Reports577 results
Zora: Can't Stop Coining
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...
40 Min
DeFi
Aug 2025
Sui’s Q2: On-Chain UX Primitives, BTCFi Expansion, Scaling Production
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...
12 Min
Infrastructure
Aug 2025
Inside Avalanche L1s – The Avax Ecosystem
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...
18 Min
Infrastructure
Jul 2025
The Rise of Prop AMMs on Solana
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...
24 Min
Spot Exchange
Jul 2025
Sanctum: Solana's Overlooked Fundamentals Play?
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...
10 Min
DeFi
Jul 2025
Bigger Than Binance: How Pump.fun's $1.3B Raise Sets Up Crypto's Most Hated Rally
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....
30 Min
DeFi
Jul 2025
Engineering Real Credit Onchain: The 3Jane Bet
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...
18 Min
DeFi
Jul 2025
Vertical Integration vs. Creator Alignment: Pump.fun and Raydium's Battle for Solana's Memecoin Economy
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....
16 Min
DeFi
May 2025
The Future of Order-Book Liquidity (Part II - deUSD)
Elixir introduces deUSD, a synthetic dollar backed by stETH and short ETH-PERP positions, enabling delta-neutral yield generation. Users can participate in Elixir’s ecosystem by supplying liquidity or...
12 Min
Orderbook
May 2025
The Path to DeFi's ETF Moment: The Rise of Morpho, Curators, and Mullets
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...
26 Min
DeFi
Apr 2025
Programmable Asset Ledgers Will Eat The World
Programmable asset ledgers will eat the world. The following essay explains how....
25 Min
DeFi
Mar 2025
Beyond the $HYPE: An Objective Analysis of Hyperliquid
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...
17 Min
DeFi
Feb 2025
Into the Clanker-Verse
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...
14 Min
DeFi
Jan 2025
The Year Ahead for DeFi 2025
The report outlines critical trends, innovations, and challenges expected to shape the decentralized finance (DeFi) landscape in 2025....
72 Min
DeFi
Dec 2024
Liquity v2: Evolving Onchain Leverage
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...
20 Min
Debt-Backed (CDP) Stablecoins
Nov 2024
The Stablecoin Manifesto
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...
45 Min
Stablecoins
Nov 2024
Elixir: Democratizing Liquidity Provisioning in the Age of Orderbooks
Elixir enables anyone to provide order-book liquidity. In the same way that Uniswap democratized access to liquidity provisioning via AMMs, Elixir wants to do the same for order-books....
14 Min
Orderbook
Oct 2024
The Fat Wallet Thesis
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...
32 Min
Wallets
Oct 2024
Markets Will Save The World
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....
66 Min
DeFi
Oct 2024
The Inefficient Market Hypothesis
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...
43 Min
DeFi
Sep 2024