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The Year Ahead for DeFi 2025
Gen 2 cards often have interesting features that differentiate themselves from vanilla gen 2 cards....Gnosis Pay Safe has 2 custom modules, a roles module and a delay module....Tether and Circle) and (2) stablecoin distributors (i.e., apps)....pic.twitter.com/xlVSsc33eC — Alex Nezlobin (@0x94305) December 2, 2024 The LP profitability improvement...
72 Min
DeFi
Dec 2024
Mantle 2.0: Merging DeFi with CeFi?
...involvement bring more institutional-grade liquidity, exchange integration with Layer 2 rails, and a...evolving circumstances will be explored later in this report, but first, we must understand Mantle’s Layer 2...Mantle Network Architecture Modular Layer 2 Mantle network differs from most Layer 2s on Ethereum through...DeFi and the movement on-chain.
31 Min
Financial Market Themes
Sep 2025
The Year Ahead for DeFi 2024
They recently announced Sanctum Infinity with plans to go live in the next ~2 months.”...Theme 2: All Eyes on Uniswap Liquidity Uniswap is the most dominant protocol in the history of crypto...On the trading side, DEXs are moderately behind, and aspirations of simply mimicking CEXs within 2-3...
100 Min
DeFi
Dec 2023
Finding the Fun in Fundamentals #2 - Wemade
...steep losses in 2022 and 2023, at -₩185.8 billion (-$143 million) and -₩206.7 billion (-$159 million)...PLAY also connects users to the broader ecosystem, including DeFi applications, crypto-enabled webshops...Their DeFi offering is basic but functional.
18 Min
Gaming
Jun 2025
DeFi Summer
DeFi Summer Four years ago, DeFi “Blue-Chips” such as lending protocol AAVE and derivatives protocol...For those of us who remember when AAVE was “ETHLend”, the notion of “DeFi” did not yet exist, and the...Our first rule: The protocol must have been deployed in the past 2 years, or since June of 2021.
11 Min
DeFi
Jun 2023
DeFi Year Ahead 2024 - Webinar
Quick Links Year Ahead for DeFi 2024 – Full Report Year Ahead for DeFi 2024 – Executive Summary Key Themes...Heading into 2024, the positive energy is palpable....Theme #1: Competition Between LSDs and the Restaking Economy Theme #2: All Eyes on Uniswap Liquidity...
2 Min
DeFi
Jan 2024
WTF Is Anoma? Part 2: WTF Are Intent-Based Apps?
Part 2 – Applications In Part 1 we have overviewed Anoma’s intents and seen how they compare to Ethereum-style...“Part 2: WTF are intent-based apps?”...has 2 sections; First, we take a look at some existing intent-based apps across various verticals that...User 0xea wanted to sell 48,942 USDC and receive at least 26.66 ETH.
24 Min
Layer 1 / L1
Sep 2023
How “Oracle-less Primitives” Are Rearchitecting DeFi
Is DeFi Broken?...DeFi’s ability to cross the chasm....that either (1) oracle providers are only able to securely support a handful of short-tail assets or (2)...The net effect is three fold: (1) Protocols become more fragile as they scale (2) Users are forced to...
28 Min
DeFi
Mar 2024
Zetachain Part 2: The Opportunity Ahead for Omnichain Applications
Bitcoin DeFi and the Opportunity for Zetachain DeFi was the first large-scale success of Ethereum’s smart...BRC-20’s on this DEX trade against sUSDT....However, Ethereum’s DeFi ecosystem has actual user demand....Opportunities in Bitcoin DeFi The bad news is that Bitcoin DeFi is struggling due to various factors.
47 Min
Layer 1 / L1
Jan 2024
The Year Ahead for DeFi
Theme #2: DeFi Blue Chips Rise From the Ashes 2022 was a brutal year for DeFi blue chips, but these projects...Surprise #2: Saturation of the Structured Products Space When Ribbon Finance launched in Q2 2021, it...setup is semi-centralized, with a multisig wallet where the platform holds 1/3 keys and the user holds 2/...
