The hottest Tokenomics Substack posts right now

And their main takeaways
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Top Crypto Topics

Atia’s Lab Log Entry #1

The Lunacian • 1012 implied HN points • 09 Feb 26
đź”® Crypto Tokenomics
  1. A major new dungeon boss tied to core lore is being added, and original weapons have been revamped with new basic attacks and stronger ultimates while several new weapons remain work-in-progress and need bug fixes.
  2. Combat is shifting to solo axie play to increase skill and depth, adding mechanics like Dash, enabling internal PvP testing, and experimenting with a high-risk mode where losing items or your Axie on death is possible.
  3. The bonded AXS (bAXS) token and staking system are under security audit and heavy testing, with minting, bAXS→AXS swap logic, staking flows, and tier progression being finalized before user-facing visuals are prioritized.

Lunacian Lounge Recap EP3:

The Lunacian • 552 implied HN points • 06 Feb 26
đź”® Crypto Tokenomics
  1. Sky Mavis will take big swings in 2026, shifting to a more aggressive and transparent approach to restore the Axie economy and regain market momentum.
  2. bAXS will be a non-tradable in-game balance usable 1:1 for core Axie activities and convertible to liquid AXS at rates tied to a player’s Axie Score; a 100,000 bAXS airdrop will be distributed from a Feb 5, 00:01 UTC snapshot to wallets with at least 10 AXS staked.
  3. Axie Homeland will be sunset and replaced by Terrariums, a persistent land system where Axies generate bAXS and EXP, land items add functional utility, and an MVP is planned for the first half of 2026.

Origins S16 is LIVE!

The Lunacian • 506 implied HN points • 21 Jan 26
đź”® Crypto Tokenomics
  1. Origins Season 16 is live with the same Elite 4 format, and players can compete for a share of an 80,000 bAXS season prize pool.
  2. Axie is introducing bAXS, a non-transferable token backed 1:1 by AXS that can be used for breeding, ascending, evolving, and staking, and converting bAXS to AXS will incur a Treasury fee that scales by Axie Score.
  3. Collectible axie holders who keep their collectible axie for the entire Rare Era and finish at Tiger rank or higher will earn Collectible Chests with Tickets redeemable for part of a 10,000 bAXS pool.

Grand Arena Season 1 Is LIVE!

Ronin’s Newsletter • 110 implied HN points • 19 Feb 26
đź”® Crypto Tokenomics
  1. Grand Arena Season 1 is live with a $1,000,000 prize pool across about 12 weeks, and you can enter daily fantasy contests (free or paid) to win gems and cash.
  2. mXP is the season’s non-transferable progression currency you earn by entering contests, spending Gems, collecting and upgrading cards, and your final payout is proportional to your share of total qualified mXP; higher-rarity cards also boost performance.
  3. Owning and training Mokis earns extra mXP and token rewards—training grants hourly mXP, Snacks give retroactive boosts, locked Mokis earn weekly mXP, and Champion Moki holders can get royalties; following social guides helps you keep up with the fast-changing meta.

What Tokens Are & What Tokens Aren’t

DeFi Education • 799 implied HN points • 08 May 24
đź”® Crypto Tokenomics
  1. Tokens in crypto represent value and can be used for many purposes, like governance, trading, and utility. They allow anyone to buy in early, creating opportunities for many people.
  2. However, tokens are not like traditional stocks and don’t guarantee ownership or legal protections. They come with regulatory risks instead.
  3. The crypto space is evolving, and many retail investors are moving towards memecoins because they offer easy entry points, even if they lack real value. There's a push for better projects that genuinely serve users.
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The Bounty Board Rewards Update Is Coming

The Lunacian • 92 implied HN points • 01 Feb 26
đź”® Crypto Tokenomics
  1. Leaderboard rewards will nearly triple to 15,000 AXS and the leaderboard expands from the top 1,000 to the top 3,000 players. That means many more players can earn fixed leaderboard prizes.
  2. The general reward pool is reduced to 7,000 AXS and will be distributed proportionally among the top 3,000 players based on earned points. This makes consistent play directly increase your share of those rewards.
  3. Total AXS distributed stays the same at 27,000, but the update shifts AXS from the general pool into leaderboard payouts to better reward consistent, competitive contributors. The change is a rebalance, not an increase, and it sharpens incentives for steady participation.

