FinDaS

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𝗛𝗼𝘄 𝗮 𝘁𝗼𝗸𝗲𝗻 𝗹𝗮𝘂𝗻𝗰𝗵 𝗿𝘂𝗻𝘀, 𝗳𝗿𝗼𝗺 𝗳𝗶𝗿𝘀𝘁 𝗶𝗱𝗲𝗮 𝘁𝗼 𝗧𝗚𝗘. If a project has a token only because every project has one, the tokenomics will not fix that. Launching a crypto token requires coordinating six parallel workstreams: business, tokenomics, legal, development, audits, and funding. The Token Generation Event (TGE) is the end of that coordination, not the start. Most projects that fail compress the legal and audit work to hit a sale deadline, and pay for it later with a broken launch. ⬇ ⬇ ⬇ Link to the full article findas.org/blogs/step-by-ste…

Boring is a competitive advantage. Exciting tokenomics usually get a cautionary Netflix documentary.

𝗟𝗮𝘀𝘁 𝘄𝗲𝗲𝗸 (𝟮𝟲 𝗢𝗰𝘁-𝟭 𝗡𝗼𝘃) 𝗶𝗻 𝗰𝗿𝘆𝗽𝘁𝗼: 🚨 𝗕𝗶𝗻𝗮𝗻𝗰𝗲 𝗟𝗼𝘀𝗲𝘀 𝗔𝗯𝗼𝘂𝘁 𝟲.𝟯𝗕 𝗨𝗦𝗗 𝗶𝗻 𝗥𝗲𝗰𝗼𝗿𝗱 𝗛𝗮𝗰𝗸. On October 29 attackers took about 6.3B USD from Binance's hot wallets, by Binance's estimate. On October 31 the FBI said North Korea was responsible for the theft of more than 6B USD. 🔓 𝗕𝗶𝗻𝗮𝗻𝗰𝗲 𝗥𝗲𝘀𝘁𝗮𝗿𝘁𝘀 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹𝘀 𝗶𝗻 𝗣𝗵𝗮𝘀𝗲𝘀. On November 1 Binance began restoring withdrawals, starting with bitcoin, and said it had replaced about 95% of affected assets with company funds. DefiLlama showed 5.8B USD of net outflows in 24 hours; Binance co-CEO Yi He had said some transfers were between Binance wallets. 📉 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗧𝗼𝘂𝗰𝗵𝗲𝘀 𝟳𝟲,𝟭𝟰𝟭 𝗨𝗦𝗗. On October 30 bitcoin hit 76,141 USD on Coinbase. US spot bitcoin ETFs lost a net 202.4M USD over October 26-30 per Farside, and DeFi TVL fell from 88.5B to 85.1B USD between October 26 and November 1. 🏛️ 𝗙𝗲𝗱 𝗛𝗼𝗹𝗱𝘀 𝗥𝗮𝘁𝗲𝘀, 𝗧𝘄𝗼 𝗠𝗲𝗺𝗯𝗲𝗿𝘀 𝗗𝗶𝘀𝘀𝗲𝗻𝘁 𝗳𝗼𝗿 𝗮 𝗛𝗶𝗸𝗲. On October 28 the FOMC kept the federal funds target range at 3.75% to 4% by a 10-2 vote. Lisa Cook and Beth Hammack preferred a 0.25 point increase. 🔗 𝗗𝗧𝗖𝗖 𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗚𝗼𝗲𝘀 𝗟𝗶𝘃𝗲. On October 28 DTC launched the DTCC Tokenization Service on the Canton Network and DTCC's private Besu network, with more networks due in 2027. Twenty DTC participants have signed agreements to access it. 📈 𝗜𝗖𝗘 𝗣𝗹𝗮𝗻𝘀 𝗨𝗦 𝗣𝗲𝗿𝗽𝗲𝘁𝘂𝗮𝗹𝘀 𝗕𝘂𝗶𝗹𝘁 𝗼𝗻 𝗛𝘆𝗽𝗲𝗿𝗹𝗶𝗾𝘂𝗶𝗱. On October 29 NYSE owner ICE announced a definitive agreement with Trade[XYZ] to bring its Hyperliquid-based perpetual markets onshore, with ICE as exclusive operator. It is subject to regulatory approvals; no launch date has been announced. 🪙 𝗥𝗶𝗽𝗽𝗹𝗲 𝗚𝗲𝘁𝘀 𝗙𝗶𝗻𝗮𝗹 𝗢𝗖𝗖 𝗧𝗿𝘂𝘀𝘁 𝗕𝗮𝗻𝗸 𝗔𝗽𝗽𝗿𝗼𝘃𝗮𝗹. On October 26 Ripple said the OCC granted final approval for Ripple National Trust Bank, which has yet to open. It may manage RLUSD reserves and provide digital asset custody. 🇬🇧 𝗛𝗧𝗫 𝗚𝗶𝘃𝗲𝘀 𝗨𝗞 𝗖𝗼𝘂𝗿𝘁 𝗨𝗻𝗱𝗲𝗿𝘁𝗮𝗸𝗶𝗻𝗴𝘀 𝗼𝗻 𝗖𝗿𝘆𝗽𝘁𝗼 𝗣𝗿𝗼𝗺𝗼𝘁𝗶𝗼𝗻𝘀. On October 29 the FCA said HTX's Huobi Global undertook not to knowingly promote crypto unlawfully to UK consumers, with the undertakings running to October 21, 2031. Settlement terms are confidential and there is no admission of liability or wrongdoing. 💵 𝗧𝗲𝘁𝗵𝗲𝗿 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝟭.𝟱𝗕 𝗨𝗦𝗗 𝗤𝟯 𝗣𝗿𝗼𝗳𝗶𝘁. On October 30 Tether reported 1.5B USD of Q3 net operating profit, a figure outside BDO's assurance report, which covers assets and liabilities at September 30. Its reserve buffer was 7.95B USD at that date, on total assets of 191.5B USD. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

