustaining long-term chain adoption.
Base Solana and the Battle for Activity
Using Nansen’s on-chain analytics, Svanevik breaks down activity trends across networks:
- Base, Coinbase’s Layer-2, recently surpassed BNB Chain in active addresses—though some of this may be inorganic.
- Solana, meanwhile, remains the king of activity, leading in real, user-driven transactions.
He credits Solana’s momentum to its performance, developer culture, and social-media virality—a blend of technology and vibe.
The XRP and Cardano Conundrum
Despite weak on-chain engagement, XRP and Cardano remain top-10 crypto assets.
Even Svanevik admits this paradox is difficult to explain. His theory: large treasuries and tight supply control allow these networks to maintain inflated valuations despite limited real usage.
This situation, he suggests, highlights why investors should analyze revenue and user behavior, not just token rankings.
Nansen Points Redefining Crypto Loyalty
In a sea of “points systems” used to hype token airdrops, Nansen Points stand apart.
Rather than a short-term marketing ploy, Nansen’s loyalty framework rewards genuine ecosystem participation. Users can earn points by:
- Subscribing to Nansen Analytics
- Staking with Nansen’s validators (over $2 billion TVL)
- Referring new users
These points unlock access to:
- Nansen Rewards: premium discounts, private Discord “alpha” channels
- Partner Rewards: exclusive perks from Bybit, Ledger, and TokenTerminal
- Permissionless Rewards: on-chain recognition for top contributors
Svanevik describes this as a multi-cycle loyalty system, not a pump-and-dump gimmick.
“We’re multi-cycle builders—not here for one airdrop,” he emphasizes.
By designing Nansen Points around real engagement rather than speculation, the company aims to set a new industry standard for long-term community incentives.
A Vision for Sustainable Crypto Growth
At the close of the conversation, Svanevik delivers one of his boldest takes:
He calls on former users to revisit Nansen, claim their points, and experience how blockchain data transparency is evolving.
His message resonates: as crypto matures, authenticity and measurable value will outlast hype.
Revenue, not rhetoric, will shape the winners of the next market cycle.
Final Thoughts
Alex Svanevik’s insights bridge two worlds—data analytics and crypto culture.
Through Nansen’s lens, he’s redefining how the industry measures success: not in buzzwords or inflated metrics, but in verifiable on-chain results.
His belief that “revenue is the new meta” marks a turning point for blockchain evaluation.
And with projects like Hyperliquid rising and Nansen Points setting new loyalty standards, Svanevik’s vision points toward a more transparent, performance-driven future for crypto.
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