$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.

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

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.

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. 🫡

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.

More than 60 % of all wrapped Bitcoin locked in lending protocols is now sitting on Aave

The undisputed leader in DeFi lending

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:

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.

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.

How does airdrop % affect TGE price?

There’s a common misconception: “the larger the community airdrop %, the better the token performs after TGE - so every project should do that.” People often cite Hyperliquid, Jupiter, Kaito.

But it’s easy to confuse cause and effect. In reality, larger projects are the ones that can afford big airdrops because they have the budget to manage selling pressure and to set up a proper market-making strategy in advance.

The airdrop percentage by itself doesn’t predict price. Across 2025 launches, the initial circulating supply (your float, which an airdrop increases) showed no consistent correlation with 1-week or 1-month performance. What mattered most was the dollar value of the initial float - i.e., Initial Market Cap (IMC).

Very often projects inflate their valuation and list already “at a multiple” to the last round. That leaves little room for further market cap growth and leads to a downward chart. Moreover, with a huge FDV at the start it’s hard to provide sufficient liquidity, so even modest selling triggers sharp drawdowns.

Example. Wormhole launched with a massive ~$13B FDV. With 17% of tokens allocated to users and only about $6M of day-one liquidity (across pools and CEX order books), this setup created heavy sell pressure. Since launch, $W is down ~94%.

The point isn’t the airdrop percentage itself, but the size of the dollar float relative to real liquidity and order book depth.

Stablecoin Payments Summary

According to Visa, the volume of stablecoin payments has surged from virtually zero in 2019 to approximately $949 billion as of July 2025. The lion’s share comes from USDT and USDC:

USDT – 60% of total volume
USDC – 35%, growing rapidly on the back of regulatory adoption in the U.S.
Other stablecoins – 5%

Top 4 networks by share of total volume:

Ethereum – 35.6%
Tron – 34.1%, retaining massive volumes largely due to cross-border P2P and OTC transfers, including “grey” channels
BSC – 14.6%
Solana – 5.0%
(The remaining 10.7% is split among other networks)

Breakdown by payment segment:

B2B – 49.3%
P2P – 24.7%
Card-linked – 18.1%
B2C – 4.5%
Prefunding – 3.4%

The stablecoin market is steadily shifting on-chain, with Ethereum and Tron maintaining dominance in payment traffic, while USDC is accelerating its share gain from USDT thanks to rising institutional demand in the U.S.

Almanak or where to park stablecoins at ~57% APY

Almanak is a protocol powered by AI agents that build and optimize strategies, automatically deploying liquidity across DeFi protocols. You deposit USDC or ETH into a selected vault, and the agent rebalances positions across available opportunities.

At present, there is only one vault available for USDC on Ethereum, offering 57% APY:

~9% – “native” yield from strategies (real net yield after the protocol’s 10% fee).
~48% – boosted by an airdrop of the project’s token, calculated based on a target valuation of $90M FDV.

The incentive campaign is announced to last until September 21; after TGE, the boost will likely be reduced.

Investors
The project is incubated by Delphi Digital (mentioned publicly) with additional ecosystem support from Near.
So far, the team has raised $1M at a $43M FDV via a Legion sale and has announced another public sale on Legion on August 21, this time at a $90M FDV with 100% unlock — this is the benchmark from which the airdrop-APY is calculated.

Audits / Security
As of this writing, no public audit reports of Almanak’s smart contracts are available (some trackers explicitly flag “Security Audit: No”). The platform emphasizes its non-custodial architecture and deployment through a SAFE multisig, but this is no substitute for a formal audit (consider the early-stage risk).

Bottom line
This is a very early-stage project which, by crypto standards, has raised a modest amount. Still, the involvement of an incubator like Delphi Labs lends credibility. For those looking for a short-term stablecoin parking option with an asymmetric risk-reward profile, the current Almanak vault could be suitable — provided allocations are sized responsibly and one is prepared for APY volatility.

Why Etherex Could Deliver Significant Returns

Linea’s Total Value Locked (TVL) doubled to $316M in a month, largely driven by Etherex, a decentralized exchange (DEX) recently acquired by ConsenSys.

