←Stage 52 · Premium
Crypto

Tokens as Assets

A share has statements you can read. A token has none. So you'll judge one on what it does publish: how many coins exist, how many are coming, who holds them, and where any yield is really paid from. Twelve lessons, and the last one runs the whole checklist on a token you've never seen.

Stage 52 of the TradeWize crypto track: judging a token with no financial statements to read. Supply, emissions, unlocks, fully diluted value, holder concentration and where a yield comes from.

0 / 12 done
StartLesson 1 · There Are No Financial Statements
What you’ll leave with12 lessons · 6-line playbook
  • A token has no statements, so I judge supply, holders and where the yield comes from.
  • Every emission is somebody's income and somebody else's dilution.
  • I check the unlock calendar before I buy, because it is published.
  • When market cap and fully diluted value disagree, the gap is future supply.
  • A yield paid in new tokens is not income. I ask who funds it before I take it.
  • A meme coin is a position in attention. I size it as one.

All lessons

  1. 01There Are No Financial Statements
  2. 02Supply Schedule — Circulating, Total, Max
  3. 03Emissions — Who Gets Paid in New Tokens
  4. 04Unlocks and Vesting Cliffs
  5. 05FDV vs Market Cap — The Number That Flatters
  6. 06Where the Yield Comes From — Fees, or New Tokens
  7. 07Holder Concentration
  8. 08Treasury, Runway and Who Is Funding This
  9. 09The Six Categories, and What Each One Is For
  10. 10Meme Coins — Pricing a Thing With No Cash Flow at All
  11. 11The Checklist, Run Cold
  12. 12Token Valuation Capstone