Updates

Research No. 016

From Fundamentals to Trading Signals: The $UNI Case

Fundamentals are spreading on X. However, these numbers make no sense until you act on them. I created a simple trading strategy that uses only fundamental revenue data and doesn't use tech analysis and all this classic trading stuff. In this article I share my results for the $UNI token case study. Trading using fundamentals I picked up one of the most simplest tokens in Defi: $UNI. My goal is to show that fundamentals are for quiet, informed trading, not just shilling on X. I backtested the…

Research No. 016

From Fundamentals to Trading Signals: The $UNI Case

Research No. 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…

Research No. 014

Onchain Intelligence Value Chain

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 perform capital allocations analysis. Data itself isn't…

Research No. 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 No. 012

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 the most important stats & observations: Protocol Performance (trading volumes, fees, veYB income) Yield Basis future trajectory explanation (proposed updates) Key Stats TL;DR $BTC APY since pools inception ~26% (70% APY during 19 days of volatility) During…

Research No. 011

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. veTokenomics DEXes such as $CRV, $YB, $AERO, $VELO efficiently capture revenue from volatility, distributing boosted yields to veHolders (up to 6.7x growth in case of $YB), while prices decreased, resulting in a 2-10x decrease in revenue pricing. Owning $HYPE also pays well since the market efficiently…

Research No. 010

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 $PUMP) Owning $1 of tokens in $CRV, $AERO, $PENDLE, or $YB earns up to 3-7x yield vs. average buybacks The $UNI revenue is 28 times more expensive than $CRV and 74 times more expensive than $AERO. In this research, we provide a revenue pricing analysis through the…

Research No. 009

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 Revenue Multipliers calculated for tracked productive assets, and their relative changes (changes exceeding 8% in absolute terms indicated only): | Asset | eff_mcap | 7D | 30D | 90D | 180D | 365D | | :---: | :---: | :---: | :---: | :---: | :---: | :---: | | YB |…

Research No. 008

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, Uniswap, Lido, Jito, and many others implemented various approaches for sharing revenue with their holders (mainly buybacks). This led to a fundamental shift: investors started to evaluate tokens not only by indirect performance metrics, such as TVL, market…

Research No. 007

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 first experimental release to cover these matters. Financial metrics overview Below we provide revenue multipliers for selected productive assets, generating revenue for their holders. | Asset | eff_mcap | 7D | 30D | 90D | 180D | 365D | | :---: | :---: | :---:…

Research No. 006

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, 84.7% are traded below their TGE valuation. Crypto is ending this year with a significant divergence from the US stock market, which is trading near all-time highs due to Big Tech/AI growth and massive capital inflows anticipating interest rate cuts and…

Research No. 005

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 risks. $ETH in Defi: No IL options: (top3 LST: $45B, ~2.5-2.8% APY, top3 lending: $13B, 0.01 - 1.17% APY), top1 Volatile ETH vs. stable pool: Uniswap v3 $104m, ~40% 30D APY. Despite much higher formal APY, the option with IL risk has <<1% TVL of $ETH, deployed in…

Research No. 004

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 network security (GNO) from day-to-day usage and gas payments (xDAI). Together, they create a balanced ecosystem where one token captures network value and the other facilitates blockspace market operation for users. GNO: Governance and Network Security…

GNO

Research No. 003

Pendle: Where Governance is Yield

$PENDLE token design insights Current utility is sPENDLE, with a finite legacy bridge The live entry route stakes PENDLE one-for-one into transferable sPENDLE. The wrapper can move between accounts, but releasing underlying PENDLE through the protocol requires either the pinned 14-day cooldown or pinned 5% instant-exit fee. The contract owner can change the duration, fee receiver and instant rate, with deployed code allowing the fee up to 100%. At the cutoff, 34.2M sPENDLE was outstanding and…

PENDLE

Research No. 002

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

Ethena is a synthetic dollar and yield protocol built around the $ENA token. $ENA captures value from the Ethena ecosystem primarily through yield-bearing staking, complemented by governance rights and structured lock mechanics that align incentives across participants. This article provides a comprehensive overview of $ENA’s value structure, implementation mechanics, key metrics, comparative positioning, and the protocol’s long-term flywheel. $ENA Value Structure $ENA aggregates four distinct…

Research No. 001

$PUMP: The Meta-Meme That Buys Itself

Pump.fun is one of the leading meme token launch platforms on Solana, enabling permissionless creation and trading of community-driven assets. To capture the tokenomics and value flow of this growing ecosystem, the protocol introduced its native token $PUMP. Unlike individual meme coins launched on the platform, $PUMP is designed as a meta-utility token that aggregates revenue share, buyback mechanics, and cultural value from the entire Pump.fun ecosystem into a single asset. Its model blends…

PUMP

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