Fundamentals·9 min read
DeFi Tokenomics Explained for Researchers
Decode DeFi tokenomics: emissions, unlocks, fee switches, and why float matters more than fully diluted valuation screenshots.
A
Alphora Labs Research
Updated Jul 27, 2026 · Education, not advice
FDV is a headline; float is the market
Fully diluted valuation assumes all tokens trade today. They do not. Unlock cliffs create forced sellers. Map the next 90 days of supply before you debate narrative.
Value accrual vs governance cosplay
Ask whether fees, buybacks, or staking actually route value to the token — or whether the token is a marketing sticker on a product that does not need it.
