Tokenomics and Economics

AI did not invent new attacks. It billed the old ones monthly. Crypto is the only place we can count it, and the early signals are in.

Only two DePIN projects crossed $1M in annualized non-token revenue before 2024. Here's what broke, who survived by becoming different businesses, and why the service layer always wins.

The DePIN startup playbook has changed. Four metrics that actually matter in 2025: protocol revenue, paid utilization, burn-to-mint equilibrium, and enterprise value add.

Research on the parameter design of Lido's dual-governance mechanism, co-authored with Collectif Labs. Analyzes stakeholder incentives, attack surfaces, and practical limits of on-chain governance under adversarial conditions.