Research

Published analysis of token cashflows, eligible holder populations, and value-capture mechanics.

Oct 28, 2026No. 015

The pearls of $PRL: Economic features of $PRL and Pearl in a nutshell

Let’s surface the Pearl. The Pearl is a decentralized network that allows miners to turn results of matrix-multiplication computational tasks into verifiable Proof-of-Work. The core innovation: miners can secure Pearl's consensus simultaneously producing work that is economically valuable beyond block production. Bright minds made fantastic work on explaining how it exactly works. Thank you Pearl team for your articles, as well as community members @brezshares @ZanaVentures @sigmaxavi…

Mar 9, 2026No. 014
Onchain Intelligence Value Chain
Deep Context is the last bottleneck for hedge-fund-grade AI. TL;DR: 1. Deep Context Data is the key to turning AI into a hedge-fund-grade capital allocator. 2. AI isn't the bottleneck at the decision layer. Deep context is. 3. Deep Context data availability unlocks a massive AI productivity gap → from analysis to capital allocation decisions. Deep Context Problem introduction AI models and abundance of onchain data in free and paid APIs/MCPs allows one to easily build vibecoded dashboards and…
Feb 27, 2026No. 013
Revenue on Base
Base is one of the most rapidly developing on-chain ecosystems capturing attention, capital, and acting as a proof-of-concept that artificial onchain life exists. TL;DR Base apps' revenue structure can be framed as a "solar system": value is captured across interconnected layers, with flows between them. DeFi: Base-native protocols increasingly compete with external deployments, helping retain revenue within the ecosystem, while large multichain players often extract value outward. AI:…

Research

The pearls of $PRL: Economic features of $PRL and Pearl in a nutshell

Onchain Intelligence Value Chain

Revenue on Base

Research

The pearls of $PRL: Economic features of $PRL and Pearl in a nutshell

Onchain Intelligence Value Chain

Revenue on Base

Mid-Q1: A State of Yield Basis

Value State 004: Revenue from Volatility

Value State 003: Valuing Cashflow Without Narratives

The Value State 002

Pricing the Revenue: Effective Revenue Multipliers

The Value State 001

Cryptoeconomics 2026 Thesis

Yield Basis 2026 Thesis

Stability for Users, Value for Stakers: Inside the Gnosis Dual-Token Model.

Pendle: Where Governance is Yield

$ENA: The Yield-Bearing Engine of Ethena's Synthetic Dollar

$PUMP: The Meta-Meme That Buys Itself