𝗛𝗮𝗽𝗽𝘆 𝗯𝗶𝗿𝘁𝗵𝗱𝗮𝘆, 𝗨𝗻𝗶𝘀𝘄𝗮𝗽. 𝟴 𝘆𝗲𝗮𝗿𝘀 𝗮𝗴𝗼 𝘁𝗼𝗱𝗮𝘆, 𝗼𝗻𝗲 𝗳𝗼𝗿𝗺𝘂𝗹𝗮 𝗿𝗲𝗽𝗹𝗮𝗰𝗲𝗱 𝘁𝗵𝗲 𝗼𝗿𝗱𝗲𝗿 𝗯𝗼𝗼𝗸. On 2 November 2018, Uniswap was announced and deployed to Ethereum mainnet. It holds two tokens in a pool and prices every trade with x * y = k: before fees, the product of the two reserves stays constant, so each swap moves the price along a curve. That removes two things a market normally needs: a counterparty quoting prices, and an exchange deciding what gets listed. A token needs a pool. This morning DefiLlama shows 4.0T USD of all-time volume across Uniswap's versions, 27.9% of all DEX volume it has recorded. The design lesson is what the formula moved rather than what it removed. The cost of the market now sits with liquidity providers, who take the price risk for a share of trading fees. A token launch budget that says "liquidity: just a pool" has only moved that line to someone else. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

#web3 #funding overview for the month of October. 𝟲𝟭 𝗿𝗼𝘂𝗻𝗱𝘀 𝗮𝗻𝗱 $𝟭.𝟳𝟰𝗯𝗻, 𝗶𝗻 𝗹𝗶𝗻𝗲 𝘄𝗶𝘁𝗵 𝗮𝗻 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝗺𝗼𝗻𝘁𝗵. October raised $1.74bn across 61 rounds, against a twelve-month average of $1.83bn and 64.8 rounds. Of the eight Octobers on record it ranks 3rd by capital raised. 𝗢𝗻𝗲 𝗿𝗼𝘂𝗻𝗱 𝗶𝘀 𝟱𝟴% 𝗼𝗳 𝗶𝘁. Kalshi, a federally regulated prediction market, raised $1bn on 29 Oct. The other 60 rounds raised $736m. Average months hold large rounds too, so take the largest round out of every month: October is $736m against $1.18bn, about 0.6x (our calculation from the same dataset, not a figure on the page). 𝗞𝗮𝗹𝘀𝗵𝗶 𝗮𝗹𝗼𝗻𝗲 𝗶𝘀 𝗮 𝗳𝗶𝗳𝘁𝗵 𝗼𝗳 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿. Five rounds and $4.4bn in the twelve months to October, four of them at $1bn or more. That is 21% of the $20.8bn raised in the period (our calculation, same dataset). 𝗧𝗵𝗲 𝗺𝗲𝗱𝗶𝗮𝗻 𝗿𝗼𝘂𝗻𝗱 𝗯𝗮𝗿𝗲𝗹𝘆 𝗺𝗼𝘃𝗲𝗱. $7.5m, against $7.0m over the preceding year. No sector ran above 2.5x its own average month. 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗺𝗼𝗻𝘁𝗵 𝗮𝘀 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹. The latest round in the source is dated 30 Oct. Rounds are listed some days after they are announced and the largest arrive last, so these figures are more likely to rise than fall. September, rebuilt on the same data pull, moved from 48 rounds and $1.05bn to 52 rounds and $1.08bn. ⬇ ⬇ ⬇ Link to the full report findas.org/reports/web3-inve…

