Alpha Insights

Sky Protocol: The Good, The Bad, and The Ugly
By
Anil Lulla•
MakerDAO has officially undergone its long anticipated rebranding. Going forward, MakerDAO will be referred to as Sky Protocol. Given the […]
MakerDAO 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.

Debt-Backed (CDP) StablecoinsMakerDAO's 2022 Fundamentals
By
Anil Lulla•
All in all, 2022 was a year of survival for Maker. Their fundamentals took significant hits, but so did the rest of the market. Their dominance in the stablecoin sector is as of yet unchallenged, and their exploration of RWAs could be the next catalyst when the market turns around.

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.

Algorithmic StablecoinsExploring DYAD: A New Approach to Decentralized Stablecoins
By
Anil Lulla•
DYAD is a new overcollateralized algo-stablecoin with NFT-gated token minting.

DAOMaker Considers Joking, and Sushi Continues it's Search for a Headchef
By
Anil Lulla•
Discord News Cega publishes results from the recent backtests on their vault performance. Find the full article here. FujiDAO announces […]
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