Given this unique topology, the following analysis will employ a sum-of-the-parts approach that values...Technical Risk: There are a handful of technical risks associated with building on the HyperEVM....While both VMs are technically secured by the same HyperBFT consensus, their execution characteristics...

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.

Balance Sheet Analysis Note: USDT and TUSD are not included in this analysis as there is no detailed...This analysis can reduce information asymmetry, preventing excessive losses during events like USDC’s...

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....Vertex’s UX is impressive, and the technical achievements are undeniable...., Ashwath Balakrishnan, and Brian McRae for editing; and to Christian Cioce for assisting with data analysis...

Breaking down the state of the crypto market....

Two factors make this possible: technical performance and liquidity depth....While Aptos is home to dozens of protocols across lending, DEX, and liquid staking categories, our analysis...Note: The following yield analysis reflects data captured during rolling 30-day periods throughout July...and August 2025 when this analysis was conducted.

In this report, we take a look at how the Ethereum ecosystem is holding up in light of the DeFi cool down and the market cycle rotation of alts into BTC with the favorable macro environment. We dive i...

The developments made during the bear market are paying off. Innovation on Ethereum continues at a torrid pace thanks to the composability of lego blocks built in DeFi. In this issue, we dive into var...

Aside from the technical breakthroughs it represents, at a more fundamental level, Bitcoin is an idea...We then extended this analysis to include capital inflows from other potential sources, like individual...The analysis below shows the risk-return profile of several allocation scenarios, measured from January...

Pseudonymity was always a weak substitute for privacy, and the chain analysis industry has spent a decade...Not obfuscation that sophisticated analysis can pierce. Actual encryption. Mathematical guarantees....It’s nonexistent now, given the sophistication of chain analysis....One degrades as analysis techniques improve. The other doesn’t. Then there’s quantum.

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...

But the key question is no longer whose model is technically superior, it has shifted to how these models...is operating a 24/7 hedge fund, with each agent collaborating on investment strategy, on-chain data analysis...agent ecosystem quickly growing, ACP’s future success will hinge on its ability to: Address emerging technical...

Our analysis modeled a sizable 12% airdrop, but the team could opt for a smaller initial distribution...Our valuation analysis also supports this contrarian view....Deep dive analysis: How Pump.fun's $1.3B raise at maximum pessimism creates crypto's most compelling...

On April 18, an attacker exploited KelpDAO’s LayerZero-powered cross-chain bridge to release 116,500 rsETH ($292M), roughly 18% of the supply. Rather than dumping the tokens in an illiquid market, the...

It has to be both technically sophisticated and accessible to your average consumer. ...Complex installation procedures require technical expertise....Only technically sophisticated users with dedicated hardware can meaningfully participate....Order book analysis happens on user devices rather than remote servers.

Instead of agile sprints, they navigate a technical obstacle course that transforms promising ideas into...The promise of “permissionless composability” often ends up as a technical hurdle in practice....These technical hurdles have undermined app development to a severe degree, but they’re only part of...

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...

From a technical perspective, after such chaotic and volatile moves, it typically takes some time for...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...

Shuffle ($SHFL) fundamental analysis: Transparent cash distributions, defensive characteristics, and...

Modular stacks strip apart the following tasks into separate technical components: Data Availability...A more detailed analysis can be found here.  Note the timing/cost tradeoff here....Both have interesting technical and social arguments which I’ll dig into later....“Most of the stuff in the blockchain is opinion things as it turns out and less about technical stuff...