For most of its history, Bitcoin has been passive. Trusted, widely held, but underutilized. Hundreds of billions of dollars in BTC sat in cold storage or exchanges, doing little beyond simple transfer...

Crypto is closer than ever to a breakout consumer app. This report reflects the industry’s shift in focus, discussing the applications poised to onboard the masses....

Sport.Fun has quickly become one of the hottest consumer apps in crypto. It combines new-age market primitives with strategic gameplay, creating an engaging user experience. Fantasy games like FPL...

Structured credit has always been defined by its bottlenecks. Verification takes weeks. Monitoring happens on a delay. Enforcement relies on intermediaries coordinating across disconnected systems. Th...

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...

RWAs are quickly becoming one of the strongest narratives in crypto. Treasuries, equities, credit, and even state-backed stablecoins are moving onchain, with more than $30b now tokenized. Institutions...

Stablecoins have quietly become one of the largest payment rails in the world, settling more than $18 trillion in 2025, surpassing both Visa and Mastercard. What started as collateral for crypto tradi...

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 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...

Sui’s Q2 focused on turning past infrastructure upgrades into tools developers can actually use. Frameworks like SEAL, Passkeys, and Remora began to surface in SDKs and product flows, aimed at fixing...

The past few months have made one thing clear: Avalanche’s appchain model is working. - Daily transactions have grown 6x since January - Contract deployments are hitting 250k+ per day - Interchai...

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....