Infrastructure Sectors
Related research

InfrastructureSui's Q3 Report - Sui Stack and Momentum Picking Up
By
Anil Lulla•
Sui's Q3 marked a shift from showcasing raw performance to demonstrating what the full Sui Stack can enable in real applications. With components like Seal, Walrus, Nautilus, SuiNS, zkLogin, and Passkeys now working together, developers are building with privacy, data ownership, identity, and access control baked in—rather than added later.
Ecosystem activity continued to strengthen. Suilend surpassed $1B in deposits, while Cetus and Momentum reached new highs in trading volume. Stablecoin liquidity deepened through suiUSDe and USDC, and tokenized assets like XAUm expanded Sui’s RWA footprint. Interop efforts—LayerZero OFTs, NEAR Intents, and Ika Network—made moving value into and across Sui significantly easier.
Sui also began measuring real throughput through Commands per Second, reflecting the true amount of computation handled by Programmable Transaction Blocks.
Overall, Q3 was when Sui’s architecture started working as designed: a scalable, privacy-aware, and composable platform powering more sophisticated DeFi, payments, and cross-chain applications.

InfrastructurezkVerify: Building the Universal Proof Layer
By
Anil Lulla•
Zero-knowledge proofs (ZKPs) have moved from theoretical constructs to production-ready infrastructure in the last few years. If you’ve been keeping up with our coverage on zkVerify over the last year, you’re probably well aware this trend.
For most of crypto’s history, proof generation and verification were bottlenecks. They were too costly, too slow, and too specialized to matter beyond niche applications. This simply isn’t the case anymore. Demand for proof verification is quickly proliferating in every potential use case imaginable. From securing sensitive data to verifying proof of humanhood or photo authenticity; proofs are becoming essential components in our highly digitized world.
zkVerify has effectively commoditized access to these proof systems that would otherwise be unusable on major chains like Ethereum. And their thesis is that ZKPs need a neutral verification layer as the annual rate of proofs continue to grow exponentially.
In this final memo we cover everything from partnership developments and VFY tokenomics, to just how large we expect the addressable market for proofs will be in the coming years.

InfrastructureTokenizing the Startup Economy: Decent's Vision for the Future of Crypto Companies
By
Anil Lulla•
Ethereum has $200 billion in infrastructure, but the application layer remains underdeveloped. The problem? Every project rebuilds the same operational stack from scratch.
Launching a token project means months spent building distribution systems, treasury management, payment infrastructure, and governance mechanisms before focusing on the actual product. Teams often spend $375,000+ just to get to launch, with most of that going toward recreating what others have already built. The high costs restrict who can build, while weak investor protections – responsible for $100B+ lost to fraud – restricts who will fund them with many investors cautiously staying on the sidelines.
Decent provides the missing end-to-end platform. Pre-audited smart contract templates handle token creation and distribution. Integrated payment infrastructure enables streaming compensation and vesting. Treasury management and cross-chain capabilities work seamlessly with customizable governance tools. The platform collapses what typically takes months and hundreds of thousands into days and under $3. Built-in compliance frameworks and investor protections make every project "unruggable" from day one.
The result? Tokenization becomes accessible to traditional startups, content creators, and entrepreneurs worldwide – not just crypto-native teams. As more projects launch on Decent's standardized infrastructure, it could establish the operational foundation for tokenizing the entire startup economy.

Layer 1 / L1Keeta: Bridging The Institutional World On-Chain
By
Anil Lulla•
After nearly an entire decade, the crypto space is coming full circle back to the age-old narrative of facilitating cross-border payments and onboarding the institutions. From the proliferation of stablecoin-chains, to the recent discussions at the Fed’s Payments Innovation Conference; the migration of financial infrastructure onto blockchain rails is accelerating.
Global cross-border payments are measured in the hundreds of trillions annually. In 2024, this number reached approximately $1 quadrillion according to a report published by the IMF. It’s estimated that SWIFT averages ~45M messages daily and ~$7.5 trillion in daily volume transmitted across the network. But every one of those flows is subject to multi-day settlement delays, FX spreads, intermediary fees (4–8% in many corridors), and regulatory friction between jurisdictions.
Now imagine a blockchain that enables real-time, compliant transfers between regulated institutions. One that satisfies KYC/ AML requirements, supports fiat-backed stablecoins or tokenized deposits, and offers finality within seconds. This is the backdrop for Keeta, a hyper scalable blockchain that focuses on bridging banks and financial institutions with crypto rails and iterates on the shortcomings of competitors like Ripple.
As the timing, narrative, and technical progress converge, the market opportunity for a universal settlement layer becomes apparent. And Keeta is the dark horse in this race.

Artificial IntelligenceVirtuals & ACP – Open Coordination for Digital Labor
By
Anil Lulla•
The AI model wars are heating up. Every company wants its LLM model crowned king – but the key question is no longer whose model is technically superior, it has shifted to how these models can be harnessed to drive meaningful, real-world impact.
The answer lies in autonomous, specialized AI agents.
Virtuals tackles this shift with the Agent Commerce Protocol (ACP), a blockchain-based coordination layer that lets AI agents discover, collaborate, and transact value without intermediaries. Think of it as a permissionless infrastructure for digital labor, where over 18,000 agents already operate. ACP standardizes how agents exchange work and payments, using on-chain escrow, revenue splits, and transparent reputation systems to ensure trust at scale.
As agent collaboration replaces isolated execution, ACP’s open design positions Virtuals to become the foundation for agent-driven commerce. Such an open standard stands in contrast to proprietary silos emerging from big tech. Yet, without shared rails for trust and value exchange, the agent economy remains fragmented. With them, it can become the next evolution of global productivity.

InfrastructureScaling Real World Assets on Avalanche
By
Anil Lulla•
RWAs are quickly becoming one of the strongest narratives in crypto. Treasuries, equities, credit, and even state-backed stablecoins are moving onchain, with more than $30b now tokenized. Institutions need compliant rails. Users need access to safer yield. Avalanche is where both sides are meeting.
Our latest memo breaks down how Avalanche has positioned itself as a hub for RWA adoption. Dinari is launching a clearinghouse for tokenized equities. Wyoming picked Avalanche to issue the first state-backed stablecoin. Grove and Janus Henderson are deploying $250m in credit products. Fintechs like Belo, Criptan, and Littio are embedding Treasury yield and money market returns directly into apps used by millions across Latin America and Europe.
The model is clear. Appchains give issuers compliance and control, while the Avalanche C-Chain provides liquidity and composability. This dual design connects institutional supply with real user demand. What started as small pilots is now scaling into live production across multiple sectors.
Avalanche is proving that RWAs are more than a headline. They are live, scaling, and shaping the next phase of onchain adoption.
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