Building trust in onchain
capital markets.

Research

Onchain gacha platforms sold $284.3 million of digital card packs in July 2026, and Collector Crypt accounted for more than half of that activity. However, it buys back 92.9% of what it sells, which leaves it with a third of the category's revenue on more than half of its volume, and a quarter of its activity arrives through partner apps whose users it does not own. Courtyard runs the opposite model, a consumer app selling smaller packs to thousands of retail buyers who resell the cards to each other, and it took 59.7% of category revenue while growing through a month the category spent contracting. This report compares the five largest platforms on gross activity, buyback intensity, revenue after buybacks, consumer composition, marketplace liquidity, and distribution ownership, and finds Courtyard the strongest performer as of July 2026, with the qualification that none of the five discloses inventory costs or resale proceeds, so no platform in the category can yet be shown to be profitable.

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.