SBF borrows big from Aave and YFI volatility ensues. We try to piece together the strategy of one the top traders in crypto using on-chain data....

As the DeFi sector started to cool down following triple digit percentage gains, yEarn’s ability to generate cash flows has deteriorated. The yEarn core team announced the initial spec for yVaults v2,...

In this report, we explore an eclectic mix of the artists contributing to the growing Crypto Art ecosystem. We provide an overview of the marketplaces currently available, as well as brief commentary...

October 15th is the final extension deadline to submit tax returns for the 2019 tax year. Our team felt it would be helpful to put together a brief report to help all our clients better understand thi...

Breaking down the BitMEX takedown and its implications for DeFi and crypto writ large. Perhaps neither bullish nor bearish, it serves as a reminder there may have to be some compromises along the way...

Continuous securities offerings are a way to align incentives between a company and its key stakeholders more directly in a world in which strong community engagement will become increasingly importan...

In our recent report on Nexus, we discussed the opportunity and importance of smart contract insurance to hedge technical risk. There are other forms of risk in need of mitigation as well though, and...

The composable nature of Ethereum begets the layering of defi primitives and assets. One clear, but a generally underappreciated example of this is smart’ stablecoins. While catalyzed by the yield far...

For our Sept 2020 analyst call, we spent time covering our recent Mystic Axie purchase and our proposals for the DXdao, PowerPool, and Pickle communities....

In our new report, we made three proposals to DXdao. This model contains the formulas for the new governance methodology and bonding curve shape that we proposed....

Since the release of our report in August, the engagement we’ve encountered from DXdao’s community has been nothing short of incredible. In this follow-up, our team presents three proposals focused on...

Shroom Finance proposes to be a 100% community owned DeFi protocol, governed through a DAO, that focuses on in-game asset minting, launches, and trading. The platform could ultimately become a useful...

On the back of Keep Network re-launching tBTC, we take a look at the latest developments and what to expect given the high demand for tokenized BTC on Ethereum....

We designed this tool to help our Institutional+ members quickly compare the rarity of different Mystic Axies. We'll be adding more functionality in future releases....

Last night our team purchased 5 Axies for 473.5 ETH (worth ~$159k at the time). Here's why we're so excited about this investment....

Financial markets are increasingly driven by global policy rather than underlying fundamentals. Elevated intermarket correlations between major asset classes puts financial markets on fragile ground,...

We propose a comprehensive, long-term oriented model that charts a sustainable path forward for the community heading into the mainnet launch of the PowerIndex....

Pickle is a new protocol with the basic goal of using farming incentives and strategies to bring stablecoins back to their pegs. This strategy is cycle agnostic and can generate alpha in DeFi bull or...

While moats are crucial to long-term value accrual and sustainability, DeFi’s open, permissionless nature makes it difficult to establish moats due to the possibility of forking. We explore four unfor...

In this report, we dig into Bitcoin’s outlook amidst an uncertain macro backdrop. We unpack notable long-term miner, exchange, and holder base metrics, as well as touch on where Bitcoin could move in...