Strategy sold 3,588 BTC for $216 million
The proceeds went to preferred dividend payouts and to refilling the company's dollar reserve. Strategy is still sitting on 843,775 BTC and $2.55 billion in cash after the sale.
๐ What's changing isn't how much they sold, it's how they think about the reserve. Bitcoin used to be something Strategy simply piled up. Now they're openly putting it to work as part of corporate finance, servicing capital, covering dividends, keeping liquidity on hand.
For any company running a Bitcoin treasury, that's a precedent worth noting๐
The proceeds went to preferred dividend payouts and to refilling the company's dollar reserve. Strategy is still sitting on 843,775 BTC and $2.55 billion in cash after the sale.
That's less than 0.5% of its total stack, but it's the biggest BTC sale the company has ever made.
For any company running a Bitcoin treasury, that's a precedent worth noting
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A great product doesnโt always mean a great asset ๐ผ๏ธ
๐ค VIRTUALS is the case that proves it. The ecosystem grew, pulled in revenue, brought in users, and most token holders still walked away empty-handed.
See what we found
In our latest piece, we dig into why token utility isn't the same as investment value.
How incentive structures can quietly reshape a project's whole economy, and what the whole thing says about the wider AI-crypto space.
See what we found
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Listing doesn't complete tokenomics, it puts it on trial
The market doesn't care about your spreadsheets. It tests emission vs. demand, liquidity vs. unlocks, hype vs. real utility. And most of what breaks after TGE was already baked in before it.
๐ Tomorrow at 2 PM UTC we get into this in an AMA with EarnPark.
๐ Save your seat
The market doesn't care about your spreadsheets. It tests emission vs. demand, liquidity vs. unlocks, hype vs. real utility. And most of what breaks after TGE was already baked in before it.
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The MiCA transitional period closed on 1 July 2026. The unlicensed players are already gone. Now ESMA is turning to the ones who made it through.
This is the first large-scale supervisory project since MiCA came into full force, and it runs almost a year, until mid-2027. Every CASP holding client assets is in scope.
What it means for the market and for investors, with Anton Efimenko, cofounder of 8Blocks.
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Every crypto team tells itself the same lieโฆ
Once we list, everything clicks into place.
It doesn't๐ ๐ผ๏ธ
A listing was never going to manufacture demand. All it does is show the market whether demand was ever there.
๐คฏ We took our partners at DASH and rebuilt exactly that: the piece that turns a token from something people trade into something the ecosystem runs on.
๐ See how we did it
Once we list, everything clicks into place.
It doesn't
A listing was never going to manufacture demand. All it does is show the market whether demand was ever there.
You can wire up integrations and burn millions on marketing, and none of it moves the needle if holding the coin isn't something anyone needs to do.
๐ See how we did it
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The cheapest number in your deck is usually the oldest one
Here's a real case from this week's scan - Aerodrome.
A decentralised exchange collected $153,6m in fees over twelve months and passed $114,8m of it to token holders โ 100% of protocol revenue, nothing held back. Against a $392,6m market cap that's a 3,42x multiple. On paper, a bargain.
Then you look at when the money arrived.
Monthly payouts peaked at $30,6m in September 2025. By July 2026 they were $4,5m. The fresh quarter annualises to $54,6m โ 48% of the trailing-year total. Run the same market cap against that and the multiple is roughly 7,2x, not 3,42x.
๐ The price, by the way, didn't decouple from anything. It fell alongside the payouts, almost step for step. The "gap" existed only in the arithmetic: today's price divided by last year's cash.
Here's a real case from this week's scan - Aerodrome.
A decentralised exchange collected $153,6m in fees over twelve months and passed $114,8m of it to token holders โ 100% of protocol revenue, nothing held back. Against a $392,6m market cap that's a 3,42x multiple. On paper, a bargain.
Then you look at when the money arrived.
Monthly payouts peaked at $30,6m in September 2025. By July 2026 they were $4,5m. The fresh quarter annualises to $54,6m โ 48% of the trailing-year total. Run the same market cap against that and the multiple is roughly 7,2x, not 3,42x.
๐ The price, by the way, didn't decouple from anything. It fell alongside the payouts, almost step for step. The "gap" existed only in the arithmetic: today's price divided by last year's cash.
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$300B in stablecoins is looking for yield. Real-world assets are looking for capital. The interesting question is how we connect the two.
Tomorrow our CPO Sergei joins the Wenaltseason Labs Space to work through it with the panel.
๐ August 20 | 3:00 PM UTC | 11:00 AM ET
๐ Space link https://twitter.com/i/spaces/1nGnRBVBbyMGO
See you there! ๐
Tomorrow our CPO Sergei joins the Wenaltseason Labs Space to work through it with the panel.