54 Min
Options
Dec 2022
The Path to DeFi's ETF Moment: The Rise of Morpho, Curators, and Mullets
Today, total value locked in DeFi sits at about $90B, down from over $180B in 2022, even with the circulating...From its beginnings as ETHLend in 2017, it has grown into a DeFi giant, with over $18.5B in TVL across...Curation 2.0: Programmable Capital Allocation “Curation 2.0” sees DeFi protocols shifting towards unopinionated...
26 Min
DeFi
Apr 2025
The State of Undercollateralized DeFi Lending
, with less than $2B of deposits across various protocols....DeFi money markets have not been spared....originated over $1.1B in loans on Ethereum alone this year, compared to TrueFi’s ~$660M and Clearpool’s ~$220M...Maple’s share of total deposits has increased from 35% to over 60% since Jan. 2022.
10 Min
Unsecured Lending
Oct 2022
Modular Lending: The Next Phase of DeFi Money Markets
Morpho’s solution to develop Modular lending markets consists of 2 separate offerings – Morpho Blue and...An Isolated lending pool refers to a lending market between just 2 assets – one collateral and one borrowable...hours and 2 weeks depending on the parameter change) before certain functions or actions can be executed...
31 Min
DeFi
Apr 2024
Market Note: DeFi's Resurgence?
This is especially true for DeFi....Since DeFi Summer in 2020, DeFi has largely underperformed ETH throughout the previous bull market as...as a benchmark for the wider DeFi sector....-$2.50....It tested the range highs at 2.06-2.41 and was promptly rejected.
11 Min
Macro & Markets
Mar 2023
Apps and Chains, Not Issuers: The Next Wave of Stablecoin Economics Belongs to DeFi
Early movers span fintech wallets, centralized exchanges, and increasingly, major DeFi protocols....It’s in DeFi where this trend is most pronounced and where the implications are clearest....Both organizations working together to grow DeFi at a scale we have never seen before. LFG!!!
19 Min
DeFi
Oct 2025
The Emergence of Principal-Protected Yield in DeFi
Introduction After two years of free money, DeFi yields have fallen to unimpressive levels....The days of depositing stables into a Yearn vault for 20% APY seem long gone....From Jan. 21-Sep. 22, the R-Earn vault would have earned 17.23%, which translates to an APY of 10.37%...& 20 fee structure.
10 Min
Structured Products
Oct 2022
Gearbox Protocol: Shifting DeFi Into the Next GEAR
Depositing 2 ETH and taking an 8 ETH loan — implying 5x leverage, since collateral is usable too — would...allow a user to earn Yearn’s 4% APY on 10 ETH instead of just 2 ETH....With 2 ETH of principal, the user would now earn 20% APY....If the market has access to 2-4x Yearn’s vault returns, that opportunity is going to be milked.
10 Min
Vaults
Nov 2022
2 Crosses Pending, 2 Retesting - This Week's 9/21 EMA Scan
Right now 4 names are worth watching:  2 with crosses pending (UNI / AAVE), 2 crossed and retesting (...UNI / AAVE -> 1W crosses pending, strength in DeFi worth noticing WLD / INJ-> 1W crossed and retesting...Price at the moment is currently above both the 9 and 21 EMA, after a sharp rejection off the 21 EMA...
4 Min
Macro & Markets
Jul 2026
The Path Forward for DeFi Fixed Income and Yield Tokens
Introduction Since early 2021, crypto derivatives have taken off at a wild pace....DeFi fixed income and yield derivatives seemed like a sure bet to those who believed DeFi trends would...But their total TVL is less than $200M cumulatively despite being live for more than 18 months....In Nov. 2021, they almost had $1B in TVL.
16 Min
Derivatives
Aug 2022
The Inner Workings of DeFi Option Vaults (DOVs)
Way To Earn Yields Decentralized Option Vaults (DOVs) are a relatively new product in the world of DeFi...DOVs mainly have two strategies – 1) writing Covered Calls and 2) Cash-Secured Puts....Though the development of DeFi products built around options has been exciting, it’s still relatively...
15 Min
Vaults
Jul 2022