Institutions Build On LINK, QNT & HBAR While Tokens Languish

The host of a popular crypto show on YouTube argues that three veteran crypto projects — Chainlink, Quant Network and Hedera Hashgraph (HBAR) — are being written off as “dead coins” even as their technology underpins pilots with major banks, asset managers and market infrastructures.

Fire Hustle’s core claim: there is now a stark disconnect between what these networks are doing in production and how their native tokens are priced.

Chainlink Starts Routing Real Revenue Toward LINK

Chainlink gets the most concrete progress update. The network’s oracle and cross-chain messaging infrastructure is moving billions of dollars for institutions and DeFi projects, with the host citing Q1 volume on its cross-chain protocol up 80% quarter-on-quarter and more than tripling year-on-year. Fee revenue has also more than tripled over that period.

What’s new, in their view, is that this usage is finally designed to flow back into the LINK token. A mechanism dubbed “payment abstraction” now redirects network revenues into an on-chain LINK reserve, which the host says accumulated around 1.5 million tokens in a single quarter.

Chainlink has also been explicitly described by U.S. regulators as a commodity, opening a theoretical path to spot ETFs, and is collaborating with DTCC to power real-time, cross-market collateral management.

She notes, however, that large historical allocations to the company and insiders, plus rising oracle competition, remain key risks despite the strengthening integrations into traditional finance.

Quant’s Bank Pilots, Hedera’s Tokenized Funds — But Little Token Traction

Quant’s technology is already sitting under a live digital pound pilot involving six major U.K. banks, including Barclays, HSBC, Lloyds, NatWest, Nationwide and Santander.

The project aims to connect banks to blockchains without ripping out existing systems. A recent “Fusion Roll-up” upgrade is designed to let institutions see a single balance in assets like USDC even when holdings are scattered across multiple chains.

Yet Fire Hustle flags a major blind spot: “nobody outside the company can confirm the token benefits at all.” While the design requires enterprises to buy and lock QNT for software licensing, Quant does not publish how many tokens are actually locked.

Official announcements around the flagship bank pilots focus almost entirely on the tech; the token “is just barely a footnote,” and QNT was absent from the group of tokens regulators labeled commodities, limiting ETF prospects.

Hedera (HBAR), by contrast, has one of the strongest corporate rosters in the sector, from its governing council (Google, IBM, FedEx and others) to partners like Archax, which is streaming stablecoin yields in real time on the network.

Fire Hustle points to more than $300 million in tokenized funds from managers including BlackRock and State Street being processed on HBAR Network, and a live spot HBAR ETF that has traded since October.

But Hedera’s (HBAR) design deliberately fixes network fees at extremely low levels, which the host likens to a toll road that charges almost nothing per car. Even a tenfold increase in traffic, they argue, may not translate into meaningful value for HBAR. The ETF’s muted inflows so far are presented as further evidence of limited investor demand despite enterprise usage.

Across all three assets — down roughly 80–90% from their highs — the analyst blames a mix of bearish market conditions and investor attention migrating to “newer, flashier tech.” She suggests any real opportunity depends on whether value can structurally reach the tokens and whether sentiment recovers enough for the market to care about that pipeline.

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