Building trust in onchain
capital markets.

Research

Compute demand is two-sided, the precondition for any hedging market. Producers (neoclouds and independent data centers) fear their inventory clears below cost. Consumers (inference platforms and the agentic application layer) fear compute will get more expensive. The common read holds that nonfungibility keeps both off any general exchange, since a buyer wants a named SKU in a named region rather than a basket, so the trade stays bilateral and the only exchange users are dealers hedging their book. That describes launch conditions, but understates how commodity markets form. Canonical benchmarks get made through trading, and reservations standardize as the curve deepens. The dealer-intermediated structure is not the end state, it is the seed of one.

Research

Button is productizing the synthesis stack for discretionary traders. As market data becomes cheap and ubiquitous, the edge is shifting from access to synthesis: who can turn feeds, research, positions, and market context into a decision fastest. This report explores why AI is better suited to augmenting traders than replacing them, and how Button is building the workspace for that new market structure.

Research

Stablecoin-powered neobanks are emerging as one of crypto’s clearest consumer wedges, combining dollar access, cross-border transfers, yield-bearing balances, and spend functionality on stablecoin rails. This report maps six liquid-token ways to underwrite the theme - ETHFI, GNO, XPL, AVICI, JUP, and AAVE - across operating traction, neobank exposure, and tokenholder value capture.

Research

Classified as a market-structure bill, CLARITY is closer to a full operating system for US crypto. At its core is the SEC/CFTC jurisdiction split (ancillary assets vs network tokens), mediated by a decentralization test. The bill also covers disclosure and raise-cap rules for token originators, a safe harbor for staking and NFTs, restrictions on stablecoin yield, explicit self-custody protections, and a sweeping anti-illicit-finance regime that pulls crypto brokers under the Bank Secrecy Act. The result is a framework more investor-protective than its global peers, if it can pass before the August recess.