Are you building in Web3?
Then check out the expanded video workshop from Max, senior Tokenomics Designer at Coinstruct.tech about building Web3 products. For Web3 founders, investors, product & project managers and just degens! Link to the video.
Max discussed latest blockchain narratives, Web3 business models, product design choices and GTM strategies🚀
Then check out the expanded video workshop from Max, senior Tokenomics Designer at Coinstruct.tech about building Web3 products. For Web3 founders, investors, product & project managers and just degens! Link to the video.
Max discussed latest blockchain narratives, Web3 business models, product design choices and GTM strategies🚀
YouTube
Web3 Products with over $100M in ARR: Building on Blockchain the Right Way (eng)
As part of the IT Community, we hold free meetups featuring top speakers from Andersen and invited experts for IT specialists across various technologies.
In this session, we discussed:
— Web3 trends and prospects: what products generate over $100M annually;…
In this session, we discussed:
— Web3 trends and prospects: what products generate over $100M annually;…
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Yield Basis Protocol – A New Approach to DeFi Yield Capture
The DeFi ecosystem is evolving with protocols addressing challenges like impermanent loss and inefficient token emissions. Yield Basis (YB) introduces an innovative approach to yield capture, particularly for Bitcoin-native yield. How does it work? Let’s explore its mechanics and potential.
Core Mechanics of Yield Basis
Yield Basis redefines token emissions by tying them to intrinsic costs, resembling mining rather than traditional yield farming.
This design ensures users acquire $YB tokens at a specific cost, promoting economic stability. The protocol also eliminates impermanent loss, a key issue in liquidity provision, by restructuring yield distribution.
Token Utility and Governance
The $YB token follows a structured model:
• Tokens can be locked into veYB to direct emissions.
• Holders capture BTC-native yield.
• Governance is chain-specific, with unique tokens for each chain.
This multi-chain approach avoids bridging risks and aligns with local ecosystems, offering flexibility in non-Ethereum environments.
Implications for DeFi
Yield Basis could enhance DeFi by stabilizing yield capture and rethinking tokenomics. Its focus on intrinsic costs and chain-specific governance may attract projects seeking efficient liquidity solutions.
Conclusion
Yield Basis offers a fresh perspective on DeFi’s challenges, blending Bitcoin-native yield with robust tokenomics. As it develops, its impact on liquidity and governance will be critical to watch. What are your thoughts on YB potential to reshape DeFi?
Source: Vasily Sumanov’s analysis on X
@CoinstructLabs
The DeFi ecosystem is evolving with protocols addressing challenges like impermanent loss and inefficient token emissions. Yield Basis (YB) introduces an innovative approach to yield capture, particularly for Bitcoin-native yield. How does it work? Let’s explore its mechanics and potential.
Core Mechanics of Yield Basis
Yield Basis redefines token emissions by tying them to intrinsic costs, resembling mining rather than traditional yield farming.
“Every single $YB token has an intrinsic cost of being mined,” explains researcher Vasily Sumanov.
This design ensures users acquire $YB tokens at a specific cost, promoting economic stability. The protocol also eliminates impermanent loss, a key issue in liquidity provision, by restructuring yield distribution.
Token Utility and Governance
The $YB token follows a structured model:
• Tokens can be locked into veYB to direct emissions.
• Holders capture BTC-native yield.
• Governance is chain-specific, with unique tokens for each chain.
This multi-chain approach avoids bridging risks and aligns with local ecosystems, offering flexibility in non-Ethereum environments.
Implications for DeFi
Yield Basis could enhance DeFi by stabilizing yield capture and rethinking tokenomics. Its focus on intrinsic costs and chain-specific governance may attract projects seeking efficient liquidity solutions.
Conclusion
Yield Basis offers a fresh perspective on DeFi’s challenges, blending Bitcoin-native yield with robust tokenomics. As it develops, its impact on liquidity and governance will be critical to watch. What are your thoughts on YB potential to reshape DeFi?
Source: Vasily Sumanov’s analysis on X
@CoinstructLabs
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Sonic Labs has made all seasons of its ~200 million $S token airdrop available to U.S. residents, becoming one of the first projects to legally include the U.S. in a token distribution. The move sets a new precedent for compliant airdrops and broadens $S token accessibility.
