Building trust in onchain
capital markets.

Research

On April 18, 2026, attackers minted 116.5k unbacked rsETH via a compromised LayerZero bridge and borrowed about $193M from Aave V3, exposing how Aave’s monolithic pool architecture concentrated hidden leverage in ETH LST looping while socializing tail risk across depositors. The fallout triggered $8.67B in weekly outflows, 100% utilization, and an 8% aWETH discount, showing Aave’s $54M Umbrella WETH backstop may be inadequate for exploit-driven bad debt. As depositors rotated to perceived safer venues like SparkLend, the episode suggests DeFi lending may fragment into unified pools for liquid assets, modular markets for hybrid-risk collateral, and vertically integrated CeDeFi for institutional credit.

Research

Tokenized equities have grown nearly 30x, from ~$30M in late 2024 to ~$1B by Q1 2026, yet still represent less than 0.01% of the $120T+ global equity market. The market is shifting from fragmented offshore synthetics toward issuer-sponsored, legally anchored models, with regulated platforms like Securitize consolidating infrastructure economics and NYSE/Nasdaq targeting live tokenized equity venues in Q2 2026.

Research

Prediction markets are scaling rapidly, with Kalshi reaching $14.4B in monthly volume driven by sports. Prices are highly efficient and closely track sportsbooks, but higher fees and thinner liquidity limit execution for size. As a CFTC-regulated platform with nationwide access and no stake limits, Kalshi offers structural advantages over traditional sportsbooks. Revenue is on track to reach $1.3B in 2026, and the platform trades at a premium multiple of around 16.9x forward sales, reflecting its positioning as exchange-like infrastructure.

Research

STRC offers an 11.5% monthly yield on a near-stable $100 instrument, with a Sharpe of ~4.0, ROC tax treatment, and 21 months of dividend coverage from Strategy's cash reserves. The real risk isn't dividend coverage, it's the instrument's dependence on BTC price stability and continuous capital market access. A one-year horizon, sized appropriately, is the most defensible entry.