Intro The stablecoin duopoly is being challenged. After rapidly scaling supply from zero to over $2.2B in less than a […]...

Self-custody and censorship resistance are seldom the deciding factors for the average user selecting a crypto exchange. The collapse of FTX created a window of opportunity that DEXs have thus far fai...

Interest rate derivatives are perhaps the most underdeveloped and underexplored area in all of crypto. Interest rate projects have struggled mightily to attract liquidity, and seemed forgotten about t...

Level Finance is an oracle-based margin and spot trading decentralized exchange (DEX) that emerged following the success of GMX. Its growth has been remarkable since launching in 2023, achieving volum...

Leverage is a double-edged sword, and is frequently misunderstood in the realm of crypto trading. While it can act as a profit multiplier for disciplined traders, it simultaneously serves as the harbi...

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...

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...

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...

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...

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...

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

Has anything changed on the macro front given the macro-driven bear market? This month, the answer is…we’re getting closer....

In this report, we look to highlight some key opportunities and challenges for DeFi and spell out the reasons we remain optimistic that DeFi will thrive....

Chicken bonds are a bonding mechanism that can be applied to yield-bearing tokens to bootstrap protocol-earned liquidity while boosting yields for bonders. The enhanced yield on boosted tokens is deri...

This month’s Monthly Chartbook focuses on the macro outlook, market structure & on-chain observations, L1s, L2s, & DeFi analysis, and an NFTs & gaming sector breakdown....

Gearbox is one of the few recent 0-1 products in DeFi, bringing a more efficient approach to leverage....

After two years of free money, DeFi yields have fallen to unimpressive levels. The days of depositing stables into a Yearn vault for 20% APY seem long gone. Crypto yields are now struggling to compete...

GMX’s success has resulted in competitors attempting to replicate it with designs inspired by GMX. Mycelium (previously TracerDAO) and MUX (previously MCDEX) are two protocols designed very similarly...

This month’s Monthly Chartbook focuses on the macro outlook, market structure & on-chain observations, L1s, L2s, & DeFi analysis, and an NFTs & gaming sector breakdown....

🌅 Welcome! Two crypto draft bills are front and center today. The US is trying to ban algorithmic stablecoins, while […]...