While CT chases the next perps protocol, traditional options just printed their 6th consecutive record year—processing $185B in July alone. Yet crypto options remain dominated by a single CEX (Deribit...

After nearly an entire decade, the crypto space is coming full circle back to the age-old narrative of facilitating cross-border payments and onboarding the institutions. From the proliferation of sta...

Circle and Tether's moat is eroding. As distribution trumps network effects and white-label providers commoditize issuance, chains and apps are internalizing the yield that once flowed to incumbents,...

Every system for discovering truth - science, journalism, capital markets- all run on incentives. Prediction markets make those incentives explicit....

This is not a technical explainer, it’s an EV-weighted, liquid allocation framework for positioning ahead of two potential Solana perp DEX winners. Bullet is the more proven, lower-variance, closer-to...

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...

As the U.S. move into the back half of 2025, the Treasury is preparing to refill its General Account (TGA). The TGA refill process is likely to begin within the next couple of weeks and has historical...

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...

This report explores the transformative shifts in crypto secondary markets, driven by regulatory advancements like legislative progress, spot ETF approvals and the resurgence of crypto IPOs. This driv...

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...

Deep dive analysis: How Pump.fun's $1.3B raise at maximum pessimism creates crypto's most compelling contrarian TGE. $780M revenue, steep valuation discount, and hated rally setup analyzed....

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...