One company owns 848,517 bitcoin. 🏢 Every government on Earth: 599,258. 🏛️ Both figures are from BitcoinTreasuries, 26 Oct 2026. So who holds the rest of the 21 million? 👇 📦 20.1M bitcoin are mined; 0.9M are still to come. 🔒 About 2.7M never move: Satoshi's ~1.1M and an estimated ~1.6M lost. 👥 Everyone else still holds the most: 11.1M, 55% of what is mined. The shift is in the institutions. At the end of 2020, exchanges held 2.77M bitcoin, twice what funds, companies and governments held together (1.39M). Today those institutions hold 3.67M, more than every exchange (2.69M). 📈 ETFs and funds 1.50M. Companies 1.57M. Governments 0.60M. Every token has a holder map, and it decides who can sell, and when. That is the work at FinDaS: we model it before the market finds out. 🤝 🎬 21 seconds below. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

5.27% = 2.7%. 🤯 On NEAR, your staking yield is not your return. 👇 NEAR's governance is voting on HSP-029: new tokens a year would go from 2.5% to 1.6%, phased in over 24 months. The headline staking yield would fall from 5.27% to 3.37%. It looks like a 1.9-point pay cut. 📉 The arithmetic, for 1,000 NEAR staked for a year at today's rates: 🧮 The 5.27% reward takes you to 1,053 NEAR. 📈 But supply grew 2.5%, so 1,053 now buys the share of the network 1,027 bought a year ago. ✂️ Your real gain is 27 tokens. The other 26 were your own dilution, handed back and called yield. After the cut, the reward is 34 and the real gain 17. The headline drop is 19 tokens; what you really lose is about 10. And the 57% of NEAR that isn't staked? Those holders keep about 9 tokens more per 1,000 a year. The cut moves value from stakers to the holders who don't stake. ⚖️ How much of a cut is real depends on how much is staked: about 70% of the headline drop at 25% staked, about half on NEAR, about a fifth at 70%. Headlines price the yield. We model the share, with every emission change simulated before the vote. 🤝 🎬 90 seconds below. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