Delta Neutral Yield Farming Opportunity

DeFi Education • 459 implied HN points • 23 May 24
đź”® Crypto Tokenomics
  1. Understanding delta neutral yield farming can help you earn returns without worrying about market price changes. It's a safer way to participate in yield farming.
  2. Avoiding normal strategies like liquidity pools might save you from losing money due to things like impermanent loss. There are smarter ways to invest in DeFi.
  3. It's important to stay updated on the latest DeFi practices, especially if you're looking to maximize your earnings. New guides can help you navigate the evolving landscape.

Ethena Drama

DeFi Education • 559 implied HN points • 05 Apr 24
đź”® Crypto Tokenomics
  1. Ethena’s new stablecoin called sUSDe focuses on giving investors returns from off-chain trading, similar to how hedge funds operate.
  2. Ethena recently launched its token ENA, which has reached a total value of $15 billion when fully diluted.
  3. An airdrop of 5% from Ethena's total supply is worth about $750 million and makes up a significant part of its offering.

How to Create Token Value

DeFi Education • 759 implied HN points • 14 Feb 24
đź”® Crypto Tokenomics
  1. Crypto tokens are different from stocks because they don't give you ownership rights. They're like digital assets that operate in a coded system rather than through traditional laws.
  2. Creating value for tokens isn't just about profits or revenues; it's really about what makes them desirable in the market. Factors like user engagement and market attention play big roles in their success.
  3. Market makers help improve the trading experience for tokens by providing liquidity and stabilizing prices. They make it easier for people to buy and sell tokens without too much hassle.

The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice

The Lunacian • 552 implied HN points • 08 Aug 25
đź”® Crypto Tokenomics
  1. The Axie Infinity community is moving towards a decentralized governance model, giving members a real say in decision-making. This is exciting because it means everyone can help shape the future of the game.
  2. A new Axie Infinity Foundation is being formed to manage community funds and ensure they are used according to votes from the community. This foundation will help keep the community involved in how money is spent.
  3. The Axie Score will track contributions from players, helping to prioritize who gets more influence in decisions. This makes active community members feel valued and encourages more participation.

Ronin’s 2025 Year in Review

Ronin’s Newsletter • 61 implied HN points • 29 Dec 25
đź”® Crypto Tokenomics
  1. Ronin saw real demand and engagement in 2025, with millions of users, hundreds of millions of transactions, strong marketplace presales, and popular experiences like Fortune Spin and Ronin Arcade driving activity.
  2. A large crop of builders drove growth—about 1,000 teams launched on Ronin and several games and collections delivered big presales, trading volume, and highly engaged communities.
  3. Ronin is shifting into growth mode for 2026 with a migration to an Optimism OP Stack L2, a new Proof of Distribution rewards system for builders, and a push to make onboarding and payments easier including real-world partnerships and retail integrations.

The Origins S15 Final Era is LIVE!

The Lunacian • 92 implied HN points • 11 Dec 25
đź”® Crypto Tokenomics
  1. The Origins S15 Final Era is live — jump into the arena now to compete for a share of about 21,000 AXS and other bonus rewards.
  2. This Final Era is your last chance to qualify for the Elite 4 tournament. Top players will battle for the season crown, an Origin axie, and a 1,200 AXS prize pool.
  3. Use Axie Check-In to stack points and redeem them for Runes, Charm Boxes, and Crafting Materials, and note that collectible axies earn more points to help in the arena.

Tokenomics Primer Part 1

DeFi Education • 1179 implied HN points • 29 Mar 23
đź”® Crypto Tokenomics
  1. Tokens are really important in the crypto world, acting as a way to raise money and attract users. Unlike stocks, tokens can be essential to the product itself.
  2. Good tokenomics is all about connecting the token's value to the success of the underlying project. If the project doesn't do well, the token's value can drop a lot.
  3. Demand for tokens can come from real use or from things the project does to create demand, like buybacks. It's important for projects to find the right balance to keep their tokens valuable.

Lunacia’s Q3 State of the Nation Address

The Lunacian • 644 implied HN points • 30 Oct 24
đź”® Crypto Tokenomics
  1. Lunacia is thriving with a growing number of players and transactions. The community is becoming more active with game participation and collectible trading.
  2. Collectible axies are becoming very popular, driving a lot of trading activity recently. Special features and events have increased their value and appeal.
  3. Overall revenue for the Axie ecosystem is steadily increasing. Small actions, like sales and fees, are adding up to significant income for Lunacia.

