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.
1🐳3
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.
❤3🐳2
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.🐱
1❤2
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.
❤2
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.
❤2🐳2
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…
❤2🐳1
$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.
❤2🐳1
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
❤2🐳2
$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.
❤1🐳1
The Base App – all new features
Base just rebooted its wallet into an everything-app that blends social, chat, payments, and trading in one place. What are those main features?
1. Social Feed on Farcaster rails
🔹 Every post is an NFT on ZORA, so creators truly own (and can monetize) their content
🔹 Tips & on-chain comments built in
🔹 Farcaster + Base audiences merged.
2. Base Pay
🔹 One-tap USDC checkout (Shopify already live)
🔹 Volumes still small, but clear shot at a crypto-native PayPal
3. Money inside chat
🔹Gas-free USDC P2P transfers - feels like Revolut, settles on-chain
🔹Plug DeFiAI bots straight into any chat.
4. Mini-apps (WeChat style)
🔹 Play games, farm yield, place prediction bets - never leave the Base App
5. Frictionless onboarding
🔹Sign up with email, Apple / Google ID or Coinbase - no seed-phrase anxiety
Base just rebooted its wallet into an everything-app that blends social, chat, payments, and trading in one place. What are those main features?
1. Social Feed on Farcaster rails
🔹 Every post is an NFT on ZORA, so creators truly own (and can monetize) their content
🔹 Tips & on-chain comments built in
🔹 Farcaster + Base audiences merged.
2. Base Pay
🔹 One-tap USDC checkout (Shopify already live)
🔹 Volumes still small, but clear shot at a crypto-native PayPal
3. Money inside chat
🔹Gas-free USDC P2P transfers - feels like Revolut, settles on-chain
🔹Plug DeFiAI bots straight into any chat.
4. Mini-apps (WeChat style)
🔹 Play games, farm yield, place prediction bets - never leave the Base App
5. Frictionless onboarding
🔹Sign up with email, Apple / Google ID or Coinbase - no seed-phrase anxiety
MicroStrategy: digging into the debt stack
Everyone in crypto knows MicroStrategy keeps buying bitcoin with leverage and many believe the company has a precise “liquidation price” that would nuke the market. Reality is a bit messier.
Operating business
The legacy software division hasn’t generated real profit for years.
2023: software profit < $1 million
2024: net loss – $63 million
With zero free cash flow to service interest, Saylor rules out selling BTC, so the only path is more debt.
Three taps for liquidity
The company has three main sources of liquidity for buying BTC
◆ Common-stock issuance – the least risky lever: print new shares, sell them, buy more BTC. This route has raised roughly $19 billion so far.
◆ Convertible notes – coupons around 0.5 % (peanuts vs. 4-5 % Treasuries). If MSTR stock rallies, holders swap debt for shares; if not, they demand cash back. About $7 billion outstanding – effectively a giant call option for bondholders.
◆ Preferred shares – 8-10 % annual dividends, the most expensive capital. Already ~$3 billion issued (target up to $5 billion). Dividends alone could soon run $500 million per year.
Altogether the company needs roughly $300-350 million every year just to cover coupons, preferred dividends, and software-unit losses.
Where the liquidation trigger hides
A prolonged bear market would choke demand for MSTR stock. The company couldn’t roll old debt into new, and holders of convertibles would likely opt for early repayment instead of conversion. With no free cash, MicroStrategy would have to sell spot BTC to cover coupons, dividends, and maturing notes – adding extra sell pressure when the market is already weak.
The first big test: 15 September 2027, when up to $1 billion in convertibles can be put back to the company. Further maturities cluster multiple times a year after that. So the real default risk lives post-2027. Until then, the structure survives on faith in relentless BTC upside and Saylor’s ability to keep borrowing.
Everyone in crypto knows MicroStrategy keeps buying bitcoin with leverage and many believe the company has a precise “liquidation price” that would nuke the market. Reality is a bit messier.
Operating business
The legacy software division hasn’t generated real profit for years.
