The market still treats BR as a governance token, which is interesting because governance is rarely what creates sustained demand.What stands out to me is that Bedrock 2.0 seems to be moving toward something different. The conversation is still centered on yields, vaults, and incentives, but I'm paying more attention to access. Across multiple cycles, the assets that held value best weren't always the ones offering the highest returns. They were the ones that became necessary to participate.
I've noticed a subtle shift in how ecosystems mature. Early on, tokens are used to attract liquidity. Later, they're used to coordinate behavior. That's a very different function. One brings capital in. The other gives people a reason to stay.If Bedrock continues building layers that connect capital, yield opportunities, and ecosystem participation, then BR's role may become less about voting and more about determining who gets access to what. Markets often underestimate that transition because it's harder to model than emissions or APY.
Liquidity can rent attention for a while. Access tends to create commitment.The market still thinks BR is a governance asset. What I'm watching is whether it quietly becomes an access asset. That's usually when valuation frameworks change.