Updates To SLP’s Monetary Policy!

The Lunacian • 1426 implied HN points • 11 Jan 24
đź”® Crypto Tokenomics
  1. SLP supply is capped at 44 billion with a buyback fund for every 10 SLP burned.
  2. The monetary policy aims for 2% deflation targeting compared to traditional 2% inflation.
  3. The distinction between reward currencies like SLP and value accrual tokens like AXS and RON is vital for digital economies.

Tokenomics Primer Part 2

DeFi Education • 639 implied HN points • 02 Apr 23
đź”® Crypto Tokenomics
  1. Tokenomics is an important concept in cryptocurrency that helps understand how tokens work and are valued. It can guide investors in making informed decisions.
  2. Chainlink's LINK token was the most requested topic for analysis, indicating a strong interest in its performance and utility. People want to know more about this specific cryptocurrency.
  3. The content is aimed at paid subscribers, suggesting that in-depth analysis is available for those who are willing to invest in understanding tokenomics better. It's a specialized resource for committed learners.

Deep Dive: GMX

DeFi Education • 659 implied HN points • 18 Dec 22
đź”® Crypto Tokenomics
  1. GMX is considered the top performer among derivatives DEX tokens, especially after the FTX collapse. Many investors are taking a closer look at it now.
  2. The focus of the deep dive is to explore GMX's protocol design, security features, and how its tokenomics work.
  3. The post aims to help readers decide whether to invest in the GMX token or use its exchange for trading.

Deep Dive: dYdX

DeFi Education • 619 implied HN points • 29 Dec 22
đź”® Crypto Tokenomics
  1. dYdX is a decentralized exchange that provides users with a way to trade cryptocurrencies safely. It's designed to be secure and reliable for trading.
  2. Investors are encouraged to assess the exchange's protocol design and tokenomics before investing or trading. Doing thorough research helps to make informed decisions.
  3. The insights provided aim to guide users in exploring alternative exchanges following events like the FTX collapse, ensuring they can find trustworthy platforms.

LSDs End Game

DeFi Education • 519 implied HN points • 01 Feb 23
đź”® Crypto Tokenomics
  1. LSDs can refer to different concepts, but this discussion seems to focus on a specific investment strategy. It's important to be clear about what LSDs mean in this context.
  2. The dYdX governance token has seen a significant price increase recently. Keep an eye on its performance if you're involved in trading on that platform.
  3. For those who have earned dYdX tokens, it might be wise to claim and sell them now, as they may not outperform other assets like ETH in the future.

Dopex: The rDPX Trade

DeFi Education • 1119 implied HN points • 11 Mar 22
đź”® Crypto Tokenomics
  1. Dopex is a decentralized options exchange that offers new products and features for trading. It's a good option for those looking to trade digital assets.
  2. They are planning updates to their tokenomics, which means changes in how their tokens work. This could create new trading opportunities.
  3. The focus is on event-driven trades, which are strategies that react to market events, helping traders potentially make better decisions.

Ronin's Roaring 2024

Ronin’s Newsletter • 258 implied HN points • 07 Jan 25
đź”® Crypto Tokenomics
  1. Ronin is growing fast, with a huge increase in users and games over the past year. A lot more people are now playing and enjoying games on the platform.
  2. Big-name partnerships are helping Ronin expand beyond just gaming. They are teaming up with companies like Binance and Coinbase to build a stronger ecosystem.
  3. Ronin is set to open its doors to everyone soon. This means anyone can create and join in on new projects on the network, making it an exciting time for developers and players alike.

The Governance Gap

DeFi Education • 299 implied HN points • 02 Jun 23
đź”® Crypto Tokenomics
  1. In DeFi, there can be big differences between what token holders think and what really happens in a project. This disconnect is called the Governance Gap.
  2. Business disputes in DeFi can be tricky because the anonymity of participants and access to important tech can change the game. It's not like regular business where there's a clear chain of accountability.
  3. Legal issues in DeFi are complicated and often unclear. It's essential to work with lawyers who understand blockchain and decentralized organizations to navigate these challenges.

