Given this unique topology, the following analysis will employ a sum-of-the-parts approach that values...Unlike spot markets, the addressable market for perps listings is not tethered to native assets on a...find a resting state at 6% and 15% respective market share (2) HL grows its DEX market share to 75%...Is the market fairly pricing Hyperliquid?

...in providing a safe haven for investors and serving as the asset of choice across exchanges, lending markets...Currently, the total value of stablecoins stands at $135B, representing ~10.5% of the entire crypto market...Reverse Repurchase Agreements, Money Market Funds, and Non-U.S.

A comprehensive analysis of Blur, including potential cash flows and valuations that can be tied to the...A Comprehensive Analysis of Blur Blur has been able to achieve a level of product-market fit that has...For analysis purposes, we assume that Blur turns on the fee switch....Our analysis paints an optimistic picture.

For this analysis, we took a conservative approach, assuming 60% of the esGMX supply reaches circulation...For this analysis, 100% of fees are included as earnings....Fuse was a permissionless money market where anyone could deploy a lending market and configure parameters...fit and lure market makers to the platform.

Welcome back to Market Musings, our weekly memo covering timely market happenings....market environment....the broad crypto market)....the crypto market....Market prices react when something causes a change in market expectations....The central theme of last week’s Musings was the catalyst driven nature of the current market environment...

Where does that leave markets today?...in crypto markets to continue....Long time readers will know how much emphasis I place on order flow, volume, and simple price action analysis...Volume and price are the basis for most indicators and financial analysis, so going to the source makes...to shorter timeframe analysis....turned into a tale of two markets.

, we take a look at how the Ethereum ecosystem is holding up in light of the DeFi cool down and the market...

markets....The market structure shift we discussed in the previous editions of Market Musings has solidified with...So far for the last year, the market has been very clear....Last cycle we had stables grow from $5-$10bn market cap to nearly $200bn market cap at peak.

Since my last alpha feed post, Pengu has basically dumped and revived in the span of a few months. This post provides an update on Pengu changes and examines what might be driving the recent volatilit...

Recent Parallel Timeframe & Move Magnitude The synchronized timing supports direct comparative beta analysis...To assess whether Bitcoin’s recent drawdown is exaggerated relative to broader markets, we examine its...Importantly, the recent BTC decline (Aug 13-18) appears elevated relative to equity market softness,...

Apps like Pendle have found product market fit by allowing users to speculate on the points market....A complete analysis of cost structure differences can be found in Teleport’s Ridesharing Econ 101....There is no marketing budget; restaurants market to nearby restaurants and grow the business through...Location data is an estimated $12B market.

The core problem is that illiquid markets = inefficient markets....the market....Prediction markets do something similar for markets....Decision markets are essentially parallel markets for governance tokens....has anyone done an updated analysis on % of cex-dex volume that @FrontierDotTech did ~1.5 years ago?

The developments made during the bear market are paying off.

...discussed many of them in detail in some of our prior reports, which complement the commentary and analysis...There’s 3x more money held in US money market funds compared to BTC’s market cap....When everyone believes the market is PvP, then the market indeed is PvP....Our Year Ahead for Markets - 2025 does just that....for markets.

...important and timely crypto market happenings....BTC Market Structure — Market Structure Shift Solidified When looking at BTC price action on the higher...For more information about low/high volume nodes, market structure, and auction market theory, check...What are prediction markets? What are the different types of prediction markets?

We dive into the kick-off of the multi-year transition to ETH 2.0. The launch has partially fueled an ETH rally for which we dig into deeper and we also cover the growth of DeFi underpinning the succe...

...important and timely developments in the crypto market....It’s not been the bull market many had hoped for....Market Structure Musings While markets were certainly experiencing some excruciating pains last week,...This is very much like the market. Most of the time.

One reason this may be especially appealing to investors now is all the discussion around a “market top...unlike money markets which just facilitate liquidity against existing assets....Yet DeFi today is almost entirely money markets, not very productively deployed capital....This makes sense given all our markets are liquid. ...

...important and timely developments in the crypto market....But the inflation and labor market data show an evolving situation....Stablecoin market cap was ~$5 billion at the time....Delphi’s Market Matters (Delphi Research) The crypto markets are teetering on a knife’s edge.

...important and timely developments in the crypto market....Market Structure Musings – Will History Rhyme?...When we look into the market structure landscape, historical seasonality exhibited by these markets,...BTC Rally Breathes New Life Into Broad Crypto Market Two weeks ago in our July 15th edition of Market...