When the Token Doesn’t Match the Product — And What Happens When You Fix It

Nebulus Finance (also known as AUM Protocol) originally came to us for what they called a light audit before the token launch — just a quick look, some confirmation that the token made sense. Nothing serious.

But it was serious.

On paper, the token looked fine. There were utilities. There was a chart. There was logic.

In practice, it was disconnected from the actual product. The utilities had no link to user behavior, no clear buy pressure, and no value capture. The token existed, but it didn’t do anything meaningful.

We were blunt, and told them exactly that.

The Real Problem Wasn’t the Token — It Was the Gap

The product was strong: legit RWA mechanics, real use cases, a good team. But the token was a side character in a story it should’ve been driving. To their credit, the team didn’t push back. They quietly rebuilt.

One Month Later: A New Economy

We’re now reviewing the updated economy, and the difference is massive.

• The token actually powers the product, not just decorates it
  
  
• Utilities are functional, not theoretical
  
  
• There’s clear buy pressure, real value sinks, and a tight user loop
  
  
• The updated documentation includes one of the best sets of token policy notes we’ve reviewed in a long time
  
  

This is the kind of model where users, protocol, and tokenomics (check out our detailed guide) are aligned, and where the incentives make sense without needing a 15-page explainer.

About AUM Protocol

Nebulus Finance: The AUM Protocol is a MetaWealth subsidiary building RWA infrastructure on Solana. They’re going deep into B2B tools that help other RWA protocols give their asset holders real financial utility:

• Secure lending and borrowing
  
  
• Investment baskets
  
  
• Insurance
  
  
• A banking suite
  
  
• And integrations with both TradFi and DeFi rails
  
  

In short, AUM is building infrastructure that turns those asset tokens into something usable.

Why We’re Bullish

• The product direction makes sense 
• The team has done this before
  
  
• There’s clear GTM strategy and early signs of product-market fit
  
  
• And now, the token design backs all of that up
  
  

We’re proud to have pushed for the hard changes. And we’re even more proud of the team for making them.

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