Update on Valuations and The State of DeFi

DeFi Education • 819 implied HN points • 25 May 22
đź”® Crypto Tokenomics
  1. DeFi has changed a lot in the last year. Many new ideas have appeared, but not all have lasted, and lending has dropped due to less interest.
  2. Trading on decentralized exchanges is still strong, showing that people keep trading even in a down market. Innovations in exchange technology are also happening.
  3. The overall value in DeFi is up, but many tokens have dropped in price. Investors need to be careful and are looking for undervalued options as the market evolves.

DeFi Education Core Principles

DeFi Education • 639 implied HN points • 04 Aug 22
đź”® Crypto Tokenomics
  1. DeFi projects should focus on long-term growth and sustainability, moving away from relying solely on token incentives. It's important for apps to build a future without depending on constant rewards.
  2. User-friendliness is key. DeFi projects should create easy-to-use interfaces that average people can navigate, not just designed for tech experts.
  3. Strong technical quality matters. Experienced developers are essential for creating secure and reliable software, and protocols should regularly invest in improving their systems.

Why P/E Ratios Are Broken In Crypto

DeFi Education • 699 implied HN points • 22 Jun 22
đź”® Crypto Tokenomics
  1. P/E ratios aren't very useful in crypto because they rely on earnings that can fluctuate wildly. DeFi protocols often make money one month and lose it the next, making it hard to predict overall earnings.
  2. Crypto tokens have different roles than stocks and aren't just about cash flow. They can be used for voting or earning more tokens, which makes comparing them using P/E ratios tricky.
  3. It's better to focus on cash flows rather than P/E when analyzing crypto. Ignoring token issuance costs and looking at other measures like Price to Sales (P/S) can give a clearer picture of value.

The DeFi Roundup (September 3, 2022)

DeFi Education • 579 implied HN points • 03 Sep 22
đź”® Crypto Tokenomics
  1. Coingecko has added a new section for 'Tokenomics', but it's still a work in progress. Currently, only some tokens have this information available.
  2. The DeFi Roundup shares interesting updates and events in the crypto space regularly. It's a good resource for those wanting to stay informed.
  3. Subscribers receive detailed analysis and insights in the Roundup, making it valuable for anyone interested in decentralized finance.

How to think about token prices, emissions, and liquidity

DeFi Education • 539 implied HN points • 30 Aug 22
đź”® Crypto Tokenomics
  1. Market cap is more important than token price. You should look at the total value of all tokens, not just how much one token costs.
  2. Keep track of token emissions and unlock schedules. Knowing when new tokens enter the market can help you predict price changes.
  3. High trading volume is vital for token participation. A token with low volume isn't worth your time because it can be hard to buy or sell without affecting the price.

Can You Decentralize USDC?

DeFi Education • 539 implied HN points • 28 May 22
đź”® Crypto Tokenomics
  1. Decentralization can make USDC more resilient and secure. It could reduce the risks linked to central authorities managing it.
  2. The idea is to explore how USDC could be transformed to operate effectively in a decentralized environment.
  3. Discussion and research in decentralized finance (DeFi) could spark new ways to innovate existing systems like USDC.

Halving Complete

The Shake • 117 implied HN points • 30 Apr 23
đź”® Crypto Tokenomics
  1. Handshake completed its first halving, reducing mining rewards
  2. Stems Social project aims to link secure identities with an open social protocol
  3. Namebase now allows US customers to withdraw HNS for self-custody

How to Read Smart Contracts Part 2

DeFi Education • 519 implied HN points • 27 Mar 22
đź”® Crypto Tokenomics
  1. Understanding smart contracts can be technical and may require some coding knowledge. It's important to build a foundation before diving into complex topics.
  2. Part 1 of the series offers a good introduction for beginners, while Part 2 is more suited for those with prior experience.
  3. Reading smart contracts is essential in the DeFi space, as it allows users to make informed decisions about their investments.

NFTX Overview

DeFi Education • 619 implied HN points • 24 Oct 21
đź”® Crypto Tokenomics
  1. NFTX allows NFT owners to deposit their NFTs into a vault and get a token in return, which can be traded. This helps make NFTs more liquid and allows owners to get quick cash when needed.
  2. NFTX differs from similar platforms by offering a user-friendly experience and has no current fees in its first version. In the future, they may add ways to earn income through governance decisions.
  3. The protocol is still in its early stages and faces competition from other upcoming marketplaces. However, if NFTX can implement single-sided staking, it might see significant growth.

