Tokédex: The Bible of Tokenomics

Tokenomics, decoded. Frameworks for understanding digital asset design — from mechanism to systemic dependency. The book + the map.

[Tokédex: The Bible of Tokenomics @t0kedex]

The 91% collateral factor survives until Ethena has a bad week. When it does, PT-sUSDe holders with borrowed positions face a liquidation cascade the oracle discount model was never built to handle.

Read the full piece → https://t.co/RvwpYUz1Jf…

[Tokédex: The Bible of Tokenomics @t0kedex]

91 percentage points.

That's the gap between what PT-sUSDe's risk score implies for max LTV and what Aave actually charges. The largest single-asset calibration miss in the current scored universe — by a wide margin.

[Tokédex: The Bible of Tokenomics @t0kedex]

Four wrapping layers — USD backing → USDe → sUSDe → PT-sUSDe — put combined annual failure probability at ~7.76%. No external price oracle. No pre-maturity par redemption. F25 v2.0 scores this 10–12/16: Tier 4, ineligible for standard listing.

Aave treats it as Tier 2.

[Tokédex: The Bible of Tokenomics @t0kedex]

Please note, there are NO MEMECOINS for @t0kedex. Be warned 👀👀👀

Also we talk about this in the 📕

[Tokédex: The Bible of Tokenomics @t0kedex]

Full dossier → https://t.co/3Zc2Q1Ltzs #Tokedex

[Tokédex: The Bible of Tokenomics @t0kedex]

🧬 Tokémon Series · Protocol Analysis
https://t.co/hGlX8P9dOo
Classification: SAFE | Threat: LOW

https://t.co/hGlX8P9dOo gets filed as a liquid restaking play — but the valuation structure running underneath that label is doing something the restaking narrative completely misses.

[Tokédex: The Bible of Tokenomics @t0kedex]

With 79% supply out, <1.3x FDV/MC, and $50M in committed buybacks against a $5.8B capital base, https://t.co/hGlX8P9dOo's token is structurally underpriced relative to the protocol it governs. The consumer payment regulatory risk is the one variable that breaks this — and it's the …

[Tokédex: The Bible of Tokenomics @t0kedex]

Full dossier → https://t.co/s4EZjFAhWF #Tokedex

[Tokédex: The Bible of Tokenomics @t0kedex]

🧬 Tokémon Series · Protocol Analysis
Ensuro
Classification: EUCLID | Threat: MODERATE

Ensuro gets credit for building a genuinely novel multi-stakeholder insurance architecture — but the capital sitting inside it tells a different story.

[Tokédex: The Bible of Tokenomics @t0kedex]

Ensuro's foundation verdict requires 50x growth before the protocol hits sustainable parameters. At current TVL trajectory, the architecture is sound and the token is uninvestable. The market cap prices in the 50x before it has happened.

[Tokédex: The Bible of Tokenomics @t0kedex]

Read the full piece → https://t.co/0AmHfjTnuB #Tokedex

Protocols with LOW CAQ scores will not build durable holder bases — the mechanism selects for farmers, and farmers sell.

[Tokédex: The Bible of Tokenomics @t0kedex]

New holder count is the wrong metric. F19 weights average position size at 35%. A cohort of $5 airdrop dust positions scores LOW even with 50 new addresses. The acquisition channel is broken before the token ever trades.

[Tokédex: The Bible of Tokenomics @t0kedex]

A protocol scoring 999 on Unlock Impact has zero revenue and an incoming supply dump. Every unlocked token hits the market as pure sell pressure. Zero absorption. That number isn't a warning — it's a verdict.

[Tokédex: The Bible of Tokenomics @t0kedex]

2.7×.

That's the unlock impact score that flags SEVERE sell pressure — when the unlocking supply is 2.7× the revenue earned in that window, no amount of narrative holds the price.

[Tokédex: The Bible of Tokenomics @t0kedex]

Full dossier → https://t.co/3Zc2Q1Ltzs #Tokedex

[Tokédex: The Bible of Tokenomics @t0kedex]

🧬 Tokémon Series · Protocol Analysis
https://t.co/q3xwTU8654
Classification: SAFE | Threat: LOW

https://t.co/q3xwTU8654 gets filed under "liquid restaking play" — but the capital structure underneath that label is doing something most restaking protocols aren't.

[Tokédex: The Bible of Tokenomics @t0kedex]

https://t.co/hGlX8P9dOo's token is undervalued relative to its capital base, not overvalued relative to its narrative. A 16.3× TVL/MC with 79% supply out and a revenue-funded buyback floor is a compression trade: the gap between productive capital and market cap closes, or the $50M…