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...

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....

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...

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....

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...

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

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...

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...

The report outlines critical trends, innovations, and challenges expected to shape the decentralized finance (DeFi) landscape in 2025....

Are CDP stablecoins toast? They have a rich history in DeFi, but have fallen out of fashion over the past few years. Liquity appears to be a strong contender for CDP resurgence with its upcoming v2 re...

Fintechs like Robinhood and Revolut are launching their own stablecoins. Stripe just acquired a stablecoin company for $1.1B. And despite explicitly cannibalizing their own margins, incumbents like Pa...

Protocols and applications are “thinning-out”, freeing up more room for whoever owns the end user. The “Fat Wallet Thesis” asserts that as the ultimate front-end, no one is better positioned to re-cap...

This report explores how prediction markets and futarchy harness the general intelligence of markets and why they are two of the most powerful ideas to come out of crypto since Bitcoin and Ethereum....

In this report, we will take a practical look at some of the most inefficient markets that exist today and draw parallels to crypto apps exploring solutions. We will unpack zkTLS and discuss why it is...

The report discusses Paladin, a solution designed to combat predatory MEV while allowing validators, stakers to capture maximum proceeds from other MEV opportunities. We dive deeper into the Paladin b...

In an industry where the laws of competition are inherently accelerated, the concept of a moat is profoundly important. However, we currently lack the right frameworks for understanding moats, and dow...

Was ETHCC as depressing as CT made it out to be, or were there things to be excited about? We'd argue the latter, with things like DEX design, TEEs, Preconfs, Based Rollups and Chain Abstraction all b...

Astroport excels in the competitive AMM space by catering to passive liquidity providers with its advanced algo pool model. By dynamically adjusting fees and liquidity concentration, it offers superio...

Token airdrops often lead to inflated activity pre-snapshot and declines post-distribution. Data from major projects shows the need for better strategies to build lasting communities. This report sugg...