WNXM Case Study: Breakdown of an Asymmetric Trade

DeFi Education • 559 implied HN points • 22 Nov 21
đź”® Crypto Tokenomics
  1. In the DeFi market, emotion and attention drive prices, creating unique opportunities for investments. It's important to explore less popular projects that address real problems, like decentralized insurance.
  2. Nexus Mutual offers insurance coverage for smart contract risks through a unique structure that includes legal status for token holders. This makes it a safer investment compared to many other crypto-assets.
  3. A profitable trading strategy involves buying WNXM tokens when they're undervalued, wrapping them, and redeeming them for ETH when the capital pool is healthy. Quick actions can lead to low-risk, high-return investments.

Sky Mavis Re-Lock & $RON Circulating Supply Update

Ronin’s Newsletter • 98 implied HN points • 20 Jan 25
đź”® Crypto Tokenomics
  1. Sky Mavis is making changes to the $RON token supply to make sure the circulating supply matches what's in their whitepaper. By January 27th, the number of $RON tokens that are considered in circulation will go up to 61.9%.
  2. They are moving unlocked $RON tokens from some wallets to new ones, which will help increase transparency. This means that more tokens will be available for use and tracking will be clearer.
  3. Sky Mavis is also re-locking about 75% of their tokens for two years, showing their confidence in the project. This way, they are ensuring stability and commitment to the future of the Ronin network.

Happily Ever After? Exploring the Fei-Rari merger

DeFi Education • 379 implied HN points • 23 Dec 21
đź”® Crypto Tokenomics
  1. Rari Capital and Fei Protocol are merging, with TRIBE tokens from Fei being exchanged for RGT tokens from Rari at a specific ratio. This merger is important as it's the first of its kind in the DAO space.
  2. The merger aims to eliminate Rari's debt, which was a result of a prior hack, by having Fei use its funds to pay off the liabilities. This move helps Rari start fresh financially.
  3. There are concerns about the pricing method used for the merger, as many feel that RGT holders received a bad deal. This raises questions about how to value tokens fairly in future mergers.

New launches (part 1) - private capture, phantom pricing

Cobie • 171 implied HN points • 19 May 24
đź”® Crypto Tokenomics
  1. New token launches are tough to invest in because a lot of the price discovery happens in private markets, leaving regular investors with less opportunity. It's important to do your homework before jumping in.
  2. Higher valuations for new tokens now reflect more demand in the market, but many of these valuations don’t match the actual value of the tokens. It's key for investors to look deeper into the numbers behind the hype.
  3. Buyers should be cautious with low-float tokens, as they can be more easily manipulated. Understanding the float, FDV, and market demand is essential before investing.

DAOs with Humans

Crypto Good • 3 implied HN points • 20 Dec 25
đź”® Crypto Tokenomics
  1. Modern DAOs have become bloated human-driven bureaucracies where endless votes, politics, and unreliable contributors stall progress.
  2. Specialized AI agents can autonomously handle fundraising, research, vetting, and treasury tasks at scale, executing decisions faster and more efficiently than human committees.
  3. Humans should set the mission and ethical guardrails and then focus on community-building and on-the-ground work, while AI handles day-to-day execution; the real choice is to adopt AI agents or stay stuck in governance theater.

Introducing Ronin Profiles!

Ronin’s Newsletter • 12 implied HN points • 10 Jul 25
đź”® Crypto Tokenomics
  1. Ronin Profiles are like a new identity on the Ronin gaming platform, allowing users to track their activities and balances easily. If you have a Ronin Wallet, you automatically have a Ronin Profile now.
  2. These profiles help users show off their achievements and can unlock new opportunities in the ecosystem. You'll also find many new features for tracking tokens and accessing rewards.
  3. The goal is to create a reliable reputation system where real onchain activity is valued. This means users can get recognized for their contributions more than just hype on social media.

Tokenomics 101: Navigating the Nuances of LLM Product Pricing

ScaleDown • 5 implied HN points • 20 Feb 24
đź•ą Technology Tokenomics
  1. Token-based pricing for LLM applications can be complex as it involves more than just input and output tokens. Consider additional factors like system prompts, context tokens, and evaluation tokens for accurate cost estimation.
  2. Estimating the price of a GenAI chatbot involves considering not only the direct input and output tokens but also context tokens, system prompts, and real-world applications like regeneration and error handling.
  3. When budgeting for GenAI applications, remember to include overheads like evaluation of outputs and guardrails in your cost analysis. These additional requirements can significantly increase the total token costs.