An investor predicts closed tokens take a fifth of volume and most of the value

Claim

Gavin Baker expects closed frontier tokens at 15 to 25% of volume but 60 to 90% of value, iPhone economics, even as one lab's flagship stuck at 11% of its own spend and was overtaken by a cheaper sibling over price and a 30-day retention mandate.

Reported metric: 15-25% volume / 60-90% value

Reporting date: 2026-08-25 (not necessarily the event date)

Sources

Attribution and reporting linked by this record; links do not imply independent verification.

• Welcome to August 25, 2026 (theinnermostloop.substack.com)