Building trust in onchain
capital markets.

Research

Banks like JPMorgan and Citi are racing to prove tokenized deposits can move onchain without breaking the rules that make them deposits in the first place. Tokenized deposits provide near-instant, around-the-clock settlement and programmability that legacy rails like wires and even FedNow can't match. However, bank issuance is gated by three requirements no stack has met at once: confidentiality, compliance, and interoperability with public liquidity. This is the problem ZkSync's Prividium was built to solve, and the Cari Network is its first deployment.

Research

Robinhood’s crypto business is shrinking even as the broader company reaches record highs. Robinhood Chain represents its attempt to reverse that decline and has gotten off to an impressive start, leading all L2s in chain revenue during its first month. However, network revenue alone is too small to meaningfully move Robinhood’s bottom line, while much of the chain’s early activity has been driven by memecoins. This report examines whether stablecoin income, application-layer monetization, and Robinhood’s distribution can transform Robinhood Chain into a meaningful business or whether its financial value will ultimately be indirect.

Research

EIP-8363 would progressively burn validator rewards as the staking ratio rises, reaching a 0% staking yield above a 50% staking ratio, limiting issuance-driven stake growth while preserving incentives for validators to perform their duties. Supporters argue that lower issuance would reduce unnecessary dilution, strengthen ETH’s monetary premium and maintain a large unstaked constituency capable of resisting validator capture. Critics contend that the modest inflation reduction may not justify the risks to staking products, institutional demand and the LST-based DeFi economy. Its equilibrium and prospects for adoption remain highly uncertain.

Research

This report examines 2,114 tokens that crossed $50M in circulating market cap since January 2020 to quantify the realities of liquid token investing. Only 4.1% outperformed BTC, the median token lost 97%, and successive token classes reached a 90% loss faster. Most importantly, recent entrants retained roughly the same downside as the 2020 class while offering far less upside. The report then outlines what these findings mean for allocators and concludes that, while the investable universe has become exceptionally narrow, this also increases the value of fundamental research and the opportunity to identify the small number of tokens with durable demand, visible cash flows, and strong tokenholder alignment.