@CoinstructLabs
@CoinstructLabs
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Aave Umbrella Activation: A Strategic Leap for DeFi Risk Management
BGD Labs announced the Aave Umbrella Activation proposal, a critical upgrade for the Aave protocol. This payload activates the Umbrella system, a new framework designed to replace the existing Safety Module, enhancing capital efficiency and risk management in decentralized finance.
Key Features of the Umbrella System
The Umbrella system introduces advanced mechanisms to strengthen Aave’s resilience:
• Staking Tokens: Custom-built for Aave’s risk management, enabling precise capital allocation.
• Reward and Slashing Configurations: Balances incentives with penalties to ensure protocol stability.
• Comprehensive Coverage: Addresses potential shortfalls from bad debt, offering broader protection.
• Capital Efficiency: Optimizes fund utilization, replacing the Safety Module with a more flexible solution.
Strategic Implications
This upgrade enhances Aave’s ability to manage financial risks while improving operational efficiency. By replacing the Safety Module, the Umbrella system positions Aave as a leader in DeFi innovation. How will this transformation impact Aave’s competitiveness in the DeFi ecosystem?
Source: Aave Umbrella - activation
@CoinstructLabs
BGD Labs announced the Aave Umbrella Activation proposal, a critical upgrade for the Aave protocol. This payload activates the Umbrella system, a new framework designed to replace the existing Safety Module, enhancing capital efficiency and risk management in decentralized finance.
“This payload activates the Umbrella system, that includes new staking tokens tailored to Aave risk management needs along with their reward and slashing configurations”
Key Features of the Umbrella System
The Umbrella system introduces advanced mechanisms to strengthen Aave’s resilience:
• Staking Tokens: Custom-built for Aave’s risk management, enabling precise capital allocation.
• Reward and Slashing Configurations: Balances incentives with penalties to ensure protocol stability.
• Comprehensive Coverage: Addresses potential shortfalls from bad debt, offering broader protection.
• Capital Efficiency: Optimizes fund utilization, replacing the Safety Module with a more flexible solution.
Strategic Implications
This upgrade enhances Aave’s ability to manage financial risks while improving operational efficiency. By replacing the Safety Module, the Umbrella system positions Aave as a leader in DeFi innovation. How will this transformation impact Aave’s competitiveness in the DeFi ecosystem?
Source: Aave Umbrella - activation
@CoinstructLabs
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Coinstruct is back online!
The channel has been quiet for a while, but the team hasn’t been idle. We’ve grown from a small advisory hub into a full-cycle tokenomics design agency trusted by projects with a combined TVL of $800 M+.
What we do
🔹 End-to-end tokenomics — from research to simulations and stress-tests. We craft both the supply and utility sides of your token.
🔹 Tokenomics Scoring & Audit — our framework stress-tests supply-demand dynamics and delivers a weighted aggregate score, helping teams refine their models.
🔹 Tokenization — guiding Web2 companies in tokenizing real-world assets and building a reliable bridge to Web3.
With 40+ tokenomics delivered, dozens of VC partnerships, proprietary simulation software, and a team of PhD mathematicians, product people, and bona-fide degens, we’ve got you covered. More at coinstruct.tech
What to expect from this channel
◆ Analytical pieces — deep dives, DeFi strategies, early-stage alpha.
◆ Educational content — fresh cases, trends, protocol loopholes.
◆ Tokenomics breakdowns — from headline projects to hidden gems.
Founder or building a protocol? DM us - we’re always open to collaboration.
The channel has been quiet for a while, but the team hasn’t been idle. We’ve grown from a small advisory hub into a full-cycle tokenomics design agency trusted by projects with a combined TVL of $800 M+.
What we do
🔹 End-to-end tokenomics — from research to simulations and stress-tests. We craft both the supply and utility sides of your token.
🔹 Tokenomics Scoring & Audit — our framework stress-tests supply-demand dynamics and delivers a weighted aggregate score, helping teams refine their models.
🔹 Tokenization — guiding Web2 companies in tokenizing real-world assets and building a reliable bridge to Web3.
