Price action following the COVID crash saw DeFi outperform pretty much every asset. Since then, DeFi has generally not shown any meaningful strength against the rest of the crypto market. That is, unt...

🔍 USDC De-Pegs & Bitcoin Rallies If you haven’t been living under a rock, you’re probably inundated with headlines spelling […]...

Trader Joe’s LB introduced a novel innovation that created an alternative model of concentrated liquidity and provides more flexibility for LPs. Its unique implementation of a constant sum invariant w...

Airdrops are one of the most sought-after events for users of on-chain projects. It’s the distribution of a protocol’s token, often to historical users. The aim is to reward loyal users and encourage...

Investors are people, and they, too, underestimate the likelihood (and duration) of bad things happening. So far, 2023 is shaping up to be a case study in this kind of wishful thinking....

Implementing leverage in crypto is not easy. Many current platforms use middle-term solutions or large off-chain components. Crypto leverage trading therefore lacks the composability and permissionles...

All in all, 2022 was a year of survival for Maker. Their fundamentals took significant hits, but so did the rest of the market. Their dominance in the stablecoin sector is as of yet unchallenged, and...

Radiant Capital aims to be a one-stop money market where users can deposit and borrow across multiple chains seamlessly. While money markets like Aave exist on many different blockchains, they don’t h...

Yield farming, or some form of token-based bootstrapping, has become a core component of every project’s go-to-market strategy. Protocols actively think about how best to employ game theory to attract...

Arbitrum’s DeFi ecosystem is starting to look strong. Arbitrum-native projects such as GMX have outperformed during the bear cycle and rekindled the spirit of experimentation and composability. Arbitr...

🔍 SEC vs. BUSD by Paxos Stablecoins are one of crypto’s most impactful innovations. It’s one of the rare products […]...

DeFi options have failed to take off. While we can point to the success of dYdX as a blueprint for perpetuals, or GMX for synthetic margin trading, there is no single DeFi options venue that has achie...

Frax Finance is a household name for seasoned DeFi users. In the last year, they’ve launched Fraxlend and Fraxswap alongside several other products. This post will look at Frax’s newer product launche...

In our Year Ahead report for DeFi, we examined the thesis for so-called DeFi blue chips and their ability to bounce back from a tough year. Aave is one of those projects, and one that virtually everyo...

Thales is leveraging the power of parimutuel markets to build easy-to-understand derivatives, prediction markets, and sports betting. This report will analyze what makes Thales unique from its predece...

The issues that plagued centralized exchanges (CEX) in their infancy have still not been eradicated. In the grand scheme of things, we’ve made some vast improvements to CEX performance. Some are bette...

In this report, we analyze the ETH staking market from a business and financial perspective. The end goal of this exercise is to try and ascertain these protocols' potential for value generation....

🌅 Welcome! The U.S. Department of Justice is seizing Sam-Bankman Fried’s Robinhood shares. Elsewhere, Genesis tells clients that it needs […]...

We titled this year’s report The Great Reset because we believe that’s what 2022 represented for crypto – a great reset in prices, expectations, and speculative interest all across the industry. Every...

Although protocols using RWAs currently comprise a small part of DeFi, the potential of this sector has a high ceiling....