In this update, we revisit Shuffle ($SHFL), one of crypto’s most cash-generative businesses. Since our original report in July, the project has delivered ~45% revenue growth, consistent lottery engage...

Paradex represents a high-conviction bet on a fundamentally different approach to building an exchange. It’s not the easiest path and is far from consensus. Ultimately, my thesis is that we see a zero...

This chartbook examines many of the key macro & market themes that has taken place so far throughout the year. We examine the short term outlook for risk, marry it to our longer term secular marke...

Mantle Network has grown from its beginnings as BitDAO into Mantle 2.0, an Ethereum Layer 2 now closely aligned with Bybit. Built with a modular design, Mantle positions itself as the liquidity chain,...

PrismaX is creating the connective tissue to link robots and humans by aggregating the edge-case training data that robotics companies need but can’t scale in-house. Today, this market is expensive, f...

This report has everything you need to know about Zora, the most polarizing project of the cycle. Zora is the latest attempt at Web3 Social, delivering a polished consumer app and strong support from...

The concept of a "prop AMM" may seem like a contradiction. AMMs by design are open, deterministic systems. Their role is to offer clear pricing curves, transparent pool balances, and trustless access...

Sanctum is on an impressive growth trajectory and is one of the more innovative Solana projects, but it has flown under the radar and the CLOUD token has underperformed. Could its major unlocks mark t...

Geopolitical flareups, looming rate cuts and a growing institutional crypto wave are reshaping the macro landscape. From Circle’s explosive IPO to accelerating BTC ETF flows and the Fed’s shifting ton...

Shuffle ($SHFL) fundamental analysis: Transparent cash distributions, defensive characteristics, and rerating potential in unloved casino sector....

KYC is finally meeting its match. Traditional checks cost North-American institutions $64 B a year and still expose users to sprawling data leaks. Our newest Delphi Pro deep-dive shows how Zero-Knowle...

Unsecured lending is arguably the biggest missing puzzle piece in DeFi's vision to upend and rewire the financial rails of the world. In our latest research piece, “Engineering Real Credit On-Chain: T...

What began as a bold balance sheet directional bet has matured into a repeatable financial structure. Public crypto accumulation is no longer confined to Bitcoin, and it is no longer limited Microstra...

Wemade’s journey offers a glimpse into what it takes to bring Web2 gamers and Web3 economies together. While their core business continues to deliver strong, compounding cash flows, Wemix still hasn’t...

The internet is becoming a house of mirrors.  Those concert tickets for your favorite artist that sold out in seconds? Snatched up by scalper bots. That attractive dating profile you just matched w...

The transition to RoG-based frameworks reveals two fundamental vulnerabilities within the centralized cloud computing model. The first is blind trust: current cloud platforms do not provide hard evide...

The regulatory environment for crypto has never been more bullish. With the SEC dismissing case after case against DeFi and crytpo, as well as Paul Atkins becoming the new SEC chair, the growing deman...

Pump.fun is vertically integrating Solana's memecoin economy through PumpSwap, capturing billions in trading value previously flowing to Raydium. Now controlling both token creation and trading, Pump....

We are witnessing the slow, structural inversion of crypto’s power dynamics. From infrastructure-heavy protocols with bloated valuations and abstracted use cases, to application-first ecosystems that...

DeFi Curators - Steakhouse Financial, Gauntlet, RE7 Capital, MEV Capital, Block Analitica - are an overlooked, yet lucrative business that is well positioned for growth as DeFi becomes more fintech fr...