With 40+ tokenomics delivered, dozens of VC partnerships, proprietary simulation software, and a team of PhD mathematicians, product people, and bona-fide degens, we’ve got you covered. More at coinstruct.tech
What to expect from this channel
◆ Analytical pieces — deep dives, DeFi strategies, early-stage alpha.
◆ Educational content — fresh cases, trends, protocol loopholes.
◆ Tokenomics breakdowns — from headline projects to hidden gems.
Founder or building a protocol? DM us - we’re always open to collaboration.
1❤6🐳2
Coinstruct | Tokenomics pinned «Coinstruct is back online! The channel has been quiet for a while, but the team hasn’t been idle. We’ve grown from a small advisory hub into a full-cycle tokenomics design agency trusted by projects with a combined TVL of $800 M+. What we do 🔹 End-to-end…»
BLUM | Tokenomics
Tomorrow at 10:00 UTC trading kicks off for $BLUM. Here’s the key data and our thoughts on where it might be listed.
Supply Side
A quick look at the screenshot shows classic tokenomics, but the Community Rewards block has a twist:20 % allocated to the community, 10 % for the airdrop, only 3 % unlocked at TGE.
The remaining 7 % unlocks after 180 days if you don’t claim anything earlier. Claim a fraction and the rest burns.
The mechanic rewards long-term holders and eases sell pressure on day one, but the community isn’t happy.
Sentiment is already negative: the TGE was delayed, and most users farmed only 25–30 tokens out of a 1 B supply. The team is clearly trying to soften the inevitable sell wall.
Treasury & Ecosystem Growth - 48.08 % (with 6.6 % at TGE, most of it for liquidity).
Team & investors get zero tokens at TGE - standard, though investor cliffs and vesting could be tighter.
Utility Side
Official copy is thin:
No hard numbers, roadmap, or metrics. It’s a black box known only to the team and backers - transparency is definitely lacking.
Valuation
On Gate’s pre-market, $BLUM sits at an FDV ≈ $141 M. That looks rich: compare Notcoin at $178 M FDV with tier-1 listings already secured, while Blum has none (yet).
A qualitative valuation is tough: the team doesn’t disclose fee revenue (unlike Hyperliquid), and Dune shows volumes have dropped sharply. Community mood is bearish - chats plan to “short it to zero.” With that consensus and MM games, violent short squeezes are possible (see: Solayer). But again, it’s the same black box.
Tomorrow at 10:00 UTC trading kicks off for $BLUM. Here’s the key data and our thoughts on where it might be listed.
Supply Side
A quick look at the screenshot shows classic tokenomics, but the Community Rewards block has a twist:20 % allocated to the community, 10 % for the airdrop, only 3 % unlocked at TGE.
The remaining 7 % unlocks after 180 days if you don’t claim anything earlier. Claim a fraction and the rest burns.
The mechanic rewards long-term holders and eases sell pressure on day one, but the community isn’t happy.
Sentiment is already negative: the TGE was delayed, and most users farmed only 25–30 tokens out of a 1 B supply. The team is clearly trying to soften the inevitable sell wall.
Treasury & Ecosystem Growth - 48.08 % (with 6.6 % at TGE, most of it for liquidity).
Team & investors get zero tokens at TGE - standard, though investor cliffs and vesting could be tighter.
Utility Side
Official copy is thin:
“$BLUM unlocks real utility across the Blum ecosystem, including fee discounts, staking rewards, and eligibility for future airdrops.
Additionally, we're exploring the possibility of introducing a token buyback on top of the burn mechanism for $BLUM.”
No hard numbers, roadmap, or metrics. It’s a black box known only to the team and backers - transparency is definitely lacking.
Valuation
On Gate’s pre-market, $BLUM sits at an FDV ≈ $141 M. That looks rich: compare Notcoin at $178 M FDV with tier-1 listings already secured, while Blum has none (yet).
A qualitative valuation is tough: the team doesn’t disclose fee revenue (unlike Hyperliquid), and Dune shows volumes have dropped sharply. Community mood is bearish - chats plan to “short it to zero.” With that consensus and MM games, violent short squeezes are possible (see: Solayer). But again, it’s the same black box.
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Ever wondered why 70 % of tokenomics models implode within 12 months?
Most protocols, especially DeFi-oriented ones, try to bootstrap usage by showering early users with tokens. It works: a high APR is the fastest way to attract new wallets.