𝗟𝗮𝘀𝘁 𝘄𝗲𝗲𝗸 (𝟭𝟵-𝟮𝟱 𝗢𝗰𝘁) 𝗶𝗻 𝗰𝗿𝘆𝗽𝘁𝗼: 🏛️ 𝗢𝗖𝗖 𝗙𝗶𝗻𝗮𝗹𝗶𝘇𝗲𝘀 𝗙𝗶𝗿𝘀𝘁 𝗚𝗘𝗡𝗜𝗨𝗦 𝗔𝗰𝘁 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗥𝘂𝗹𝗲. On October 21 the OCC issued its final rule for payment stablecoin issuers and related custody, effective January 18, 2027. It keeps the ban on yield for merely holding a stablecoin but drops a proposed presumption against affiliate arrangements. ⏸️ 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 𝗣𝗼𝘀𝘁𝗽𝗼𝗻𝗲𝘀 𝗚𝗹𝗮𝗺𝘀𝘁𝗲𝗿𝗱𝗮𝗺 𝗼𝗻 𝗛𝗼𝗼𝗱𝗶. On October 22 core developers postponed the Glamsterdam fork on the Hoodi testnet, set for October 26, to investigate how EIP-8037 interacts with mainnet contracts. No new date is set. 📉 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗗𝗶𝗽𝘀 𝗕𝗲𝗹𝗼𝘄 𝟴𝟬,𝟬𝟬𝟬 𝗨𝗦𝗗. On October 24 bitcoin briefly fell to about 79,280 USD as 404.15M USD of longs were liquidated in four hours. US spot bitcoin ETFs still netted a provisional 301.2M USD over October 19-23, and DeFi TVL slipped from 90.6B to 88.6B USD. 🏦 𝗝𝗣𝗠 𝗖𝗼𝗶𝗻 𝗠𝗼𝘃𝗲𝘀 𝘁𝗼 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺. On October 19 JPMorgan deployed its JPM Coin deposit token, which represents US dollar deposits at the bank, on Ethereum mainnet. It stays restricted to approved institutional participants and follows its November 2025 launch on Base. ⚡ 𝗦𝗼𝗹𝗮𝗻𝗮 𝗔𝗰𝘁𝗶𝘃𝗮𝘁𝗲𝘀 𝗔𝗹𝗽𝗲𝗻𝗴𝗹𝗼𝘄'𝘀 𝗙𝗶𝗿𝘀𝘁 𝗣𝗵𝗮𝘀𝗲. On October 21 Votor, the first phase of Solana's Alpenglow upgrade, went live on mainnet, targeting finality of about 150 milliseconds against about 12.8 seconds. The Rotor phase follows later. 🇭🇰 𝗛𝗦𝗕𝗖 𝗟𝗮𝘂𝗻𝗰𝗵𝗲𝘀 𝗮 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴 𝗗𝗼𝗹𝗹𝗮𝗿 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻. On October 23 HSBC launched RedCoin (RCHKD) in its PayMe app, with stablecoin wallets rolling out to more than 3.3 million users over the coming days for transfers and merchant payments. HSBC received its issuer licence in April. 🇮🇪 𝗜𝗿𝗲𝗹𝗮𝗻𝗱 𝗙𝗶𝗻𝗲𝘀 𝗖𝗼𝗶𝗻𝗯𝗮𝘀𝗲 𝟯.𝟮𝟱𝗠 𝗘𝗨𝗥. On October 22 the Central Bank of Ireland fined Coinbase Ireland 3.25M EUR for breaching safeguarding and outsourcing rules between November 2020 and August 2025. The amount reflects a 30% settlement discount and needs High Court confirmation. 🇨🇭 𝗦𝘄𝗶𝘁𝘇𝗲𝗿𝗹𝗮𝗻𝗱 𝗔𝗽𝗽𝗿𝗼𝘃𝗲𝘀 𝗙𝗶𝗿𝘀𝘁 𝗥𝗲𝘁𝗮𝗶𝗹 𝗦𝗽𝗼𝘁 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙. On October 20 FINMA approved the country's first spot bitcoin ETF for retail investors, waiving its diversification rules. BIT Asset Management says its Bitcoin Fund ETF (BBIT) should list on SIX in November. 🤝 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗖𝗵𝗮𝗿𝘁𝗲𝗿𝗲𝗱 𝘁𝗼 𝗕𝘂𝘆 𝗭𝗼𝗱𝗶𝗮 𝗖𝘂𝘀𝘁𝗼𝗱𝘆. On October 21 Standard Chartered signed definitive agreements to acquire all of Zodia Custody, which holds regulated entities in five jurisdictions. Terms were not disclosed; approvals are pending. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

For everyone calculating staking yield from issuance - here is a gem from our Lead Token Economist @Hristo_Piyankov linkedin.com/pulse/nears-pro…

