Utility and price are different questions
Token utility describes a function inside a network or service, such as paying fees, posting collateral, voting, accessing features, or earning rewards. A useful service does not automatically imply a rising token price. The analysis must connect the function with actual and persistent demand for the token.
Who needs the token
Write down what cannot be done without the token. If users can pay in another asset or the service functions without holding it, required demand may be limited. Identify whether users, validators, developers, or administrators need the token, at what point, and in what quantity.
Does usage create holding demand
More network activity may not produce longer token holding. A user can buy immediately before payment and the recipient can sell immediately afterward. Collateral or validator participation may create longer demand, but rewards and price risk complicate how much a rational participant keeps.
Supply and rewards
Set demand beside maximum supply, circulating supply, issuance, and the unlock schedule for teams and investors. A high staking yield funded by new issuance can dilute all holders. A burn mechanism matters only in relation to the amount issued and the level of real activity driving it.
Control and value capture
A governance token can grant votes while proposal thresholds, delegation, turnout, and administrator vetoes determine practical control. Protocol fees do not necessarily flow to holders; they may fund operations or incentives. Revenue existing somewhere in a protocol is different from the token capturing that revenue.
A verification order
Confirm the claimed functions in primary documentation, then test the story against onchain usage, fees, active addresses, locked balances, issuance, and burns. Compare competing services that offer the same outcome with less friction. The goal is to find a durable link between use and token demand, not to count attractive use cases.