Alpha Insights

The Evolution of Ethena: Challenges and Emerging Opportunities
By
Anil Lulla•
In April of this year, we outlined our thinking around Ethena. Since then, a lot has changed: Ethena added an […]
Ethena Research Reports

WalletsThe Fat Wallet Thesis
By
Anil Lulla•
Protocols and applications are “thinning-out”, freeing up more room for whoever owns the end user. The “Fat Wallet Thesis” asserts that as the ultimate front-end, no one is better positioned to re-capture this value than wallets

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.

Synthetic AssetsThe Rise of Ethena: Unpacking The Emerging Synthetic Dollar
By
Anil Lulla•
Intro The stablecoin duopoly is being challenged. After rapidly scaling supply from zero to over $2.2B in less than a […]
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