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AVAX The Avalanche Foundation releases an economic research agenda focusing on the $AVAX value capture mechanism
The Avalanche Foundation (@AvalancheFDN) has officially released an economic research agenda that shifts the core direction of the agreement to systemic value capture to enhance the ecological status of $AVAX. The framework introduces two new analytical indicators: gross chain product (GCP) and total chain revenue (GCI), positioning them as core tools to measure the total economic output of the entire avalanche ecosystem.
A New Perspective on Measuring Blockchain Economic Output
GCP aims to assess the economic output created by blockchain participants, and its methodology is closer to the principles used to measure the national economy. A key feature of the framework is the distinction between nominal economic activity and actual economic activity. Nominal GCP measures output based on current token prices, while actual GCP adjusts through price fluctuations to strip out real changes in underlying economic activities. This method draws on the Fisher chain-weighted index used in gross domestic product (GDP) calculations and specifically addresses the unique challenges posed by the simultaneous circulation of hundreds of tokens with frequent price fluctuations in the blockchain economy.
The foundation applied GCP to its C-chain and analyzed data from January 2025 to March 2026, revealing three obvious stages: in April 2025, nominal indicators soared due to liquidation cascade events; In mid-2025, the DeFi field achieved sustained and extensive growth against the background of a stable macro environment; From the end of 2025 to the beginning of 2026, the decline in the value of collateral has led to a sharp contraction in lending capacity and transaction volume, and a significant contraction in economic activity.
Diversification paths beyond transaction fees
This evidence-based agenda aims to move the network from a single transaction fee model to a diversified revenue structure. Its strategies include MEV (maximum extractable value), application-level revenue sharing, and L1 native mechanisms. The foundation has been developing its own framework for evaluating token economic models, verifier economies, and on-chain economic activities, which also includes ongoing research into the value accumulation mechanisms of proof-of-stake networks.
The price of $AVAX does not consistently reflect the growth of online activity, and this disconnect has been repeated in community discussions. This is not a problem unique to Avalanche. Most mainstream first-level (L1) public chains will eventually face this situation, which also highlights that usage and token value do not automatically grow simultaneously. The relationship between on-chain activities and token demand is far more complex than it seems. This new framework directly attempts to bridge this gap through a rigorous, data-driven approach.
It is difficult for crypto assets to fully fit into existing asset pricing frameworks. They also exhibit multiple characteristics such as currency, equity-like (with claims to network revenue), and access tokens, especially the native assets of the proof-of-stake blockchain. The foundation is seeking research that can build and test relevant frameworks to provide an in-depth understanding of how value accumulates in these systems, with a particular focus on protocol level design choices and their long-term impact.
