In this report, we analyze the ETH staking market from a business and financial perspective. The end goal of this exercise is to try and ascertain these protocols' potential for value generation.

Join us as we discuss the recent CPI print, concentration of volume in DEXs and NFTs, daily active users of prominent dApps, the veToken model, and more.

Has anything changed on the macro front given the macro-driven bear market? This month, the answer is…we’re getting closer.

The emergence of DeFi opened up yield-generating opportunities across many protocols. But as protocols gained traction and saw increasing deposits to smart contracts, this created lucrative opportunities for hackers and exploiters.

This month’s Monthly Chartbook focuses on the macro outlook, market structure & on-chain observations, L1s, L2s, & DeFi analysis, and an NFTs & gaming sector breakdown.