2023: software profit < $1 million
2024: net loss – $63 million
With zero free cash flow to service interest, Saylor rules out selling BTC, so the only path is more debt.
Three taps for liquidity
The company has three main sources of liquidity for buying BTC
◆ Common-stock issuance – the least risky lever: print new shares, sell them, buy more BTC. This route has raised roughly $19 billion so far.
◆ Convertible notes – coupons around 0.5 % (peanuts vs. 4-5 % Treasuries). If MSTR stock rallies, holders swap debt for shares; if not, they demand cash back. About $7 billion outstanding – effectively a giant call option for bondholders.
◆ Preferred shares – 8-10 % annual dividends, the most expensive capital. Already ~$3 billion issued (target up to $5 billion). Dividends alone could soon run $500 million per year.
Altogether the company needs roughly $300-350 million every year just to cover coupons, preferred dividends, and software-unit losses.
Where the liquidation trigger hides
A prolonged bear market would choke demand for MSTR stock. The company couldn’t roll old debt into new, and holders of convertibles would likely opt for early repayment instead of conversion. With no free cash, MicroStrategy would have to sell spot BTC to cover coupons, dividends, and maturing notes – adding extra sell pressure when the market is already weak.
The first big test: 15 September 2027, when up to $1 billion in convertibles can be put back to the company. Further maturities cluster multiple times a year after that. So the real default risk lives post-2027. Until then, the structure survives on faith in relentless BTC upside and Saylor’s ability to keep borrowing.
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Linea just dropped its tokenomics - hunting for a second wind
$LINEA breakdown
🔹 75 % — ecosystem & grants
🔹 15 % — treasury (5-year lock)
🔹 10 % — airdrop to early users (9 % real users, 1 % early contributors)
No checker yet
Fee model
• 20 % of net gas burns into ETH
• 80 % burns into LINEA
The chain only made $1.2 M in fees during 2025, so the burn impact is tiny, but burning ETH at all hints at a tight bond with mainnet.
The main problem: a dead ecosystem
Beyond Aave there’s almost nothing to touch on Linea. Still, this L2 might become an institutional gateway to Ethereum.
◆ Joseph Lubin - ETH co-founder, head of ConsenSys (and thus Linea).
◆ In May he became chairman of SharpLink Gaming - tiny i-gaming traffic company but its stock already did a 10× after announcing plans to load ETH on its balance sheet - a straight-up Saylor move.
Linea has also teased auto-staking for ETH. With the SEC edging toward green-lighting staking, SharpLink could park its treasury directly on Linea and earn yield on-chain instead of holding on L1.
None of this is official yet (pure thesis), but an “institutional treasury” narrative might be the lifeline this overlooked L2 needs.
DYOR. We could be watching MicroStrategy-style corporate leverage, but this time riding on top of Linea. 🫡
$LINEA breakdown
🔹 75 % — ecosystem & grants
🔹 15 % — treasury (5-year lock)
🔹 10 % — airdrop to early users (9 % real users, 1 % early contributors)
No checker yet
Fee model
• 20 % of net gas burns into ETH
• 80 % burns into LINEA
The chain only made $1.2 M in fees during 2025, so the burn impact is tiny, but burning ETH at all hints at a tight bond with mainnet.
The main problem: a dead ecosystem
Beyond Aave there’s almost nothing to touch on Linea. Still, this L2 might become an institutional gateway to Ethereum.
◆ Joseph Lubin - ETH co-founder, head of ConsenSys (and thus Linea).
◆ In May he became chairman of SharpLink Gaming - tiny i-gaming traffic company but its stock already did a 10× after announcing plans to load ETH on its balance sheet - a straight-up Saylor move.
Linea has also teased auto-staking for ETH. With the SEC edging toward green-lighting staking, SharpLink could park its treasury directly on Linea and earn yield on-chain instead of holding on L1.
None of this is official yet (pure thesis), but an “institutional treasury” narrative might be the lifeline this overlooked L2 needs.
DYOR. We could be watching MicroStrategy-style corporate leverage, but this time riding on top of Linea. 🫡
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Where to park stables while the market cools down?