๐ August 20 | 3:00 PM UTC | 11:00 AM ET
๐ Space link https://twitter.com/i/spaces/1nGnRBVBbyMGO
See you there! ๐
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We go live in one hour ๐๏ธ
$300B in stablecoins. A real economy that needs capital. Connecting the two looks obvious โ until you start building the model.
At 3 PM UTC, our CPO Sergei joins Wenaltseason Labs to unpack how this can actually work.
See you there in Space https://twitter.com/i/spaces/1nGnRBVBbyMGO
$300B in stablecoins. A real economy that needs capital. Connecting the two looks obvious โ until you start building the model.
At 3 PM UTC, our CPO Sergei joins Wenaltseason Labs to unpack how this can actually work.
See you there in Space https://twitter.com/i/spaces/1nGnRBVBbyMGO
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Last week we joined the Wenaltseason Labs to discuss the $300B stablecoin market, DeFi liquidity and what could bring capital back onchain.
Our main takeaway: ๐๐ต๐ฒ ๐ป๐ฒ๐ ๐ ๐ฐ๐ต๐ฎ๐ฝ๐๐ฒ๐ฟ ๐บ๐ฎ๐ ๐ฏ๐ฒ ๐ฏ๐ถ๐ด๐ด๐ฒ๐ฟ ๐๐ต๐ฎ๐ป ๐ฎ๐ป๐ผ๐๐ต๐ฒ๐ฟ ๐ฟ๐ผ๐๐ฎ๐๐ถ๐ผ๐ป ๐ถ๐ป๐๐ผ ๐ฎ๐น๐๐ฐ๐ผ๐ถ๐ป๐.
Stablecoins are becoming financial infrastructure. The real opportunity is what gets built on top of them - tokenized Treasuries, credit, funds and other real-world assets.
At 8Blocks, this is exactly how we approach Digital Assets: ๐๐ผ๐ธ๐ฒ๐ป๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ถ๐ ๐ถ๐ป๐ณ๐ฟ๐ฎ๐๐๐ฟ๐๐ฐ๐๐๐ฟ๐ฒ. ๐ง๐ต๐ฒ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฝ๐ฟ๐ผ๐ฑ๐๐ฐ๐ ๐ถ๐๐๐ฒ๐น๐ณ ๐ต๐ฎ๐ ๐๐ผ ๐๐ผ๐ฟ๐ธ ๐ณ๐ถ๐ฟ๐๐.
Thanks to Wenaltseason Labs and all participants for the great discussion ๐๏ธ
Our main takeaway: ๐๐ต๐ฒ ๐ป๐ฒ๐ ๐ ๐ฐ๐ต๐ฎ๐ฝ๐๐ฒ๐ฟ ๐บ๐ฎ๐ ๐ฏ๐ฒ ๐ฏ๐ถ๐ด๐ด๐ฒ๐ฟ ๐๐ต๐ฎ๐ป ๐ฎ๐ป๐ผ๐๐ต๐ฒ๐ฟ ๐ฟ๐ผ๐๐ฎ๐๐ถ๐ผ๐ป ๐ถ๐ป๐๐ผ ๐ฎ๐น๐๐ฐ๐ผ๐ถ๐ป๐.
Stablecoins are becoming financial infrastructure. The real opportunity is what gets built on top of them - tokenized Treasuries, credit, funds and other real-world assets.
At 8Blocks, this is exactly how we approach Digital Assets: ๐๐ผ๐ธ๐ฒ๐ป๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ถ๐ ๐ถ๐ป๐ณ๐ฟ๐ฎ๐๐๐ฟ๐๐ฐ๐๐๐ฟ๐ฒ. ๐ง๐ต๐ฒ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฝ๐ฟ๐ผ๐ฑ๐๐ฐ๐ ๐ถ๐๐๐ฒ๐น๐ณ ๐ต๐ฎ๐ ๐๐ผ ๐๐ผ๐ฟ๐ธ ๐ณ๐ถ๐ฟ๐๐.
Thanks to Wenaltseason Labs and all participants for the great discussion ๐๏ธ
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On August 19 the US Treasury announced it was doubling its buyback of long bonds. Bitcoin cleared $70 000 within the hour and the market added $500b over the week.
Not one new dollar appeared in the process: the Treasury repurchases older issues with new borrowing, debt outstanding stays flat, bank reserves do not rise.
Here is the part worth your attention. The buyback works in paper maturing in 10 to 30 years. Stablecoin issuer reserves under GENIUS sit in paper maturing inside 93 days. Two different ends of the same curve, and the operation touched only one of them. Duration got repriced, on-chain liquidity did not. Stablecoin supply has been contracting since May, the first decline in four years.
