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Reports & Articles

Beyond Tokenisation: Making RWAs Useful Onchain
These days, it’s all about RWAs, with a race involving every protocol and ecosystem, rushing to list new assets and boasting about their market size or…
The Evolution of RWA Trading Onchain: Variational Swaps
Perpetual futures (perps) have become one of the strongest instruments for digital asset trading.
Solving the Cold-Start Problem in Fixed-Rate Lending
This excerpt is from our research on Fixed-Rate Lending: Market Structure and Protocol Design, highlighting new and emerging designs in the category.
The Expanding Business Model of Blockchains
Selling blockspace is no longer a defensible business for blockchains.
The Birth of Bitcoin-Native Finance: Turning Idle BTC into Productive Capital
The Birth of Bitcoin-Native Finance: Turning Idle BTC into Productive Capital
The Broken Link between Protocol Revenues and Token Performance
Since the beginning of the year, crypto protocols have cumulatively made $7.42 billion in revenue.
The New Security Bar for Onchain Finance
Private Today, Durable Tomorrow
Prediction markets as option-like instruments
This article is an excerpt from our research on The Renaissance of Onchain Options, mapping the expansion of options (and prediction markets) as a…
Putting RWAs to work in DeFi
The growth of RWAs has led to over $32 billion of assets flowing onchain.
Options from a Builder’s Perspective
A Gap Analysis with Interviews from Rysk, Derive, Panoptic, and GammaSwap.
The Rebirth of Onchain Options: An Ecosystem View
This article is an excerpt from our research on The Renaissance of Onchain Options, mapping the expansion of options (and prediction markets) as a…
Privacy Ecosystem on Solana
This article is an excerpt from our research on the Full-Stack Privacy Ecosystem.
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