If you took profits on the last leg up (you did, right?), now’s the moment to put those stablecoins to work.
Katana Network is giving 20-49% APY, paid mainly in $KAT at a $1b FDV valuation.
Katana - an L2 on Polygon AggLayer backed by Polygon Labs and GSR. You deposit once; Katana auto-routes liquidity into lower-risk strategies like Morpho lending or Sushi LPs - no manual chain-hopping.
Current Yearn vaults show:
🔹 49 % APY on stables
🔹 20 % APY on ETH
$KAT rewards farm today, but remain non-transferable until Feb 2026.
$KAT tokenomics
No VC rounds, so the upside should stay with the community.
◆ 15.65 % team
◆ 35 % community
◆ 49.35 % ecosystem
Supply hard-capped at 10 B, with a modified ve(3,3) model: $vKAT holders vote where incentives flow and collect a fee share. Once emissions run out, new pools rely on sequencer fees.
Open questions for the team:
1) Net profit must stay positive for Flywheel effect:
revenues (seq-fees + bribes) – emissions > 0.
Sequencer fees are tiny for most L2s, Katana included.
• Cut emissions → profit stays positive but APY is low.
• Keep emissions high → juicy APY but endless sell-pressure.
2) We’re not quite sure where the tokens for early incentives (those meant to be distributed by vKAT holders after the TGE) will come from if only 5 % unlock in year one for liquidity and grants, and just firts portion of 44.35 % ecosystem allocation unlocks a year later.
3) We remember Blast - the first L2 with native liquidity for core assets. Katana builds on that concept and promises more efficient capital routing, yet Blast faded quickly after its TGE. How will Katana avoid the “Blast syndrome”?
All in all, we’re still positive on this new DeFi chain and believe the APYs look appealing even if $KAT gets repriced lower.
If you took profits on the last leg up (you did, right?), now’s the moment to put those stablecoins to work.
Katana Network is giving 20-49% APY, paid mainly in $KAT at a $1b FDV valuation.
Katana - an L2 on Polygon AggLayer backed by Polygon Labs and GSR. You deposit once; Katana auto-routes liquidity into lower-risk strategies like Morpho lending or Sushi LPs - no manual chain-hopping.
Current Yearn vaults show:
🔹 49 % APY on stables
🔹 20 % APY on ETH
$KAT rewards farm today, but remain non-transferable until Feb 2026.
$KAT tokenomics
No VC rounds, so the upside should stay with the community.
◆ 15.65 % team
◆ 35 % community
◆ 49.35 % ecosystem
Supply hard-capped at 10 B, with a modified ve(3,3) model: $vKAT holders vote where incentives flow and collect a fee share. Once emissions run out, new pools rely on sequencer fees.
Open questions for the team:
1) Net profit must stay positive for Flywheel effect:
revenues (seq-fees + bribes) – emissions > 0.
Sequencer fees are tiny for most L2s, Katana included.
• Cut emissions → profit stays positive but APY is low.
• Keep emissions high → juicy APY but endless sell-pressure.
2) We’re not quite sure where the tokens for early incentives (those meant to be distributed by vKAT holders after the TGE) will come from if only 5 % unlock in year one for liquidity and grants, and just firts portion of 44.35 % ecosystem allocation unlocks a year later.
3) We remember Blast - the first L2 with native liquidity for core assets. Katana builds on that concept and promises more efficient capital routing, yet Blast faded quickly after its TGE. How will Katana avoid the “Blast syndrome”?
All in all, we’re still positive on this new DeFi chain and believe the APYs look appealing even if $KAT gets repriced lower.
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ve (3,3) tokenomics
where the profit comes from, what rebases do, and why “bribes” aren’t bad
The ve (3,3) model powers DEXs like Aerodrome or Thena. Flow is simple:
1. A user locks the base token for a chosen period → receives a ve-token.
2. The ve-token lets them vote which liquidity pools will receive token incentives.
3. Fresh tokens land in those pools as extra incentives for LPs.
4. A week later the cycle restarts: vote → emission → rewards.
At first glance an endless printer means an inevitable death-spiral. In practice the spiral appears only when the protocol spends more than it earns.
