Aave has dominated DeFi lending from the beginning. Morpho has emerged from a once-saturated competitive landscape to become the most serious challenger Aave has ever faced....

Ostium is building the decentralized broker layer for global markets, routing trades directly to institutional liquidity instead of recreating order books. The result is execution that scales with rea...

Jupiter has never raised a traditional venture round. The only known external investment is ParaFi Capital's recent $35M investment in Feb 2026, half a decade into its operations. With that near-zero...

I have received some feedback since my initial Pair Trading report talking about how pair trading can be quite destructive. Of course that is true, but that usually happens because (1) you were wrong...

Stablecoins have crossed the chasm that once differentiated them as simply a form of digital fiat into what could now be considered the rails to a new financial infrastructure for the institutional wo...

The common critique of equity perps is that funding is expensive, order books are thin, and mark-to-underlying spreads are noisy. Using 22,672 hourly observations across 13 equity perps on Hyperliquid...

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...