Alpha Insights

Modular Lending Legos are Stacking Up
By
Anil Lulla•
About a year ago I wrote about the potential of Modular lending in DeFi and how it would disrupt governance […]

Renzo Updates - ezSOL& Aave Collateral
By
Anil Lulla•
Renzo has recently made two major announcements – the launch of $ezSOL and a proposal endorsed by the ACI […]

Radiant Capital and the Decline of DeFi’s Pasta Corridor
By
Anil Lulla•
Radiant Capital, an Aave fork on Arbitrum, was recently hacked for 1,900 ETH (~$4.5M) and has since paused lending markets. […]
Aave Research Reports

DeFiA New Framework For Understanding Moats In Crypto Markets
By
Anil Lulla•
In an industry where the laws of competition are inherently accelerated, the concept of a moat is profoundly important. However, we currently lack the right frameworks for understanding moats, and downstream of this, where value will ultimately accrue.
This report aims to bridge this gap by offering a new framework — one that takes into account the unique structural differences underpinning crypto apps.
Furthermore, we will apply this framework to six unique verticals: Money Markets, DEXs, Stablecoins, LSTs/LRTs, Third-Party Bridges, and Social Apps.
By the end of this report, you should have a higher resolution understanding of what a moat ultimately looks like and which crypto apps are positioned to sustainably capture value.

Debt-Backed (CDP) StablecoinsThe Looming Opportunity With Decentralized Stablecoins
By
Anil Lulla•
Stablecoins are an integral part of crypto, with a total market capitalization of $124B. Despite the increasing adoption of DeFi, the majority of the stablecoin market is held by centralized stablecoins such as USDT and USDC.

Money MarketsRadiant Capital Finds Initial Traction, But Will It Sustain?
By
Anil Lulla•
Radiant Capital aims to be a one-stop money market where users can deposit and borrow across multiple chains seamlessly. While money markets like Aave exist on many different blockchains, they don’t have full cross-chain functionality.

Lending / BorrowingAave: A Review Of The Fundamentals
By
Anil Lulla•
In our Year Ahead report for DeFi, we examined the thesis for so-called DeFi blue chips and their ability to bounce back from a tough year. Aave is one of those projects, and one that virtually everyone in crypto is aware of.

Money MarketsReal-World Assets in Decentralized Finance
By
Anil Lulla•
Although protocols using RWAs currently comprise a small part of DeFi, the potential of this sector has a high ceiling.

OptionsThe Year Ahead for DeFi
By
Anil Lulla•
In this report, we look to highlight some key opportunities and challenges for DeFi and spell out the reasons we remain optimistic that DeFi will thrive.
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