The problem
Teams often hard-code the emissions stream. If traction lands below the founders’ projections, those fixed rewards pump APR against a tiny TVL; the price chart can’t absorb the sell pressure, emissions run out early, and a small circle walks off with most of the supply while everyone else watches the token bleed out.
The solution
Enter dynamic emission caps: emissions expand and contract with real on-chain activity. If network activity is low and the product isn’t quickly adopted, incentive emissions stay off the market—and vice versa when usage spikes.
We rolled this out for an early-stage AI-agent token launcher, crafting a custom cap curve and stress-testing it under volatility before TGE.
Outcome: Economic design locked in pre-launch, no post-TGE APR cuts for LPs, dilution risk went down.
Most protocols, especially DeFi-oriented ones, try to bootstrap usage by showering early users with tokens. It works: a high APR is the fastest way to attract new wallets.
The problem
Teams often hard-code the emissions stream. If traction lands below the founders’ projections, those fixed rewards pump APR against a tiny TVL; the price chart can’t absorb the sell pressure, emissions run out early, and a small circle walks off with most of the supply while everyone else watches the token bleed out.
The solution
Enter dynamic emission caps: emissions expand and contract with real on-chain activity. If network activity is low and the product isn’t quickly adopted, incentive emissions stay off the market—and vice versa when usage spikes.
We rolled this out for an early-stage AI-agent token launcher, crafting a custom cap curve and stress-testing it under volatility before TGE.
Outcome: Economic design locked in pre-launch, no post-TGE APR cuts for LPs, dilution risk went down.
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KittenSwap | ve(3,3) Tokenomics
TGE $KITTEN - 30 June, 17:00 UTC. The token looks poised for solid performance, at least in the short term post-TGE.
Supply side
(full breakdown in the screenshot — here are the key points)
🔹 35 % goes to an airdrop, but in staked $veKITTEN that unlocks linearly over 2 years.
🔹 15 % was sold in previous presale rounds (valuations 2.5-13 M FDV). At TGE, only half of that (7.5 %) can be converted to liquid $KITTEN — and only after paying a 50 % penalty in $HYPE.
Example: a user with 59 000 $veKITTEN ≈ $1 100 (TGE price $0.019). Unlocking 50 % ($550) costs $275 in $HYPE.
🔹 20 % goes to the team — mainly as $veKITTEN; the liquid share of $KITTEN hasn’t been disclosed.
Utility side
Holders of $veKITTEN receive:
◆ 100 % of DEX trading fees
◆ Extra rewards in $KITTEN / $veKITTEN
◆ Voting power over incentive allocation → bribe income
The ve(3,3) design encourages long-term locks, but historically it often triggers early supply shocks and later sell pressure from ongoing incentives.
Valuation
Here’s where the magic happens:
Initial liquidity will be seeded at ~$20 M FDV.
Yet wrapped $veKITTEN NFTs are already trading at ~$35 M FDV, so we’re likely to open with an upward gap.
Why are people buying? The team will distribute $1.2 M among $veKITTEN voters: if only ~50 % of holders vote, that’s ~12 % yield on your position (assuming 20 M FDV). The DEX itself earns ≈ $1.15 M per month - if all of that flows to voters, APR turns huge.
A recent parallel: the strong run of $SHADOW, which uses a similar ve(3,3) structure.
If you can snag $KITTEN below $40 M FDV and the $SHADOW scenario repeats, you might ride the Hyperliquid ecosystem hype.
Hyperliquid.🐱
TGE $KITTEN - 30 June, 17:00 UTC. The token looks poised for solid performance, at least in the short term post-TGE.
Supply side
(full breakdown in the screenshot — here are the key points)
🔹 35 % goes to an airdrop, but in staked $veKITTEN that unlocks linearly over 2 years.
🔹 15 % was sold in previous presale rounds (valuations 2.5-13 M FDV). At TGE, only half of that (7.5 %) can be converted to liquid $KITTEN — and only after paying a 50 % penalty in $HYPE.
Example: a user with 59 000 $veKITTEN ≈ $1 100 (TGE price $0.019). Unlocking 50 % ($550) costs $275 in $HYPE.
