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

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...

The developments made during the bear market are paying off.

In this report, we analyze the increased usage on Ethereum and explain the impacts of the continuation of yield farming and experimentation on various sectors ranging from DEXs to stablecoins. We also...

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...

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...

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.

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.

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,...

Market Update With L1 szn taking hold of crypto markets, DeFi coins have fallen out of favor over the...However, there are some caveats with this analysis....Further, the date range for this analysis (Sep. 2020 – Sep. 2021) is biased towards sectoral trends in...takes a hold of the market....DeFi money markets are as strong as they ever have been.

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 last several weeks have been nothing short of crazy in the crypto market....In the meantime, I wanted to put a few key trends on your radar given how quickly markets can change....In last Thursday’s market commentary note, we highlighted just how strong the recent rally in precious...

Alpha’s native token $ALPHA has suffered the worst drawdown among comparable money markets since May,...While most money markets are overcollateralized, Alpha uses leverage which allows it to generate fees...that Alpha’s utilization rates for longer tail assets (excluding SNX) is the highest among the money markets...