Author: 798.eth

The first Ordinals DAT project in Bitcoin is NodeStrategy. It has transplanted MicroStrategy's vault narrative onto NFTs—vault buys monkeys, repurchases, burns, number goes up; sounds smooth. But it's currently at a 0.46x depth discount, with prices stagnant. The problem lies in the design itself. The fuel for this machine and the cage that locks this machine are the same item: a 10% transaction fee. Let's break it down step by step.

First, let's explain what NodeStrategy is. It's a Bitcoin Rune Token called NODESTRAT, with a total supply of 1 billion. It claims to be The Perpetual Monke Machine, the first Ordinals digital asset vault on Bitcoin L1. The vault's asset is NodeMonkes, a blue-chip Ordinals NFT series; note it is not related to the official NodeMonkes. The trading venue is radFi, now known as Bound.

Now, let’s talk about how the flywheel turns. It promises a four-step closed loop. A 10% fee is charged on every trade; 90% goes into the vault, and 10% goes to radFi. The vault uses this fee to sweep the floor of NodeMonke. The collected monkeys are listed as a ladder on Satflow, sold at various profit targets. The BTC from sold monkeys is used 100% for repurchases and to burn NODESTRAT. Supply decreases, price rises, more people come to trade, generating more fees. It claims that the more it turns, the more valuable it becomes. The script is just this one, it sounds self-consistent. But it can't turn; here's why.

First point, why can NODESTRAT only trade on radFi / Bound.

First, recognize the root of the issue. The entire flywheel—sweeping goods, selling goods, repurchasing and burning—all relies on that 10% fee. Without this fee, the vault has no money, and the machine stops immediately.

So who collects this 10% and at which layer? If it were on Ethereum or Solana, this would be simple; the token's contract could collect it by itself. An ERC20 can write fee-on-transfer, and Solana's Token-2022 has TransferFee. For each transfer, the token's own code deducts the tax; it’s the same regardless of where you trade, the tax follows the token.

However, NODESTRAT is a Rune on Bitcoin. Bitcoin L1 does not have smart contracts. A Rune is simply a balance record in the Runes protocol ledger; just etch a number, it has no code, no transfer hook, and no logic that can execute by itself. You can't create a Rune that will automatically collect taxes. Transferring a Rune is merely a standard Bitcoin transaction shifting balances, with nothing in between to extract 10%.

Thus, this 10% does not grow on the token itself; it can only grow on the trading venue. It is within the radFi / Bound pool at the moment you buy or sell NODESTRAT that the 10% is deducted while constructing the transaction. The tax is at the platform layer; the token itself cannot collect a cent.

The conclusion follows. This 10% only exists when trading on radFi / Bound. If you treat NODESTRAT as a regular Rune to transfer point-to-point to a friend or take it to another Ordinals marketplace to sell, there is no 10% because outside Bound, there is no place that knows this rule, much less enforce it.

Thus, the project only has one way to survive, keeping all trades tightly confined within radFi / Bound. This is the only place globally where this toll can be collected. Once liquidity flows elsewhere, fee income goes to zero, the vault stops sweeping goods, and the flywheel dies immediately.

This also explains that portion of the 10% that is shared with radFi. radFi is the toll booth; NodeStrategy is responsible for directing all traffic onto this road. This token is almost literally bound by Bound; the name is quite honest. Its entire value mechanism is like a hostage waiting on one platform. This fragility is written into the design.

Second point, why can't the price rise, where's the root of the problem?

Its script is number goes up, so why is it stagnant? The real issue is that the fuel of this machine is poisoning its own demand.

First, the machine is out of fuel. The flywheel runs on transaction volume, which has essentially died, at about 9K USD per day. 10% of that is 900, 90% goes to the vault 810; it sweeps less than 0.01 BTC daily. No volume means no fees, with no fees there’s no sweeping; without sweeping, the ladder has no goods to sell; without selling, there are no repurchases; without repurchases, nothing gets burned; in terms of price, nothing happens. The entire chain is idling.

What's worse is that the 10% is not just fuel; it simultaneously creates headwinds against its own price. Buy in is taxed 10%, and selling out is taxed 10%, a round trip first loses 20%. This token needs to rise by 20% before traders break even. You're essentially inviting people to buy something that incurs a 10% fee on entry and another 10% on exit, choking off the pace of speculation. On one side is the slight tailwind of repurchases and burning, while on the other is the 20% round-trip tax acting as a headwind, both pushing against the same token. It is effectively fighting itself.

The repurchase pipe is already tightly twisted. Repurchases only trigger when a NodeMonke is truly sold off the ladder; the money from selling monkeys is used for repurchase. However, the NFT market is thin; sales are slow and uncertain. It has sold only 39 so far, with 15 on the ladder short barrels, and long barrels are at 0. The repurchase faucet is essentially dripping. Already, 30.77% has been burned.

Burning itself does not create demand. Reducing supply can push prices up, provided demand still exists. With no volume, entering incurs a 10% fee. If you burn 30% of the supply, all you get is a smaller plate, yet still no one bids. Price is marginal supply and demand; it aggressively attacks the denominator, while demand on the numerator is locked by taxes and dead transaction volume.

That 0.46x discount is a trap that locks itself. The token price is only half of the NAV. Normally, a DAT can issue more tokens to buy more assets when at a premium; the more bought, the thicker the yield, this is the true leverage of number go up. The only remaining lever to push prices is repurchase, which is being starved by the previous point. The path of premium cannot be traversed, the path of repurchase cannot proceed; thus the discount remains, with no mechanism to reclaim it.

Finally, why is NAV twice the market value, and yet the price doesn’t lean towards NAV?

Holding NODESTRAT has no redemption channels; you cannot swap the token back for its implied 0.46 times NodeMonke. Your only exit is to sell it on radFi to the next bidder, incurring another 10%. That NAV is a marketing figure, not a floor price; the market certainly does not recognize it, only pricing it based on capital flow.

That 10% fee was supposed to fuel the flywheel; instead, one hand suffocated the demand and transaction volume that the flywheel needs most through taxation, while the other hand can only rely on locking the token on a single platform to collect enough while also stifling liquidity. Coupled with backing being non-redeemable and non-liquid, NAV cannot anchor the price. The design of this machine is to have its fuel source limit its own demand.

No evaluation of rising or falling, just discussing the mechanism.

Is there any good way to let this genuinely good flywheel take off again?

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