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zkVerify: The Missing Layer in The Modular Era
In times of network congestion, gas prices have reached over 100 Gwei....ZK-Apps vs ZK-Infra ZK protocols can be divided into two categories:  (1) Infrastructure (Infra) providing...gas, a reduction of 11x....ZKRs face two primary costs when posting proofs to Ethereum: (1) on-chain proof verification and (2)...
15 Min
Infrastructure
Aug 2025
zkVerify: Building the Universal Proof Layer
These estimates are variable, but on a 12-month forward looking projection it considers overall proof...Until recently, the EVM exposed only a small set of pairing and ECC precompiles (EIP-196 / EIP-197 for...compression is transforming a large STARK proof into a smaller SNARK, so onchain verification becomes O(1)...
23 Min
Infrastructure
Nov 2025
Finding the Fun in Fundamentals #1 - Mythical Games
The MYTH token was launched in 2022 by the Mythos Foundation, currently sits at an FDV of $117M (down...The game has accumulated an estimated 1M-1.5M downloads and less than $200k in IAP-based revenues, placing...This Polkadot Parachain currently hosts almost 6.3M total accounts and roughly 15k daily active accounts...
13 Min
Gaming
Mar 2025
JTX: Solana’s New Trading Layer
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22 Min
DeFi
Jul 2026
The Public Crypto Accumulator Era - Part 1
It is becoming a programmable treasury layer; a capital strategy for public companies....This is Part 1 of a two-part series, focusing on this growing trend....It comes down to a two-layer filter: Institutional infrastructure readiness – the ability to absorb...capital components: $361 million from the PIPE raise, $64 million from pre-funded warrants, and a $1...
31 Min
Macro & Markets
Jun 2025
Intuition Protocol: Building the Internet’s Trust Layer
The system is closer to the game-theoretic consensus of Layer 1 blockchains than to a simple DeFi protocol...This creates a valuable layer of social capital and reputation....The answer lies in the application layer....According to Semrush, AI Overviews appeared in 13.14% of all Google searches in March 2025, up from just...
26 Min
Infrastructure
Sep 2025
ZKsync: Building a Trustworthy Settlement Layer for Institutional and Sovereign Finance
The Airbender prover, built on a RISC-V zkVM, can sustain over 1 million transactions per day for less...1....The September 1 deployment of Interop Messaging and Fast Subjective Finality to the mainnet delivered...Using Blitzar’s GPU acceleration, Proof of SQL can execute analytical queries on over 1 million rows...The economic layer is also catching up.
18 Min
Infrastructure
Dec 2025
The Dark Night Rises - Part 1
Inflation is a lot more under control than it was 12-18 months ago — but there’s still a risk that easing...At the same time, inflation is a lot more under control than it was 12-18 months ago....-1.3T per year just to service the current US public debt load....-15% annual returns to outpace this loss in future purchasing power.
23 Min
Macro & Markets
Jul 2024
Zetachain Part 1: A Competitive Landscape of Blockchain Bridges
After launching in late 2022, Radiant has become the #8 money market by TVL and the #1 on Arbitrum, barely...Even with the Terra depeg happening ~1.5 years ago, this two routes still rank #1 and 2 by transactions...Consider the slide below (from our Cosmos report in 2022), Chain A’s token from path 1 is not fungible...
51 Min
Layer 1 / L1
Jan 2024
WTF Is Anoma? Part 1: WTF Are Intents?
Part 1 – Intents Introduction What is Anoma? This is a surprisingly hard question to answer....image of it [+2000 USDC, -1 ETH]. ...If Alice owes Bob 1 ETH, Bob owes Greg 1 ETH, and Greg owes Alice 1 ETH, no one actually needs any “money...being created as 1 ETH and the resource being consumed as 2000 USDC.
23 Min
Layer 1 / L1
Aug 2023
Arbitrum Nitro: Building On Year 1
What actually happened is that these alt-EVM layer 1s got a significant amount of users as people left...Since January, the broader market has seen a decline of around 1/3 of active addresses/users....For example, Arbitrum has ~1 million created addresses and 65% have been used on Ethereum....L2s make up around 1-3% of the gas fees paid on Ethereum.
18 Min
Layer 2 / L2
Aug 2022
Is Fuel The Best Modular Execution Layer?
You may have heard the Fuel pitch; the fastest modular execution layer ever. Bold claim....A core pillar of modular execution layers is to be verifiable....These factors form the foundation of Fuel’s modular execution layer vision and the FuelVM....of a rollup with the primary goal to scale a particular base layer.
16 Min
Layer 1 / L1
Jul 2022
From 1 to 100: What the Future Holds for DEXs
Base Case Using our methodology, we estimate volume of $14.83T (spot-based DEXs) and $56.46T (derivative-based...The corresponding estimated gross revenue would translate to $14.83B and $56.46B, respectively, assuming...Corresponding gross revenue would be $6.55B and $16.09B, respectively.
9 Min
AMM
Jan 2023
ATOM Outperforms Major Layer-1s Amid Market Drawdown
There’s an exodus of C-suite executives from Celsius, ATOM has been outperforming other layer 1s, and..., major layer-1s are still battered....When compared to their previous ATHs in November 2021, the majority of layer-1 tokens are deep in negative...
4 Min
Layer 1 / L1
Sep 2022
Valuing Layer 1s - Memes, Money, or More?
That’s enough to offset around 1% of inflation annually, which I netted out in the graph above. ...It was capped at 1 SDT per transaction, accounting for a very small portion of revenue....So for every $1 of UST minted, exactly $1 of LUNA is burned. ...Your Nakamoto coefficient could be a trillion though, but if their cumulative stake is $1 I could overtake...
30 Min
Proof-of-Stake
Apr 2022
Policy Paper Series (Part 1): Reframing How We Look at a Crypto Legislative Solution
Premise The U.S. crypto regulatory dialogue needs a fresh approach.[1] In this series of papers, we explore...” approach (e.g., to focus regulatory attention on the “app layer” as opposed to the “base layer” (or...at the base layer that cannot be met.
35 Min
Policy
Mar 2023
Art Blocks Curated Series 1 NFTs Rise Amid Bear Market
FTX CEO Sam Bankman-Fried (SBF) told investors Alameda owes $10B to FTX....📊 Art Blocks Curated Series 1 NFTs Rise Amid Bear Market During the last week, floor prices for...and 12 ETH respectively....Other collections in Art Blocks Curated Series 1 have also seen price increases.
4 Min
Art
Nov 2022
Flashing A Light On The Dark Forest - Part 1
The focus of these solutions ranges from innovating at the base-layer’s consensus design, creating new...Imagine the average gas fee is $1....If the average gas fee is $1 and there is a $1,000 profit opportunity on the line, the arb bots can basically...Before we run through the steps, let’s first define the participants, of which there are three – 1) Searchers...
13 Min
MEV
Oct 2021
Layer 2: Rollups
In this report, we look at how the Layer 2 ecosystem is shaping up and dive into the varying rollup solutions...In order to unlock the next phase of growth, the scaling torch has been passed over to Layer 2s, led...
1 Min
Infrastructure
Dec 2020
Top Performing Layer Ones, Market Metrics, and Axie's Sharp Growth
Top Performing Chains Polygon (MATIC), Solana (SOL), and Fantom (FTM) are the three best performing Layer...1 smart contracts platforms in 2021 so far....Looking at cumulative fees earned from the marketplace and breeding, Axie earned $1 mn in fees between...1/7 As a part of the #AlphaLaunchpad incubator program announcement series we’re excited to share that...
4 Min
Infrastructure
Jun 2021