Public Audits

Ondo leads the RWA category with $3.47B under management and $57.9M in annual fees. But ONDO is a governance token with no economic rights: the fee switch is off, there are no buybacks or burns, the products are bought without the token, and on Jan 17, 2027 $615M — 35% of the float — unlocks in one event: rating CCC, 38/100.

Zcash has answered “why the coin is needed”: a shielded transaction is impossible without ZEC, the cap is 21M, and there is no vesting or unlocks. But fees are negligible and go to miners, while development is paid for by diluting holders 3.89% a year with no absorption mechanism whatsoever: rating BBB, 66/100.

Quant Network's technology underpins the sterling tokenisation pilot with Barclays and HSBC, and the Overledger licence is payable only in QNT. But a licence costs 3 QNT, there are 40+ clients, and when payment is made in stablecoins the tokens are locked from the treasury rather than bought on the market: rating BB, 55/100.

IOTA has a genuine token product linkage: network fees, validator collateral and RWA tokenisation do not work without the token. But the protocol mints 767,000 IOTA a day and burns under 1M in fees per 90 days — rating A, 74/100, with inflation of about 6% a year and FDV down from $13B to $145M.

Pump.fun buys back 50% of its fee revenue and has burned 36% of PUMP supply — yet the price sits at an all-time low, because nothing on the platform requires the token. 8Blocks unpacks the model in a BB-rated tokenomics audit.

STON.fi is the #1 DEX on TON: fees tie the token to the product, but STON isn't required for users, which caps demand. A tokenomics audit rated BBB.

VIRTUAL has a thriving AI-agent ecosystem and a fixed supply — yet its price keeps lagging the protocol it powers. 8Blocks unpacks why in a BB-rated tokenomics audit.

A token tightly linked to product revenue: 99% of fees buy HYPE back — yet the model's margin of safety rests on sustained trading volumes against growing circulating supply. 8Blocks unpacks the model in an A-rated tokenomics audit.