The Tokenomics series operates on two frameworks.

The Token Stack: four layers from infrastructure to applications, mapping the cost structure of producing a token. Supply side. Descriptive.

Margin Geography: where value is captured across the same four layers, what scarcity holds each position, and where margin migrates next. Demand side and capital side. Interpretive.

Token Stack answers what something costs. Margin Geography answers who keeps the money. The series deploys both on every article, because AI economics has stopped being a single-framework problem.

Part 1 introduces both, then deploys them on the inference layer as a worked diagnostic. The first lens.