🔹 20 % goes to the team — mainly as $veKITTEN; the liquid share of $KITTEN hasn’t been disclosed.
Utility side
Holders of $veKITTEN receive:
◆ 100 % of DEX trading fees
◆ Extra rewards in $KITTEN / $veKITTEN
◆ Voting power over incentive allocation → bribe income
The ve(3,3) design encourages long-term locks, but historically it often triggers early supply shocks and later sell pressure from ongoing incentives.
Valuation
Here’s where the magic happens:
Initial liquidity will be seeded at ~$20 M FDV.
Yet wrapped $veKITTEN NFTs are already trading at ~$35 M FDV, so we’re likely to open with an upward gap.
Why are people buying? The team will distribute $1.2 M among $veKITTEN voters: if only ~50 % of holders vote, that’s ~12 % yield on your position (assuming 20 M FDV). The DEX itself earns ≈ $1.15 M per month - if all of that flows to voters, APR turns huge.
A recent parallel: the strong run of $SHADOW, which uses a similar ve(3,3) structure.
If you can snag $KITTEN below $40 M FDV and the $SHADOW scenario repeats, you might ride the Hyperliquid ecosystem hype.
Hyperliquid.🐱
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ICYMI: Telegram Wallet now lets you deposit USDe at 15 % APY.
Limit: 25,000 USDe per account
Risks: funds sit in Telegram’s internal wallet and KYC is required
On a risk-reward basis it’s a solid way to park some stables for the summer - especially for mid-large sized balances.
You can even deposit USDT directly, it’ll be auto-converted to USDe.
Limit: 25,000 USDe per account
Risks: funds sit in Telegram’s internal wallet and KYC is required
On a risk-reward basis it’s a solid way to park some stables for the summer - especially for mid-large sized balances.
You can even deposit USDT directly, it’ll be auto-converted to USDe.
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Stocks are now on-chain
xStocks, in partnership with Kraken, Bybit, and Solana, has finally brought TradFi into DeFi.
You can now trade 55 top U.S. equities (TSLA, NVDA, etc.) and 5 tokenized ETFs directly on Solana.
🔹 Each xStock is backed 1:1 by the underlying asset and issued as an SPL token on Solana.
🔹 Dividends are auto-reinvested: instead of cash payouts, the xStock token price increases.
🔹 Hold your tokens in hot wallets like Phantom.
Why on-chain stocks beat broker stocks
◆ 24/7 trading. React to global events at any time (liquidity may thin out overnight and on weekends).
◆ Fractional buys. Grab just a few cents’ worth of a share on-chain.
◆ Collateral for loans. Kamino already accepts xStocks as collateral, so your capital works harder.
◆ LP yield. Provide liquidity in pairs like NVDAx/USDT and pocket the fees instead of Jane Street.
◆ No broker KYC. Useful for sanctioned regions (issuer can freeze tokens if needed, similar to USDT/USDC).
Although based on the data from this Dune, there are no volumes yet.
xStocks, in partnership with Kraken, Bybit, and Solana, has finally brought TradFi into DeFi.
You can now trade 55 top U.S. equities (TSLA, NVDA, etc.) and 5 tokenized ETFs directly on Solana.
🔹 Each xStock is backed 1:1 by the underlying asset and issued as an SPL token on Solana.
🔹 Dividends are auto-reinvested: instead of cash payouts, the xStock token price increases.
🔹 Hold your tokens in hot wallets like Phantom.
Why on-chain stocks beat broker stocks
◆ 24/7 trading. React to global events at any time (liquidity may thin out overnight and on weekends).
◆ Fractional buys. Grab just a few cents’ worth of a share on-chain.
◆ Collateral for loans. Kamino already accepts xStocks as collateral, so your capital works harder.
◆ LP yield. Provide liquidity in pairs like NVDAx/USDT and pocket the fees instead of Jane Street.
◆ No broker KYC. Useful for sanctioned regions (issuer can freeze tokens if needed, similar to USDT/USDC).
Although based on the data from this Dune, there are no volumes yet.
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Big congratulations to our client ARCOIN Tiles on securing an investment from TBV, a leading early-stage Web3 venture capital fund.
ARCOIN is addressing one of the biggest challenges in digital marketing: fake traffic and wasted advertising spend.