𝗟𝗮𝘀𝘁 𝘄𝗲𝗲𝗸 (𝟭𝟮-𝟭𝟴 𝗢𝗰𝘁) 𝗶𝗻 𝗰𝗿𝘆𝗽𝘁𝗼: 🇪🇺 𝗨𝗦𝗗𝗖 𝗜𝘀 𝘁𝗵𝗲 𝗘𝗨'𝘀 𝗙𝗶𝗿𝘀𝘁 𝗦𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗘𝗠𝗧. On October 14 the EBA classified Circle's USDC as the first significant e-money token under MiCA, out of 45 notified in the EU. From November 12 the EBA directly supervises its own funds, reserves, liquidity and redemption plans. 🇰🇷 𝗞𝗼𝗿𝗲𝗮 𝗕𝗹𝗼𝗰𝗸𝘀 𝟮𝟳 𝗢𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲𝘀. On October 13 the Financial Intelligence Unit said the websites of 27 unregistered exchanges, including KuCoin, MEXC and BitMart, will be blocked in Korea. A block no longer needs evidence of user harm. 📉 𝗛𝗼𝘁 𝗨𝗦 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻, 𝗘𝗧𝗙 𝗢𝘂𝘁𝗳𝗹𝗼𝘄𝘀. September CPI rose 0.6% on the month and 3.7% on the year; producer prices rose 1.3% and 6.3%. Bitcoin briefly fell below 80,000 USD on October 15, the day of the PPI release. US crypto ETFs lost 610.7M USD over October 12-16 (Farside) and DefiLlama's DeFi TVL fell from 92.0B to 87.9B USD. ⚖️ 𝗖𝗵𝗶𝗻𝗲𝘀𝗲 𝗟𝗮𝘄 𝘁𝗼 𝗚𝗼𝘃𝗲𝗿𝗻 𝟲𝟭,𝟬𝟬𝟬 𝗕𝗧𝗖 𝗖𝗹𝗮𝗶𝗺𝘀. On October 12 the UK High Court ruled that Chinese law decides whether fraud victims have rights to over 61,000 bitcoin seized in the Zhimin Qian case. Ownership is still open; the claimants' lead firm is pursuing an appeal. 🏛️ 𝗚𝗲𝗺𝗶𝗻𝗶'𝘀 𝗖𝗙𝗧𝗖 𝗦𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗦𝘁𝗮𝗻𝗱𝘀. On October 15 a New York federal judge denied a joint Gemini and CFTC motion to vacate their January 2025 consent order, though the CFTC now says the case should not have been brought. The 5M USD penalty and the injunction stand. 🚫 𝗡𝗶𝗻𝗲 𝗜𝘀𝘀𝘂𝗲𝗿𝘀 𝗢𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝗢𝗞𝗫𝗜𝗖𝗘. Nine US-listed companies, including CoreWeave, Broadcom and Verizon, objected to tokenized trading of their shares on the OKX and ICE venture, per its October 15 notice. Under the SEC's exemption, an objection bars that venue. 🔐 𝗤𝘂𝗮𝗻𝘁𝘂𝗺 𝗼𝗻 𝗧𝘄𝗼 𝗙𝗿𝗼𝗻𝘁𝘀. On October 13 Coinbase set out priorities for Bitcoin's post-quantum transition, which it says can take years. On October 15 Google reported magic state cultivation on its Willow chip, cutting errors 40-fold, with larger demonstrations still needed. 💶 𝗕𝗮𝗻𝗸 𝗘𝘂𝗿𝗼 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗟𝗶𝗰𝗲𝗻𝘀𝗲𝗱. On October 14 Qivalis, backed by 37 European banks including BNP Paribas and ING, announced an e-money licence from the Dutch central bank. Issuance is planned within months, after its MiCA white paper. 🇦🇺 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮 𝗗𝗿𝗮𝗳𝘁𝘀 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀. On October 15 ASIC opened consultation CP 392 on standards for digital asset and tokenised custody platforms, covering asset holding, settlement and financial requirements. Comments close November 27. 📶 FinDaS - #tokenomics. Engineered, not guessed. ⚡ Like and share this post if you found it insightful. We would like to bring visibility to important topics in #crypto.

In our 𝗧𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝗽𝗮𝗽𝗲𝗿 𝗱𝗲𝗲𝗽-𝗱𝗶𝘃𝗲 series, we explore in more detail interesting papers that were published last month. Our first paper for the month is... Paper: DeFi-ying the Fed? Monetary policy transmission to stablecoin deposit rates Authors: Andrea Barbon, Jean Barthélemy, Benoit Nguyen Date: 2026-09-14 Estimated Reading Time: 25-30 minutes Major stablecoin issuers pay no interest, so the yield on USDC, USDT or DAI comes from lending them in DeFi. This ECB working paper asks whether Federal Reserve policy reaches that yield, using Aave v2 and v3 on Ethereum from January 2021 to January 2026. Aave sets deposit rates from pool utilisation, with no reference to any policy rate, and the data show it. Around a median 50 bp hike, deposit rates rise by about 15 bps after one week. While the Fed raised rates by 525 bps between March 2022 and July 2023, DeFi rates fell from 2.5% to 0.5% before recovering, and between September and December 2024 a 100 bp cut coincided with a 600 bp rise. The authors model two opposing forces: liquidity providers with access to traditional finance withdraw after a hike, which pushes rates up, while leveraged crypto borrowers cut back as tightening lowers expected returns, which pushes them down. The same shock lifts the USDC deposit rate on impact and lowers the USDT rate, which takes beyond 42 weeks to converge. The arbitrage that would tie DeFi to money-market rates is done by a minority: wallets that supplied only USDC, 7.29% of liquidity providers and about 15% of USDC volume. That reaches retail users too, as trading platforms route stablecoin balances into lending protocols: an earn product built this way inherits a yield that tracks crypto leverage and can fall while the policy rate rises. The instrument is weak, with a first-stage F-statistic of 7, so the signs carry more weight than the sizes. See the full summary with linked source research paper here: findas.org/reports/paper-dee…

