Infrastructure Sectors
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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.

InfrastructureZKsync Prividium – Compliant, Private, Turnkey Blockchain Infra
By
Anil Lulla•
The institutions are here. The debut of spot Bitcoin ETFs truly flipped the script. It’s no longer far-fetched to say that crypto is crossing the chasm into mainstream adoption.
J.P. Morgan is leading blockchain banking with Kinexys. BlackRock partnered with Securitize to tokenize RWAs at scale. xStocks tokenized over 50 equities on-chain. Acquiring digital assets is now a capital strategy for public companies. And just last week, the U.S. passed the GENIUS Act, the first major piece of national crypto legislation.
But institutional rails demand private, permissioned networks – compliant, auditable, and streamlined to mirror existing workflows. Prividium delivers exactly that: compliant, private, and turnkey blockchain infra.
As a production‑ready Validium built on the ZKsync Stack, Prividium bundles private execution, enterprise-grade access control, and Ethereum security guarantees into one stack. No more trade-offs between confidentiality, auditability, and interoperability. This turnkey solution strips away configuration and regulatory overhead so teams can finally focus on product development.
Our ZKsync Q2 memo unpacks all benefits of Prividiums, key development milestones (including Airbender), and the new ZKnomics token framework. A lot has happened since our last quarterly report on ZKsync, don’t miss out!

InfrastructureInside the Ecosystem: Fueling Aptos' Global Trading Engine
By
Anil Lulla•
The success of a blockchain hinges on two pillars: servicing a large number of concurrent users and hosting applications that give them a compelling reason to use the chain. Aptos is making notable strides on both fronts, increasingly centering itself around high-frequency, capital-intensive financial applications. With its native order book layer, recent upgrades to performance & consensus, and new products like Shelby, Aptos is positioning itself to realize its mission of becoming the Global Trading Engine.
Its highly performant tech stack and growing capital base are clearly beginning to bear fruit. In H1 2025, TVL climbed to a new ATH of over $1.3 billion. Block times dropped by roughly 45% to under 125 milliseconds – making Aptos the fastest L1 measured by block times. And monthly DEX volume consistently surpassed $2.9 billion.
Meanwhile, the ecosystem is evolving into a true DeFi hub. In June, Aave’s governance approved its first non-EVM deployment on Aptos. And marquee protocols – such as Thala, Echo, Hyperion, Ekiden, Aries Markets, and many more – are steadily gaining traction and capturing market share. While Aptos still has ground to cover in establishing itself as a top ecosystem in terms of activity and mindshare, it’s firmly asserting itself as a serious contender in the race for DeFi dominance.
Read our full consulting report for a deeper look into the Aptos ecosystem, emerging opportunities, and what lies ahead for its product layer.

InfrastructureCovalent: On-chain Data Meets Agency
By
Anil Lulla•
In crypto, most AI agents today are little more than GPT-wrapped gimmicks—single-step automations parading as intelligence. The market caught on. Agent tokens are down 80% to 90% from peak, and for good reason: utility never showed up.
But utility is exactly where the next cycle of onchain AI is headed. Covalent’s approach isn’t about another chatbot. It’s about turning structured, verifiable blockchain data into a foundation for agentic systems that can reason, collaborate, and operate autonomously in real time.
Covalent is positioning GoldRush and MCP as the data layer for Zero Employee Enterprises (ZEEs), multi-agent swarms that can execute complex workflows with minimal human input.
Forget the reply-bros. This is about agents with memory, reasoning, and execution ability, tied directly to cross-chain trading, DeFi optimization, and programmable coordination. The primitives are falling into place. Let’s unpack how Covalent is quietly building the rails for real agent economies

InfrastructurePlasma: Stablecoin Infrastructure & The Trillion Dollar Opportunity
By
Anil Lulla•
Plasma isn’t just a response to technical limits. It’s the thesis that stablecoins have grown large enough to justify infrastructure designed for them alone – the same way AWS built dedicated services for specific compute needs. Last year, stablecoins facilitated over ~$5 trillion in adjusted transaction volume, over 1/3 the volume of traditional payment giants like Visa and Mastercard. For crypto-natives, stablecoins represent a fiat-pegged asset to denominate in. For the broader population in emerging markets, it represents a hedge against hyperinflation, a source of savings and payment rails for the unbanked. This points to a future where stablecoins won’t be defined strictly by APYs or protocol incentives, but by infrastructure that can scale to meet real-world usage. If Tether continues to lead that thesis, Plasma may prove to be one of the most direct, high-leverage exposures to the next wave of stablecoin adoption; especially in the parts of the world where crypto isn’t just a trade, but a necessity.

InfrastructureAvalanche L1s: Powering the Future of Appchains
By
Anil Lulla•
As applications scale, their needs often exceed what general-purpose blockchains can offer. Avalanche L1s – custom, sovereign chains – address this by letting teams control their infrastructure while remaining interoperable within the broader Avalanche ecosystem. Unlike shared networks that extract value without flexibility, these appchains are tailored for specific use cases.
Historically, launching a custom chain was costly and complex. Avalanche’s Etna upgrade changed that. By removing the requirement to validate the Primary Network and lowering staking costs, it opened the door for a wider range of developers and institutions to build specialized, compliant networks.
For enterprises, this is critical. Etna enables fully private chains with customizable validation and execution, making it possible to meet regulatory requirements without sacrificing performance. Major players like J.P. Morgan with Kinexys and MapleStory Universe are already building on Avalanche L1s to support use cases ranging from tokenized finance to gaming infrastructure.
Avalanche L1s’ supercharged architecture shifts the balance – giving teams ownership over their ecosystems and a clearer path to scale. Instead of adapting to rigid infrastructure, they can now build around their own logic, needs, and value capture.
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