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Equity Perps Are Where Crypto Perps Were in 2024
King Were in 2024 Where Crypto Perps Equity Perps Are Analyst, Delphi Digital Trevor King...Equity perps today look like crypto perps in 2024....The same is likely to happen with equity perps....froze markets today and assume no innovation, the picture is pretty dire but I think if this is the future...
DeFi
Mar 2026
Sizing The Bet: Next Gen Solana Perp DEXs
...inclusion not always being guaranteed and where in the block you get placed, is what plagues Solana L1 perp...Because even if Solana’s next generation perp DEXs, Bullet and Bulk, don’t compete with the likes of...For now, I will just use the two main Solana perp exchanges as proxies.
21 Min
Perpetual Futures
Oct 2025
DYDX Valuation Analysis & DEX Perps Comparison
Bull Case Our bull scenario sees DEXs finally overtake CEXs in total futures volume in 2027....This scenario holds the total futures volume (CEX+DEX) constant, meaning DEX volume is a result of CEX...Funding rates can be positive or negative and increase as the price of the futures contract diverges...
40 Min
Derivatives
Jul 2023
The Rise of NFT Perpetual Futures
Introduction Crypto derivatives refer to financial contracts, such as futures and options, that derive...There are many derivatives that exist today, but in this report, we will focus on perpetual futures,...In fact, during the peak of the last bull market in Q3 2021, perpetual futures saw over $13T in volume...
23 Min
NFTs
May 2023
Somnia: Building for the Future of Onchain Applications
...expressed is through Pumpfun, which ultimately facilitates interaction with an uncapped amount of past and future...extension, its community of token holders) could retain an equity, token, or claim to a portion of future...
34 Min
Infrastructure
Aug 2025
Avalanche L1s: Powering the Future of Appchains
In theory, the ideal appchain solution powers a future of interoperable chains, where each chain can...Avalanche recognized this early, paving the way for such a future since its launch in 2020. ...ACP-103: Introduced a dynamic fee mechanism to the P-Chain, previewing a future transition to a multidimensional...
22 Min
Infrastructure
Jun 2025
USD.AI: Financing the Future of AI Infra
Crypto x AI has a lot of hype, but has yet to deliver anything of substance. USD.AI combines DePIN, AI, and stablecoins into a powerful new concept of InfraFi. It offers an alternative to a suboptimal...
14 Min
Infrastructure
May 2025
The Future of Onchain: The Age of Tokenization & The Token Identity Crisis
In future reports, we will be diving deeper into this thesis and these protocols....The future of Onchain applications lies in bringing high-friction, high-barrier-to-entry financial vehicles...These protocols will be enabling the future and thus should be pertinent to us in the present.
20 Min
Other
May 2025
The Future of On-Chain Liquidity
They all tie into each other and will be vital to the future of on-chain liquidity....Labs following UniswapX’s launch, with plans to make the quoting system fully permissionless in the future...While Aori doesn’t have a token, there is a possibility of them releasing it in the future.
31 Min
Spot Exchange
Sep 2023
BRC-20s: The Past, Present, and Future
For example, someone shorting a DeFi token on a decentralized perp exchange will not count as an ERC-...BRC-20s Into the Future If we use the growth of ERC-20s as a model for BRC-20s, we can make some interesting...speculation-based metrics could give this model unrealistic expectations regarding how BRC-20s will behave in the future...
25 Min
Layer 1 / L1
Jun 2023
The Future of ETH Liquid Staking
The Future of ETH’s Liquid Staking Protocols Before exploring projections, it is important to consider...smaller deviation from the actual issuance amount, the model will later utilize this value to calculate future...points, we formed a model of how ETH supply, LSD dominance, and staked ETH yields will look in the future...
15 Min
Liquid Staking
Jan 2023
NFT Photography and the Future of Digital Art
...members enjoy exclusive access to the RAW DAO private Discord channel and receive priority access to future...The Future of NFT Photography Post-Photography Trend There has been $50M worth of NFT photo sales since...
24 Min
NFTs
Apr 2023
The Launchpad Wars: Pump.fun, Raydium, and the Future of Solana's Memecoin Economy
...effectively killed the single largest driver behind Raydium’s growth over the past year and redirected that future...That means moving forward, all future Pump tokens will initially deploy on PumpSwap....quality launches — pump.fun (@pumpdotfun) March 20, 2025 Their fee structure offers further insights into future...
16 Min
DeFi
May 2025
BTQ Technologies: Securing Crypto’s Future Against the Quantum Threat
Enter Bitcoin Quantum (BTQ) – the strategic bridge to a quantum-safe future....As major world powers like the EU, USA, and China pour unprecedented capital into securing this future...BTQ: The Strategic Bridge to a Quantum-Safe Future Technical Architecture That Works in Practice The...This set of data is the necessary prerequisite for any future, successful BIP. ...
28 Min
AI
Dec 2025
Bitcoin - Back From the Future
Of course, the past does not necessarily predict the future....Now, Bitcoin has entered the mainstream, macro events impact it, regulators grapple with it, and the future...That is where this report will focus — on Bitcoin’s future....These three factors make it hard to assess the historical and future effect of the halvenings on Bitcoin...
17 Min
Layer 1 / L1
May 2023
MCDEX: The New Kid on Perp Street
The New Kid on Perp Street MCDEX is an on-chain platform to trade futures and derivatives....MCDEX’s volume on Arbitrum was primarily ETH, but BSC traders traded more notional volume on the ETH perp...There’s been a fair amount of volume for BTC perps as well.
4 Min
DeFi
Oct 2021
An Update on DeFi Perps
Perpetual futures continue to be crypto’s most popular financial instrument....It’s clearly evident that perpetual futures are incredibly important for crypto — and now they’re making...That report highlighted projects building out perpetual futures and discussed how their designs differed...mainnet in the near future.
6 Min
Perpetual Futures
Jul 2021
Bitcoin Update: Reflecting on 2022 and the Future
If so, they will significantly shift downward in the future....Considering Taproot, Taro, Lightning, the African market, and — far in the future — the potential for...zk-rollups on Bitcoin, the future seems bright.
14 Min
Proof-of-Work
Jan 2023
PERP 2.0: Redesigning A Success
...this level of traction into perspective, Perpetual Protocol is currently the largest decentralized perps...Over the past 30 days, Perp Protocol ranks 7th in protocol earnings as seen below, according to data...standpoint, this is particularly significant given the fact that other competitors such as MCDEX and Futureswap...
7 Min
Perpetual Futures
Jul 2021
From 1 to 100: What the Future Holds for DEXs
In this report, we look to examine what the future of DEXs could look like if the past few months act...Forecasting Model for DEXs To understand what the future could hold, we built a forecasting model using...It’s far from perfect, but it does allow us to “guesstimate” what future volume and corresponding gross.../perps DEXs.
9 Min
AMM
Jan 2023