Tiger Research says broad market narratives have faded, leaving demand-driven projects

Asia-based Web3 research and consulting firm Tiger Research said in a report titled "Shifts in the 2026 Crypto Market: From Narratives to PMF" that no single narrative drove the broader market in the first half of 2026, while stablecoins, real-world assets, meme coins, DeFi and prediction markets either survived or grew despite weak market conditions. The report said a single narrative had guided the market in the past, but real demand is now determining its direction. It added that core sectors such as stablecoins, DeFi, real-world assets, and meme coins remain intact even amid the downturn, and that only projects with PMF, or product-market fit, that generate revenue from real users are likely to survive. According to the report, projects that have endured so far have secured recurring user bases and demonstrated that through concrete performance metrics such as trading volume, total value locked and fee revenue. It said true PMF is achieved only when sustainable revenue models and network effects are added, and while token prices may drive initial interest, long-term survival depends on usage frequency, retained capital, revenue and operational capabilities.