Etherex is the leading DeFi protocol on Linea, boasting the highest TVL, and is distinguished by several key features:

🔹 x(3,3) Tokenomics – A variation of the classic ve(3,3) model: it retains the voting lock mechanism but offers an early exit option.

Unlike other DEXs, Etherex allocates 100% of trading fees to stakeholders and 100% of liquidity rewards to liquidity providers (LPs), with no share reserved for insiders or the team. Its token, $REX, powers a reward flywheel: LPs earn REX, and staking REX as xREX grants governance rights and a share of all trading fees.

🔹 Proven Team: The team behind Etherex has successfully launched x(3,3) DEXs before, including Ramses (Arbitrum) and Shadow (Sonic).

🔹 Local Network Support: Etherex is set to receive 30% of Linea’s 1B $LINEA incentive program, with the remainder allocated to Aave and Euler.

Following the recent $REX Token Generation Event (TGE), the fully diluted valuation (FDV) stands at approximately $166M. The upcoming activation of Linea’s incentives and the $LINEA TGE could drive significant user and liquidity inflows.

Why It Could Take Off

The x(3,3) model has a track record of delivering double-digit APRs for top trading pairs, attracting TVL and enabling the DEX to dominate its chain, as seen with Aerodrome on Base or Shadow on Sonic.

At launch, a supply shock often occurs due to limited circulating supply and high demand for staking/LP, which can drive prices upward. However, risks remain: the x(3,3) model is prone to high volatility cycles—initial pumps from scarcity followed by sell pressure from farming.

Current inflation/emission rates are more critical than narrative. Monitoring the issuance pace and the proportion allocated to staking/LP is essential.

Where’s the Opportunity?

Farming core pools on Etherex offers high APRs in REX.

Our Take: We see a setup of a “local flagship DEX + network support + x(3,3) model.” Similar to Aerodrome and Shadow, this could yield multiple-fold returns during the hype phase. However, investors should remain mindful of the model’s nature and the potential for a reversal post-farming phase.

Real Yield 2.0: Why Chainlink Has Joined the Ranks of Jupiter and Hyperliquid

In this bull cycle, tokenomics with genuine cash flows (especially through buybacks) are gaining traction. Market participants have realized that holding “tech” altcoins without any revenue model is a straight path to being rekt. The number of projects that actually generate profits and can allocate meaningful sums toward buybacks remains limited. Now, alongside the heavyweights like Jupiter and Hyperliquid, Chainlink has entered the buyback arena.

Most people know Chainlink as DeFi’s go-to price oracle, but in reality it is a fully-fledged infrastructure platform for data and messaging. Its stack includes price feeds for DeFi, VRF for on-chain randomness, Proof of Reserve for auditing collateral, CCIP for cross-chain messaging, as well as Functions and Automation. Payments often occur in stablecoins or even off-chain entirely.

Recently, Chainlink launched an on-chain $LINK Reserve, which is funded by converting a share of network revenue into $LINK. The first purchases worth of around $2.6 million have already taken place. These tokens are not intended to be touched for several years, effectively making the reserve a structural buyer that scales in line with network adoption.

Why does this matter for holders?
🔹 A consistent buy pressure emerges, driven by real revenue.
🔹 Network revenue is converted into the native token, linking product-market fit directly to price action.

But let’s be realistic:
◆ Chainlink has not disclosed the precise percentage allocated to buybacks: neither the share of off-chain contracts funneled into the Reserve nor a fixed percentage of on-chain fees.
◆ This is not a burn: tokens are accumulated in the reserve, not destroyed.

Bottom line: this creates a self-reinforcing flywheel: more network usage → more revenue → more $LINK purchases for the reserve → stronger fundamental support for the token.

Congratulations to Cointel on their $7.4M round!

Cointel has successfully closed a $7.4 million strategic round, with Avalanche and Sugafam Inc. as the lead investors.

At Coinstruct, we worked closely with the Cointel team on the supply side of tokenomics, providing support in optimizing the fundraising structure.

We are confident that a well-designed supply model and thoughtful valuation strategy will give Cointel the necessary upside in its public phase.