For context, Web3 businesses can lose up to 50% of their advertising budgets to fraudulent traffic (bots, sybils, drophunters)
Proud to be part of ARCOIN Tiles’ journey and to help them level up their game in the Web3 ecosystem.
ARCOIN is addressing one of the biggest challenges in digital marketing: fake traffic and wasted advertising spend.
For context, Web3 businesses can lose up to 50% of their advertising budgets to fraudulent traffic (bots, sybils, drophunters)
Proud to be part of ARCOIN Tiles’ journey and to help them level up their game in the Web3 ecosystem.
❤3🐳1
TON Drama & High Stakes
We’ve been watching the TON ecosystem closely, and lately Telegram has sparked a string of questionable headlines:
“Grok × Telegram” - a fake partnership announcement that sent TON vertical; 24 hours later Elon Musk clarified nothing had been signed.
“Golden Visa for staking 100 K TON” - the news raced across CT, only for UAE officials to deny any such program.
Why these pumpy news drops keep happening is an open question. We’re still bullish, but the backstage games around TON aren’t going away and risk-assessment is getting harder.
Why TON can still become a big thing
A new interview (ru language) with Pavel Altukhov (co-founder of TAC) hints that TAC could be the real turning point:
◆ TAC is an EVM layer - a gateway for Ethereum protocols into TON
◆ Not an L2. Liquidity stays in TON wallets; TAC simply adds a familiar EVM runtime on top.
Key numbers
🔹$11.5 M raised - the largest seed + strategic round in the TON ecosystem.
🔹 TVL > $750 M pre-mainnet - already 4× the TVL of the TON base chain.
🔹 Uniswap, Curve, Morpho, Euler are reportedly ready to deploy with zero marketing spend - they want access to Telegram’s potential billion-user funnel.
🔹 Co-founder Marco (ex-Linea, ex-ConsenSys growth) brings deep Ethereum DNA and is steering go-to-market & partnerships.
If TAC launches clean and holds liquidity, it could give TON a fresh growth engine in the post Tap-a-Coin era.
We’ve been watching the TON ecosystem closely, and lately Telegram has sparked a string of questionable headlines:
“Grok × Telegram” - a fake partnership announcement that sent TON vertical; 24 hours later Elon Musk clarified nothing had been signed.
“Golden Visa for staking 100 K TON” - the news raced across CT, only for UAE officials to deny any such program.
Why these pumpy news drops keep happening is an open question. We’re still bullish, but the backstage games around TON aren’t going away and risk-assessment is getting harder.
Why TON can still become a big thing
A new interview (ru language) with Pavel Altukhov (co-founder of TAC) hints that TAC could be the real turning point:
◆ TAC is an EVM layer - a gateway for Ethereum protocols into TON
◆ Not an L2. Liquidity stays in TON wallets; TAC simply adds a familiar EVM runtime on top.
Key numbers
🔹$11.5 M raised - the largest seed + strategic round in the TON ecosystem.
🔹 TVL > $750 M pre-mainnet - already 4× the TVL of the TON base chain.
🔹 Uniswap, Curve, Morpho, Euler are reportedly ready to deploy with zero marketing spend - they want access to Telegram’s potential billion-user funnel.
🔹 Co-founder Marco (ex-Linea, ex-ConsenSys growth) brings deep Ethereum DNA and is steering go-to-market & partnerships.
If TAC launches clean and holds liquidity, it could give TON a fresh growth engine in the post Tap-a-Coin era.
Crypto’s biggest crisis - bloated metrics and inflated valuations.
Let’s start with the basics: TVL is often treated as a proxy for success and liquidity, but it can be wildly misleading.
🔹Protocols artificially inflate their TVL with looping strategies - one user deposits $100, borrows against it, redeposits, and suddenly the dashboard shows $200–300 “locked.”
🔹Many platforms incentivize farmers with high yields in native tokens or points. Users chasing these outsized APYs will park funds in the protocol temporarily, pumping the TVL
🔹Sometimes protocols even route deposits into external yield venues like Pendle Finance, so the same dollars get double-counted: once in the protocol, once in Pendle.
All of this produces fake TVL that leaks out right after the TGE. You don’t have to look far for examples - the yield-bearing stablecoin / “fixed income” crowd (Usual, Resolv, Treehouse, Level Finance) makes it obvious.