For a team preparing a TGE the distinction is not academic. Your token launches against the money already sitting on-chain, not against a 30-year bond. The first went up in August, the second did not. Watch three things instead of the bitcoin price: whether the 30-year yield falls after September 9, whether dominance drops below 55%, whether stablecoin supply resumes growth.
Two of the three are currently negative.
๐ 8Blocks - Tokenomics
Not one new dollar appeared in the process: the Treasury repurchases older issues with new borrowing, debt outstanding stays flat, bank reserves do not rise.
Here is the part worth your attention. The buyback works in paper maturing in 10 to 30 years. Stablecoin issuer reserves under GENIUS sit in paper maturing inside 93 days. Two different ends of the same curve, and the operation touched only one of them. Duration got repriced, on-chain liquidity did not. Stablecoin supply has been contracting since May, the first decline in four years.
For a team preparing a TGE the distinction is not academic. Your token launches against the money already sitting on-chain, not against a 30-year bond. The first went up in August, the second did not. Watch three things instead of the bitcoin price: whether the 30-year yield falls after September 9, whether dominance drops below 55%, whether stablecoin supply resumes growth.
Two of the three are currently negative.
๐ 8Blocks - Tokenomics
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STON.fi is the largest DEX on TON by TVL.
However, the STON token is currently trading at 98.7% below its April 2024 peak. The discrepancy lies not in the tokenโs utility, but in how much money actually flows to the token.
Over the past 12 months, users have paid $5.63 million in fees. Liquidity providers took $4.16 million, leaving the protocol with $1.47 million โ 26%. This is the total amount that the DAO can convert into STON.
Even if it were to burn the entire amount, it would amount to 4.7% of the market cap per year. Market share does not translate into demand for the token when the product operates without a token.
Swapping on STON.fi does not require STON. LP rewards do not require STON. Staking, ARKENSTON, and GEMSTON retain existing holders but do not turn new users into token holders.
In the 8Blocks audit, the โToken-Product Linkageโ section accounts for 40% of the score and received 2.9 out of 5 points โ hence the final rating of 63/100 (BBB).
The takeaway for the team designing the token: donโt focus on product fees, but rather on the portion that can physically reach the holder, and position the token along the path the user is already taking.
8Blocks - Tokenomics
However, the STON token is currently trading at 98.7% below its April 2024 peak. The discrepancy lies not in the tokenโs utility, but in how much money actually flows to the token.
Over the past 12 months, users have paid $5.63 million in fees. Liquidity providers took $4.16 million, leaving the protocol with $1.47 million โ 26%. This is the total amount that the DAO can convert into STON.
Even if it were to burn the entire amount, it would amount to 4.7% of the market cap per year. Market share does not translate into demand for the token when the product operates without a token.
Swapping on STON.fi does not require STON. LP rewards do not require STON. Staking, ARKENSTON, and GEMSTON retain existing holders but do not turn new users into token holders.
In the 8Blocks audit, the โToken-Product Linkageโ section accounts for 40% of the score and received 2.9 out of 5 points โ hence the final rating of 63/100 (BBB).
The takeaway for the team designing the token: donโt focus on product fees, but rather on the portion that can physically reach the holder, and position the token along the path the user is already taking.
8Blocks - Tokenomics
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Every event has the same two rooms. One has a stage, a moderator, and four people agreeing with each other. The other is everyone standing near the bar, actually asking things.
Tonight there's only the second one. The BlockDelta Social Mixer runs with no panels and no presentations - Dubai's digital assets and AI crowd, one venue, and a few hours to talk. That format suits us. We've never needed a slide to explain what a token model does.
Two things we're happy to get into. If you're building a token: what the model pays for, who it pays, and what breaks when emissions outrun demand. If you own a real asset - a building, an energy asset, contracted revenue: whether it can carry fractional investment without you handing over control. That second one is our newer work, Digital Asset Strategy.
Sergei is there from our side. If you're in the room, come find him.
Tonight there's only the second one. The BlockDelta Social Mixer runs with no panels and no presentations - Dubai's digital assets and AI crowd, one venue, and a few hours to talk. That format suits us. We've never needed a slide to explain what a token model does.
Two things we're happy to get into. If you're building a token: what the model pays for, who it pays, and what breaks when emissions outrun demand. If you own a real asset - a building, an energy asset, contracted revenue: whether it can carry fractional investment without you handing over control. That second one is our newer work, Digital Asset Strategy.
Sergei is there from our side. If you're in the room, come find him.
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