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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.

Research

HIP-3 has successfully scaled market creation on Hyperliquid, but it has not yet created a sustainable competitive deployer layer. Growth mode, USDH depreciation, high auction costs, and the 500K HYPE stake have made the model increasingly difficult for non-TradeXYZ deployers, leaving market creation concentrated around one clear outlier. We look at why deployer participation has slowed, what that means for HIP-3’s long-term design, and how tiered exchanges or temporary auction-fee relief could make smaller and more niche markets economically viable.

Research

The basis trade built Ethena, but it is unlikely to power the next phase of growth on its own. As yields compress and TVL declines, Ethena is evolving from a single strategy product into a diversified yield curator. In this report, I evaluate the protocol's proposed reserve changes, the implications for USDe yields, and why Coinbase may become Ethena's most important growth catalyst.