How to measure profit?
Cost side: new-token emissions.
Revenue side: swap fees + bribes.
A Bribe is a payment from a project that wants ve-holder votes; the pool gets incentives, the voter gets income.
Base formula:
But not all emission dilutes holders: a slice goes back to voters as a rebase, offsetting dilution. The real formula is:
If the number is positive, holding and even adding tokens makes sense: real income beats inflation.
If it’s negative, dilution wins: reward sellers push the price down, LPs exit, fees drop further - the classic death spiral.
where the profit comes from, what rebases do, and why “bribes” aren’t bad
The ve (3,3) model powers DEXs like Aerodrome or Thena. Flow is simple:
1. A user locks the base token for a chosen period → receives a ve-token.
2. The ve-token lets them vote which liquidity pools will receive token incentives.
3. Fresh tokens land in those pools as extra incentives for LPs.
4. A week later the cycle restarts: vote → emission → rewards.
At first glance an endless printer means an inevitable death-spiral. In practice the spiral appears only when the protocol spends more than it earns.
How to measure profit?
Cost side: new-token emissions.
Revenue side: swap fees + bribes.
A Bribe is a payment from a project that wants ve-holder votes; the pool gets incentives, the voter gets income.
Base formula:
Fees + Bribes – Emission = Net PnL
But not all emission dilutes holders: a slice goes back to voters as a rebase, offsetting dilution. The real formula is:
Fees + Bribes – (Emission – Rebase) = Net PnL
If the number is positive, holding and even adding tokens makes sense: real income beats inflation.
If it’s negative, dilution wins: reward sellers push the price down, LPs exit, fees drop further - the classic death spiral.
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Pendle just rolled out Boros - on-chain futures on funding rates
Now you can trade (or hedge) the rate itself, not just BTC/ETH price action.
What’s Boros?
◆ A new market on Arbitrum built by the Pendle team.
◆ Tokenises funding rates from major exchanges, starting with Binance, later Hyperliquid, even off-chain RWA yields.
◆ The trading unit is YU (Yield Unit): 1 YU = the funding rate on 1 BTC/ETH for the chosen market until maturity.
Long YU → you pay the fixed rate, receive the floating (underlying).
Short YU → you pay the floating rate, pocket the fixed.
Right now the implied APR (fixed leg) on ETH is about 6.64 %. If activity comes roaring back after August, the average underlying rate could print higher.
You can also provide liquidity via Vaults:
Deposit USDC/ETH, become LP, and earn:
• $PENDLE incentives
• Swap fees
• Extra gain if implied APR drifts upward (long-bias!) - read the docs before aping.
Risks: standard IL and that same long bias - if rates drop, LPs lose.
Once again Pendle sits at the forefront of on-chain derivatives, shipping a product we haven’t seen before.
More toys for the degen crowd, and a cleaner hedge tool for the suits.
Now you can trade (or hedge) the rate itself, not just BTC/ETH price action.
What’s Boros?
◆ A new market on Arbitrum built by the Pendle team.
◆ Tokenises funding rates from major exchanges, starting with Binance, later Hyperliquid, even off-chain RWA yields.
◆ The trading unit is YU (Yield Unit): 1 YU = the funding rate on 1 BTC/ETH for the chosen market until maturity.
Long YU → you pay the fixed rate, receive the floating (underlying).
Short YU → you pay the floating rate, pocket the fixed.
Right now the implied APR (fixed leg) on ETH is about 6.64 %. If activity comes roaring back after August, the average underlying rate could print higher.
You can also provide liquidity via Vaults:
Deposit USDC/ETH, become LP, and earn:
• $PENDLE incentives
• Swap fees
• Extra gain if implied APR drifts upward (long-bias!) - read the docs before aping.
Risks: standard IL and that same long bias - if rates drop, LPs lose.
Once again Pendle sits at the forefront of on-chain derivatives, shipping a product we haven’t seen before.
More toys for the degen crowd, and a cleaner hedge tool for the suits.
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