Why pump the metric? Simple: look bigger, raise faster, then cash out at a higher valuation.
Most high-FDV launches backed by VCs follow the same noscript: massive insider allocations, a nine-figure headline FDV, and a sharp slide once insiders unload (usually via OTC deals or perp hedges before their tokens unlock).
The industry has, in part, “naturally attracted bad actors” due to the lack of stringent oversight and the riches to be made
How do we fix it?
To be continued…
Let’s start with the basics: TVL is often treated as a proxy for success and liquidity, but it can be wildly misleading.
🔹Protocols artificially inflate their TVL with looping strategies - one user deposits $100, borrows against it, redeposits, and suddenly the dashboard shows $200–300 “locked.”
🔹Many platforms incentivize farmers with high yields in native tokens or points. Users chasing these outsized APYs will park funds in the protocol temporarily, pumping the TVL
🔹Sometimes protocols even route deposits into external yield venues like Pendle Finance, so the same dollars get double-counted: once in the protocol, once in Pendle.
All of this produces fake TVL that leaks out right after the TGE. You don’t have to look far for examples - the yield-bearing stablecoin / “fixed income” crowd (Usual, Resolv, Treehouse, Level Finance) makes it obvious.
Why pump the metric? Simple: look bigger, raise faster, then cash out at a higher valuation.
Most high-FDV launches backed by VCs follow the same noscript: massive insider allocations, a nine-figure headline FDV, and a sharp slide once insiders unload (usually via OTC deals or perp hedges before their tokens unlock).
The industry has, in part, “naturally attracted bad actors” due to the lack of stringent oversight and the riches to be made
How do we fix it?
To be continued…
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$PUMP Tokenomics & Valuation
The Pump.fun token launches this Saturday, and the community is split: some see inevitable returns, others argue the team will drain liquidity at an unjustified valuation. Let’s look at the numbers.
Supply side
◆ 33% of total supply goes to the ICO at FDV = $4 B
◆ 15% - public sale (retail)
◆ 18% - already sold in a private round
◆ Roughly 58% of tokens unlock at TGE → only 15% will actually reach retail.
The rest stays with the team / early investors.
Utility side
Concrete use cases, revenue-share mechanics, or buy-backs are undisclosed.
Valuation
Average 2025 YTD daily revenue: $1.5 M
At FDV = $4 B we get P/S ≈ 7.3.
Even TradFi names like Robinhood / Circle trade around 25× P/S.
Starknet listed at $28 B FDV, TIA peaked near $20 B – so why couldn’t Pump.fun push past $10 B? Few protocols are printing real cash flow like this one.
Our baseline for a fast-growing Web3 platform: 10–15× P/S. By that yardstick, $PUMP looks cheap for crypto.
Competitive landscape
Letsbonkfun on Solana is catching up fast:
Pump.fun - 45% market share
Letsbonkfun 42% market share
The key question: how durable is this revenue, and will any of it flow back to holders (buy-backs, fee share, etc.)?
TL;DR
With P/S ≈ 7 and hype around, the ICO should sell out instantly. A 2× from sale price feels achievable but remember, 85% of the initial supply remains with the team and early backers.
The Pump.fun token launches this Saturday, and the community is split: some see inevitable returns, others argue the team will drain liquidity at an unjustified valuation. Let’s look at the numbers.
Supply side
◆ 33% of total supply goes to the ICO at FDV = $4 B
◆ 15% - public sale (retail)
◆ 18% - already sold in a private round
◆ Roughly 58% of tokens unlock at TGE → only 15% will actually reach retail.
The rest stays with the team / early investors.
Utility side
Concrete use cases, revenue-share mechanics, or buy-backs are undisclosed.
“The PUMP crypto-asset is a utility coin that will be used alongside the pump.fun brand behind the Pump.Fun Protocols.”
Valuation
Average 2025 YTD daily revenue: $1.5 M
At FDV = $4 B we get P/S ≈ 7.3.
Even TradFi names like Robinhood / Circle trade around 25× P/S.
Starknet listed at $28 B FDV, TIA peaked near $20 B – so why couldn’t Pump.fun push past $10 B? Few protocols are printing real cash flow like this one.
