Canton $CC vs $ONDO $SUI $LINK $PLUME $SEI $XRP $XLM on institutional adoption and token value accrual: $XRP - Most RippleNet partnerships use the messaging software without touching XRP. No burn mechanism, no fee accrual, and Ripple still holds billions of XRP it sells into the market. $195B ATH built entirely on narrative with almost zero proportional settlement flowing through the token. $XLM - Same thesis as XRP. MoneyGram partnership was real but limited. The token is almost entirely irrelevant to the use case. You can build payment rails on Stellar without creating meaningful demand for XLM. Fees are fractions of a cent by design. No burn, no revenue sharing. $ONDO - Real products (USDY, OUSG), real TVL. But Ondo is a front-end issuer, not infrastructure. The token is governance only. No fee sharing, no burn, no revenue accrual. You’re buying a governance token for a company that could just as easily be a fintech with no token at all. $SUI - Good tech, fast L1. But it’s competing with Solana and Ethereum for DeFi and consumer apps. No institutional settlement thesis. Fees designed to be cheap means tiny value accrual per transaction. Massive token unlocks are persistent sell pressure. $LINK - Critical infrastructure, terrible token economics. Oracle fees are negligible relative to its $8-10B market cap. No burn mechanism. Years of staking revenue promises that have barely materialized. The actual revenue generated is pennies. $PLUME - RWA-focused L1 with almost no adoption yet. No major institutional validators. No live settlement of meaningful volume. If institutions want RWA infrastructure they’re going to Canton where DTCC and Goldman already are. $SEI - Another general purpose L1 in a crowded field. No institutional settlement thesis. No meaningful differentiation in value accrual. Just another chain competing in a race to the bottom on fees. The common thread: none of these have a structural mechanism where usage drives token scarcity. $CC is the only token where the institutions themselves are the validators, fees are meaningful because the transactions are institutional settlements, and the tokenomics create a direct feedback loop between usage and supply reduction. Everyone else is either selling narrative or competing to make their token as cheap to use as possible.