Activity in Ethereum at an all-time high, while gas fees are at a minimum

Short answer: Due to L2 solutions, we’re seeing the paradox of “ATH activity with low gas fees” on L1.

Dencun or EIP-4844 - March 2024
Rollups no longer burn expensive calldata-gas on L1-they offload data to cheap blobs with a separate fee market. This significantly reduces pressure on L1 gas, even as overall ecosystem activity grows.

L2 Batching
Millions of user transactions are aggregated into a handful of L1 commits/proofs. On charts, these are counted as L1 transactions, driving “transaction” and “active address” metrics to record highs, but each entry consumes far less gas than the previous raw traffic flow.

Slightly higher block gas limit
In 2025, validators gradually increased the gas limit (from ~30M to ~36–37M, with discussions aiming for ~45M), boosting L1 throughput slightly. Not a game-changer, but it adds capacity.

Different demand mix
More “light” operations (bridges, commits, staking/restaking routines) on L1—complex tasks have moved to L2.

Liquidity fragmentation (where different apps live on different networks, requiring constant bridge navigation) remains an issue in Ethereum’s ecosystem, but the gas problem is being addressed.

Coinstruct × Cware Labs

Web3 founders, meet your new growth stack.

We’re teaming up with Cware Labs - a full-cycle growth agency since 2020. This partnership pairs Coinstruct’s tokenomics & fundraising with Cware’s AI-powered marketing, acceleration, and venture network.

Let’s turn roadmaps into metrics together.

Learn more:
Coinstruct: https://coinstruct.tech/
Cware Labs: https://cwarelabs.com

$WLFI - Make Presidential Crime Great Again

The Trump family’s lending protocol, World Liberty Financial, announced its Ethereum launch for September 1.

20% of the supply will be available to early supporters (rounds at $0.015 and $0.05).
The remaining 80% is slated to be decided via community governance.
A year ago, 25% of tokens were sold in presale, which implies ~5% of total supply enters circulation at TGE.

Premarket now shows ~$0.30.
If total supply = 100B, then at $0.30 → FDV ≈ $30B; with 5% circulating, MCAP ≈ $1.5B.

🔹 The product is essentially an Aave v3 fork with the Trump brand. Yet FDV is about 6× AAVE’s (~$5B FDV).

🔹 The “strategic partnership” saga: WLFI previously signaled 7% of tokenomics to Aave, then the team walked it back. Stani Kulechov responded with a sarcastic tweet, hinting at the toxic Trump playbook.

🔹 Well-known trader y22 publicly betting on Presidential Crime, allocating 40% of his book.

Yes, it looks overpriced, and a year out the token could be lower. But with hype and a crowded short, price could still get walked up toward $1. Remember $TRUMP: plenty shorted it around $30B FDV, then it got run to $70.

$WLFI - Presidential Crime is Real

Thirty minutes before trading, the WLFI team dropped a Medium post: at TGE it’s not ~5% of supply, but ~24.7B tokens unlocking. For some reason they chose to say it at the last minute…

10,000,000,000 — ecosystem share for World Liberty Financial. Formally a treasury bucket for growth; in theory shouldn’t hit the order book right away.

7,783,585,650 — allocated to ALT5 Sigma Corporation (NASDAQ: ALTS), a public fintech firm (custody, trading, payments). Looks like part of a broader deal between WLFI and ALT5 Sigma, but no details.

2,880,884,615 — liquidity & marketing for the initial listing. This is where extra sell pressure can show up. Why set aside 3% for listing when only 4% sits with real holders?

4,004,600,000 — public sale allocation (the ~20% presale unlock). Not everyone claimed/unlocked, so it comes in slightly below the “5% of total supply” we expected.

After the announcement and the open, price corrected to $0.22–0.25.

The “Presidential Crime” did play out, just not quite the way many expected.

Mantle ($MNT) - early BNB days for Bybit?

In this cycle, the market is paying up for real cash flow and buyback models. Naturally, CEX tokens are back in focus.

BNB. A true success story: tight integration with the Tier 1 exchange + systematic buyback/burn (since before it was trendy) → top-5 on CMC.

OKB. OKX recently burned 90% of its token supply and keeps repurchasing with a slice of exchange fees. Result: a re-rating from $45 to $195 in under a month.