Our baseline for a fast-growing Web3 platform: 10–15× P/S. By that yardstick, $PUMP looks cheap for crypto.
Competitive landscape
Letsbonkfun on Solana is catching up fast:
Pump.fun - 45% market share
Letsbonkfun 42% market share
The key question: how durable is this revenue, and will any of it flow back to holders (buy-backs, fee share, etc.)?
TL;DR
With P/S ≈ 7 and hype around, the ICO should sell out instantly. A 2× from sale price feels achievable but remember, 85% of the initial supply remains with the team and early backers.
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Is $CLANKER the next Pump.fun?
With $PUMP’s run, traders are hunting for the next big bet and $CLANKER on Base looks like a prime candidate. This AI-driven token launchpad has metrics that make it cheap at current prices.
Current metrics:
🔹Generates ~$50K in daily fees. Annualized, that’s a P/S of 2.7 at $50M FDV. Compare to $PUMP’s presale P/S of 7 (and higher now). Relative value gap is clear
🔹$6M daily trading volume.
🔹1K tokens created daily.
Near-term catalysts:
◆ Base’s native DEX launch in August could drive memecoin liquidity, boosting the network’s top launchpad.
◆ More details expected at the BASE conference on July 16
◆ Clanker’s v4 upgrade adds Uniswap hooks, MEV protection, and better profit-sharing for token creators.
◆ As $PUMP stabilizes, traders will seek undervalued protocols. $BONK’s an obvious play, but $CLANKER seems undervalued with obvious opportunities
With $PUMP’s run, traders are hunting for the next big bet and $CLANKER on Base looks like a prime candidate. This AI-driven token launchpad has metrics that make it cheap at current prices.
Current metrics:
🔹Generates ~$50K in daily fees. Annualized, that’s a P/S of 2.7 at $50M FDV. Compare to $PUMP’s presale P/S of 7 (and higher now). Relative value gap is clear
🔹$6M daily trading volume.
🔹1K tokens created daily.
Near-term catalysts:
◆ Base’s native DEX launch in August could drive memecoin liquidity, boosting the network’s top launchpad.
◆ More details expected at the BASE conference on July 16
◆ Clanker’s v4 upgrade adds Uniswap hooks, MEV protection, and better profit-sharing for token creators.
◆ As $PUMP stabilizes, traders will seek undervalued protocols. $BONK’s an obvious play, but $CLANKER seems undervalued with obvious opportunities
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$NOICE - next SocialFi tip revolution at just 10 M FDV
Noice is a tipping / reward token for Farcaster activity. Road-map: influencer-token launchpad (perfect rotation target after $PUMP), plus integrations with X and Solana.
Valuation
FDV ≈ 10 M USD
Checkr score almost on par with $DEGEN (gap <2×) while FDV is 10× smaller. Risk-reward looks asymmetric.
July 16 catalyst
NOICE’s founder speaks today at the Base Conference in LA. Any wallet or launchpad reveal could ignite the chart.
Coinbase Wallet relaunch + fresh SocialFi narratives around Farcaster may boost the Base ecosystem. If a native wallet layer lets all Farcaster apps tip by default, $NOICE becomes a prime beneficiary.
For $NOICE and $DEGEN, that’s a whole new user base directly engaging with tips - boosting metrics and visibility for both. Yet NOICE starts from a fraction of DEGEN’s FDV.
Noice is a tipping / reward token for Farcaster activity. Road-map: influencer-token launchpad (perfect rotation target after $PUMP), plus integrations with X and Solana.
Valuation
FDV ≈ 10 M USD
Checkr score almost on par with $DEGEN (gap <2×) while FDV is 10× smaller. Risk-reward looks asymmetric.
July 16 catalyst
NOICE’s founder speaks today at the Base Conference in LA. Any wallet or launchpad reveal could ignite the chart.
Coinbase Wallet relaunch + fresh SocialFi narratives around Farcaster may boost the Base ecosystem. If a native wallet layer lets all Farcaster apps tip by default, $NOICE becomes a prime beneficiary.
For $NOICE and $DEGEN, that’s a whole new user base directly engaging with tips - boosting metrics and visibility for both. Yet NOICE starts from a fraction of DEGEN’s FDV.
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