Introduction to Stage 4
Tokens, markets, and research. Pricing, tokenomics, cycles, memes, on-chain data, and risk models.
The questions this stage addresses
The previous stage explained how protocols run. This one explains how markets price them, and how unreliable that pricing can be.
Four questions build on one another: what a token is worth (supply and unlocks), why it should have value (value capture), why prices rise and collapse cyclically (feedback loops), and how to use on-chain data to see for yourself rather than rely on others' conclusions.
The final chapter consolidates all preceding risks into a unified model that will accompany you through the capstone.
Six chapters
Is a coin priced at $0.001 cheaper than one priced at $100?
Besides the allocation pie chart, what else must tokenomics answer?
Why does every cycle feel like the same story repeating?
Why would anyone pay for something with no cash flow?
How can you see what is happening without relying on someone else's conclusion?
How exactly was the money lost?
After this stage
You can independently produce a tokenomics analysis backed by on-chain data and explain where you remain uncertain.
Stage artifact: A tokenomics analysis covering supply, unlocks, value capture, and dilution paths.
Study suggestions
- Chapter 23 has the highest concentration of practical skills in Part A. It teaches you to create your first chart with an on-chain data platform, a skill used through the capstone.
- Chapter 22 discusses memes. Read it without contempt: understanding how attention becomes price is essential to understanding this market.
- Pair chapter 24 with a real incident review, checking each of the ten risk categories.