Crypto Projects: A New Approach to Valuation in 2026
The evaluation of crypto projects is gradually shifting from market trends toward an analysis of actual profitability and business models.
Hyperliquid (HYPE), with a tokenholder yield of 8.0%, and Lighter (LIT), at 7.9%, ranked among the top performers. In the spot DEX segment, PancakeSwap (CAKE), Aerodrome (AERO), and Uniswap (UNI) took the lead.
Meanwhile, some projects, including Aave (AAVE), Jupiter (JUP), and Curve (CRV), showed negative tokenholder yields due to the impact of new token issuance.
The new approach focuses on evaluating protocols based on actual revenue, token buybacks and burns, as well as profit distribution. In 2026, these metrics could become more important than market narratives when assessing the long-term value of crypto projects.
AI Is Increasing Threats to the Crypto Market
Artificial intelligence is making cyberattacks on crypto projects easier to carry out. AI models can help identify smart contract vulnerabilities, create phishing messages, and forge documents.
The number of hacks increased significantly in 2026. Incidents included fund theft caused by software vulnerabilities and the manipulation of AI agents into executing unauthorized token transfers.
However, the main threat goes beyond technical vulnerabilities. AI makes social engineering and phishing attacks more convincing, increasing the risk of credential theft and private key compromise.
As a result, AI is becoming a tool that amplifies traditional cyberattack methods and presents a new challenge to the security of the crypto industry.
Bitcoin Under Pressure: What Comes Next?
The crypto market experienced a sharp decline amid political uncertainty and falling technology stocks. In recent days, Bitcoin traded between $75,000 and $81,000, while the total crypto market capitalization fell by 6%.
Experts attribute the sell-off to investor concerns over potential tighter regulation of the AI industry and uncertainty surrounding future economic policy. Labor market data also added pressure by reducing expectations of an imminent monetary policy easing.
Volatility may remain elevated in the near term. If Bitcoin falls below $75,000, the next support zone is expected to be between $70,000 and $73,000. For an upward recovery, Bitcoin needs to establish a position above $82,000-84,000.
How a Major Crypto Attack Was Prepared
Hackers spent several months preparing an attack on a major crypto exchange, gradually gaining access to employees' computers and internal systems. The incident resulted in approximately $6.34 billion worth of various cryptocurrencies being withdrawn from hot wallets.
The attackers initially used malware and later arranged a fake job interview to gain access to another employee's computer. They subsequently exploited internal tools to access the transaction signing service and withdraw funds.
Following the attack, the exchange froze some of the assets, upgraded its security systems, replaced employee devices, and revoked previous access credentials. Mechanisms for detecting suspicious activity were also strengthened.
The incident demonstrated that even sophisticated security systems remain vulnerable when attackers gain access to employee credentials and internal infrastructure.
Tether Increases Its Bitcoin Reserves
A major stablecoin issuer has accumulated approximately 150,000 BTC, worth around $11.6 billion. In the third quarter of 2026, the company's net operating profit reached $1.5 billion, while excess reserves amounted to nearly $8 billion.
The company also continues to invest in Bitcoin mining and infrastructure development. According to its latest report, reserve assets totaled $191.5 billion, compared with liabilities of $183.5 billion.
The majority of its reserves consist of government bonds, along with gold and Bitcoin. The growth of its cryptocurrency holdings highlights the company's efforts to strengthen its position in the digital asset ecosystem.
Bitcoin Mining Profitability Declines
Bitcoin mining profitability fell by 21% over the past month, reaching its lowest level since mid-August. As of November 3, the Hashprice Index stood at approximately $32.7 per day for each 1 PH/s of computing power.
The main factors behind the decline were falling Bitcoin prices and increasing mining difficulty. In late October, mining difficulty reached 148.36 T, marking a new high for 2026.
As mining conditions deteriorated, miners began reducing their activity. Over the month, the global hashrate fell by 3.3% to 1.02 ZH/s. Further changes in mining profitability will depend on Bitcoin's price and the network's mining difficulty.