Why $MNT is interesting

🔹 $MNT didn’t start as a CEX token: it’s the former BIT (BitDAO) transformed into Mantle - an L2/governance token. Bybit is integrating it deeper into the ecosystem (for now mostly via Bybit Earn). Bybit has officially announced that by end of September MNT will be usable to pay trading fees with 25% discount on spot and 10% on derivatives.

🔹 Two Bybit leads recently joined the Mantle Advisory Board — a clear signal that synergy with the exchange is set to increase.

🔹 At the same time there are 2 potential re-rating levers:

1) A buyback/burn funded by Bybit revenues (BNB-style).

2) A burn of the 45% supply sitting in Treasury (OKB-style).

Bybit is comparable to OKX in derivatives volumes, while its spot volume is ~10× higher, but the MCap MNT/OKB ≈ 0.95. In theory, that leaves room for a catch-up (or even overtake) move for $MNT.

Lighter - the Robinhood of perp DEXs?

With Hyperliquid’s success this cycle, a wave of new perp DEXs has emerged. But it’s often hard to tell who’s a real competitor and who’s just here to “raise money, list a token, and cash out” (see chart).

Against that backdrop, Lighter stands out. The exchange had been on our radar for a while, but only recently did it become clear that it’s charting its own path.

🔹 Zero-fee model - not marketing, but strategy
When Lighter launched with zero trading fees, it looked like a temporary promo. It seemed inevitable that fees would be switched on and volumes (currently 2nd among perp DEXs), suspiciously wash-trade-like, would vanish.

But the team clarified: zero fees are the business model.
The logic mirrors Robinhood in TradFi: retail traders pay nothing, create flow and liquidity, while arbitrageurs, funds, and HFT firms pay through the API.

🔹 Founder profile
The founder, Vladimir Novakovski, is a Harvard grad and ex-Citadel, where he built HFT teams. Backed by a16z and Dragonfly, he set out with the ambition to build a Robinhood for crypto derivatives.

🔹 Liquidity pool innovation
Lighter’s liquidity pool (similar to Hyperliquid’s HLP) currently offers ~58% APY on stables with $145M TVL.
The catch: without trading points, you can only deposit 25% of your capital.

This means the exchange deliberately rejects “passive” whale liquidity from non-traders, giving APY rewards only to those actively trading. It’s a tough but clever mechanism:

◆ Forces whales to trade instead of just parking capital
◆ Keeps out delta-neutral funds that usually drain yield from such pools

Few projects can afford this kind of incentive design. Apart from points, nothing is known about a potential token yet. Access is still invite-only, but the platform is reportedly opening to all in Q4.

One of the few projects bringing new economic models into crypto and so far, doing it successfully.

Listing $LINEA - Is it undervalued? Really?

The $LINEA token has finally hit the market, trading at $2.2B FDV. But is it truly undervalued?

🔹 Buyback will be minimal. In 2025 the network generated only $2.5M in revenue - hardly enough to create any real buy pressure.

🔹 Empty ecosystem. Beyond Etherex (a fork of x(3,3) models), there’s not much to highlight. Metamask Card never gained traction, mUSD is unlikely to go mainstream, and even Metamask itself is losing ground to competing EVM wallets.

🔹 The Sharplink narrative is fading. Many DATs now show mNAV < 1, including SBET. Sharplink announced a $1.5B+ share buyback, but the stock dropped. They’re only the #2 ETH DAT and lag far behind Bitmine - so no real leadership factor.

🔹 TVL is artificial. Most of the inflows came from the Linea Ignition campaign, which ends in late October. Rewards are already tapering off, meaning liquidity will likely exit.

🔹 Valuation vs peers:
• “Empty” L2s: ZKsync = $1.3B FDV, Scroll = $350M FDV
• More mature: Optimism = $3.4B FDV, Arbitrum = $5.4B FDV
$LINEA looks roughly fair on this spectrum, but not cheap.

The one positive: 87% of the airdrop has already been claimed and sold, so the main wave of sell pressure is likely behind us and now MM can pump it.

But longer term, without real ecosystem growth or meaningful revenues, $LINEA’s story looks uncertain at best.