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...

This conversation features Yan Liberman (Delphi Ventures), Oleg Ivanov, and Omar-Shakeeb (SecondLane), and addresses common misconceptions, deal logistics, valuation dynamics, best practices, and regu...

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...

Story Protocol offers an exciting, forward-thinking vision for intellectual property management in an AI-driven, digital economy. Rather than extending outdated legacy systems, Story takes a bold leap...

Celestia has the tech and the thesis. What it doesn’t have is validation. It needs one breakout rollup, one app with traction and DA needs big enough to matter. That’s what turns the narrative into fe...

While the broader Web3 gaming market has been struggling, a handful of extremely well capitalized teams have seen their valuations retrace significantly from their early 2024 highs. Among them, MON Pr...

Programmable asset ledgers will eat the world. The following essay explains how....

EVM chains have forever been optimizing for scalability but have always lagged behind alt VM chains like Solana, Sui, and Aptos when it comes to throughput and latency. But now we have a lineup of sev...

We believe that over the next 12-18 months there will be increasing interest in gaming projects that prioritize sustainable monetization over speculative hype. This report examines Mythical Games and...

Is the market fairly pricing Hyperliquid? This comprehensive analysis breaks down Hyperliquid's three-pillar architecture — perps trading, spot markets, and HyperEVM — and aims to highlight the headwi...

The AI application bubble has only just begun. RL, distillation, inference time compute: the cat is out of the bag. Even if models were not scaling along four vectors (which they are) and the capabili...

If the appchain thesis holds and every major app launches its own L2, they’ll need more than just pure infra; they’ll need a full-stack solution. This is where Initia steps in—offering customization w...

Welcome back to Market Musings, our weekly memo covering timely market happenings. A lot has happened in the short period of time since last week’s Musings, so let’s hop straight into it! The centr...

History suggests that markets often favor solutions that deliver tangible value, even when they involve calculated trade-offs. The success of Solana, despite initial centralization concerns, shows how...

Welcome back to Market Musings, our weekly publication designed to keep our readers informed about the most important and timely developments in the crypto market. It has been a while since our last p...

One of the biggest risks heading into to 2025 was that just about everyone was bullish. When consensus starts to gravitate towards one side, it doesn’t take much to rock the boat. Now, just over two w...

Virtuals has established itself as the casino of choice on Base, with fundamentals that measure up nicely to PumpFun and AI16z. Clanker has an emerging ecosystem that warrants consideration here as we...

2025 is poised to be a big year for both DeAI and DePIN, two crypto sectors we expect to continue outperforming as Bitcoin charts it’s course into the unknown. We expect 2025 to be the year where main...