Index
Research
Reports, the Value State serial, and the foundations the product is built on.
Posts
12
Published, excluding drafts.
Series
The Value State
001–004
Latest
Jun 9, 2026
Valueverse: Aborean, Nest, and Derive added to Listing Roadmap
New Listings
Assets added to the listing roadmap — dashboards and verified metrics follow.
The Value State
Numbered serial on cashflow-first valuation.
The Value State 001
The Value State is a weekly report of financial metrics for digital assets. It tracks assets' revenue and utility highlights. We expect the industry to accelerate its shift towards tokens with real value and revenue in 2026. This is the…
The Value State 002
This week we proceed to cover financial metrics of revenue-generating digital assets: - Effective revenue multipliers - Changes relative to prior period - Reasons of these changes Financial metrics overview Below we provide Effective…
Value State 003: Valuing Cashflow Without Narratives
While the market is uncertain and major alts are close to the cycle lows, it’s a perfect time to evaluate the revenue pricing of Revenue Meta projects. TL;DR - Buyback revenue is generally more expensive than direct fee sharing (except…
Value State 004: Revenue from Volatility
During downtrends and market uncertainty fundamentals matter more than ever. In this report we explore how projects generate cashflow streams for token holders during the extreme volatility. TL;DR - veTokenomics DEXes such as $CRV, $YB,…
Reports
Token mechanics, revenue, and supply for individual protocols and topical year-end pieces.
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…
Mid-Q1: A State of Yield Basis
The recent market volatility showcased Yield Basis capacity as a key onchain liquidity source for wrapped BTCs at Ethereum (see our previous YB 2026 Thesis report). We tracked protocol operations in detail and provide this report covering…
Cryptoeconomics 2026 Thesis
Introduction The year 2025 was pivotal for crypto in terms of awareness, regulation, and adoption. At the same time, it was painful for holders and investors regarding pricing of assets, particularly altcoins. For newly-launched tokens,…
Yield Basis 2026 Thesis
In 2025, Yield Basis initiated the new Defi era of AMMs without Impermanent Loss. All recent years Defi was developing with a focus to avoiding IL: there was no real solution, and all hedging options involve a lot of effort, cost, and…
Stability for Users, Value for Stakers: Inside the Gnosis Dual-Token Model.
This article explains how GNO and xDAI work together fueling the Gnosis chain. Gnosis runs on a dual-token system: GNO, the governance and consensus token. xDAI, the stable gas token. This design separates long-term decision-making and…
Foundations
Methodology pieces and yearly theses behind the product.
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…
Pricing the Revenue: Effective Revenue Multipliers
Revenue multipliers is a common and widely adopted approach for valuing shares of companies in TradFi. During the 2025, the number of revenue-sharing assets in crypto significantly increased. The major protocols such as Hyperliquid, AAVE,…