𝗧𝗵𝗲 𝗳𝗶𝗿𝗺 𝘁𝗵𝗮𝘁 𝗱𝗲𝘀𝗶𝗴𝗻𝘀 𝘆𝗼𝘂𝗿 𝘁𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗻𝗼𝘁 𝗮𝗹𝘀𝗼 𝘀𝗲𝗹𝗹 𝘆𝗼𝘂 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴. When it does, the marketing allocation grows, and the sell pressure becomes someone else's problem. A typical token launch spans ten distinct workstreams from business plan through post-launch treasury management, and takes six to twelve months from decision to TGE. End-to-end budgets range from under 50k USD for the most stripped-down launches to well over 1 million USD once legal, marketing, product integration, and Tier 1 exchange listings are in scope. Most projects underestimate both the calendar time and the cost of the non-tokenomics work. ⬇ ⬇ ⬇ Link to the full article below findas.org/blogs/launch-a-to…

𝗧𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗴𝗼𝘁 𝟮𝟯% 𝗰𝗵𝗲𝗮𝗽𝗲𝗿 𝗼𝗻 𝗳𝗲𝗲𝘀 𝗶𝗻 𝗳𝗶𝘃𝗲 𝘄𝗲𝗲𝗸𝘀, 𝗮𝗻𝗱 𝗽𝗿𝗶𝗰𝗲𝘀 𝗱𝗶𝗱 𝗻𝗼𝘁 𝗳𝗮𝗹𝗹. The October Crypto Fees & Multiples report covers 507 protocols: what each category trades at against the fees it collects, and where the market sits against four years of its own history. 𝗧𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗿𝗮𝗱𝗲𝘀 𝗮𝘁 𝟭𝟳𝟲𝘅 𝗳𝗲𝗲𝘀, the 38th percentile of 208 weeks running 82x to 336x. In late August it stood at 229x. 𝗧𝗵𝗲 𝗱𝗲𝗻𝗼𝗺𝗶𝗻𝗮𝘁𝗼𝗿 𝗺𝗼𝘃𝗲𝗱. Over those five weeks the diluted value of the sixty protocols in the index rose 7%, and their annualised fees rose 40%. September's fees came in at $2.5bn against $1.9bn in August. We read the lower multiple as protocols earning more, not as the market marking them down. One strong fee month is not a trend, so that reading holds for September and no further. 𝗖𝗮𝘁𝗲𝗴𝗼𝗿𝘆 𝘀𝘁𝗶𝗹𝗹 𝗱𝗲𝗰𝗶𝗱𝗲𝘀 𝘁𝗵𝗲 𝗯𝗲𝗻𝗰𝗵𝗺𝗮𝗿𝗸. Lending sits at a median of 9.8x on 48 protocols, Dexs at 18.3x on 134, Derivatives at 42.7x on 27. Chains sit at 7,465x, with a middle half running 1,357x to 27,332x. 𝗧𝘄𝗼 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗼𝗱𝗲𝗹𝘀 𝘀𝗵𝗮𝗿𝗲 𝗼𝗻𝗲 𝗺𝗲𝘁𝗿𝗶𝗰. 133 protocols keep less than a tenth of the fees they collect, and 164 keep more than nine tenths. Price to fees and price to revenue are the same number for the second group and an order of magnitude apart for the first. ⬇ ⬇ ⬇ Link to the full report findas.org/reports/crypto-fe…