RWAs, or real world assets, are a big narrative in the crypto world. It’s crypto’s best shot of integrating with traditional finance. Simply put, it’s taking traditional assets and tokenizing them on public-ledger blockchains. Maker, Centrifuge, Mapl... Read more

Despite Friend.tech’s recent success and virality across Twitter, I have been underwhelmed and skeptical of its long-term success. Friend.tech is cool, and the team has done a great job creating incentives to onboard people. But the bonding curve see... Read more

Every month, Raoul Pal and I sit down to share our latest ideas on crypto, macro, and where we see markets heading from here. It’s always a wide ranging conversation, and this month was no different. Our discussion centered around: Reactions to the... Read more

Isn’t it funny how token unlocks generally seem to follow announcements that are favorable for the token in question? Well, it’s not always a coincidence. In a report titled “The Curious Case of Token Unlocks” that I published last December, I went... Read more

We’ve explained our rationale for why we believe we’re in the early innings of a new cycle. This morning, I hopped on Schwab Network to spread the good word to more TradFi investors. Here’s a short clip from the longer segment discussing the recent... Read more

The TLDR from Jay Powell’s Jackson Hole speech: not much. Despite his highly anticipated comments, we don’t really have any more insight into the future trajectory of rates than we did a couple hours ago. The opening statement is usually where we ge... Read more

Recent Research 📊 Blur: A Fundamental Analysis of NFT Marketplaces – 8/24 This month, our NFT report covers the following: An overview of NFT marketplaces on Ethereum. A comparison of NFT marketplace tokens, looking at revenue and competitivenes... Read more

As discussed in our recent report, GHO has struggled mightily to maintain its peg since launch. As a result, many frustrated DeFi users have called GHO’s entire design into question. I find this to be a short-sighted reaction, considering the mere ~2... Read more

dYdX V4 Proposal Wintermute has proposed to dYdX what amounts to the launch of dYdX v4. The proposal includes: The adoption of the dYdX Chain. Adopting the DYDX token as the L1 token for the new chain. The adoption of their autonomous bridge cont... Read more

We know crypto is a retail-centric market. It’s been painfully clear that retail is the dominating market force. Institutional adoption — or rather institutional funding — has been a core narrative in crypto. These players tend to make their entry wh... Read more