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InfrastructureInside Avalanche L1s – The Avax Ecosystem
By
Anil Lulla•
The past few months have made one thing clear: Avalanche’s appchain model is working.
- Daily transactions have grown 6x since January
- Contract deployments are hitting 250k+ per day
- Interchain Messaging volume is up 25x from earlier this year
From high-performance games like MapleStory N and Off The Grid to consumer platforms like FIFA Collect, more projects are launching sovereign chains tailored to their needs. These L1s plug into Avalanche’s fast base layer and interop tooling while giving teams full control over execution, fees, and economics.
Avalanche is also quietly becoming a hub for real world use cases. J.P. Morgan and Balcony are launching live deployments using Avalanche’s infra for everything from asset-backed securities to property deeds.
With over 75 active L1s and more to come, Avalanche is making a strong case for appchains as the future.

Spot ExchangeThe Rise of Prop AMMs on Solana
By
Anil Lulla•
The concept of a "prop AMM" may seem like a contradiction. AMMs by design are open, deterministic systems. Their role is to offer clear pricing curves, transparent pool balances, and trustless access to liquidity. Prop AMMs operate completely opposite. They quote prices privately, don’t operate frontends, rely on vault-based liquidity, and only execute through aggregators. We can basically refer to them as onchain market makers.
The irony of all of this is that even on a permissionless chain, liquidity provision is trending toward centralization, not in terms of access, but in terms of operational control and execution quality. I don’t necessarily think this violates decentralization per say, but rather reshapes what “participation” looks like. And that’s ultimately the direction the market has decided on.
In the next ~6-12 months I could very well see this trend continue, with the long-tail of prop AMMs all competing to capture that same asymmetric upside currently held by the select handful today.

DeFiSanctum: Solana's Overlooked Fundamentals Play?
By
Anil Lulla•
Sanctum is on an impressive growth trajectory and is one of the more innovative Solana projects, but it has flown under the radar and the CLOUD token has underperformed. Could its major unlocks mark the bottom?

DeFiBigger Than Binance: How Pump.fun's $1.3B Raise Sets Up Crypto's Most Hated Rally
By
Anil Lulla•
Deep dive analysis: How Pump.fun's $1.3B raise at maximum pessimism creates crypto's most compelling contrarian TGE. $780M revenue, steep valuation discount, and hated rally setup analyzed.

Unsecured LendingEngineering Real Credit Onchain: The 3Jane Bet
By
Anil Lulla•
Unsecured lending is arguably the biggest missing puzzle piece in DeFi's vision to upend and rewire the financial rails of the world. In our latest research piece, “Engineering Real Credit On-Chain: The 3Jane Bet,” digs into how 3Jane blends major infrastrucutre, cryptographic and mechanism design ideas: zk-proofs (zkTLS and zk-coprocessors), dynamic credit pricing, and a modified Morpho-style money market to tackle what the first wave of under-collateralized protocols simply couldn’t - balancing trust, incentives, and enforcement in one design.
Inside the report we discuss:
- How the previous Crypto credit cycle led by CeFi and its blowups undermined the previous generation of protocols
- Build a simple framework for evaluating under collateralized lending systems
- Deep dive into the design of 3Jane blending the right onchain and off-chain elements
- Metrics to monitor and judge whether 3Jane will be able to deliver on its promise

DeFiVertical Integration vs. Creator Alignment: Pump.fun and Raydium's Battle for Solana's Memecoin Economy
By
Anil Lulla•
Pump.fun is vertically integrating Solana's memecoin economy through PumpSwap, capturing billions in trading value previously flowing to Raydium. Now controlling both token creation and trading, Pump.fun's strategic power play has forced Raydium's defensive LaunchLab response. Will Pump.fun's streamlined approach maintain dominance, or can Raydium's creator-aligned strategy gain traction? Explore the battle reshaping Solana's memecoin infrastructure.
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