Building trust in onchain
capital markets.

Research

Hyperliquid is beginning to monetize a layer of exchange activity that traditional venues capture only indirectly: the value of transaction ordering. Its priority-fee architecture prices faster execution, queue position, and earlier access to pending flow while preserving the underlying market structure. Early revenue is already meaningful, particularly across HIP-3 markets, despite adoption remaining highly concentrated. In this report, we examine how the mechanism works, how much short-horizon edge it is already capturing, and why priority fees could become an increasingly important part of Hyperliquid’s shift toward a more diversified revenue base.

Research

Solana’s staking economy is shifting from issuance toward fees, but staker returns remain tied primarily to declining emissions. This report examines how that transition is making validator selection and fee sharing more consequential, and how Marinade’s Stake Auction Marketplace routes validator revenue back to stakers while positioning Marinade for growing institutional demand.

Research

BTC registered its most oversold readings on record against both the Nasdaq and gold, while spot trades 18% above its $53K realized price. Comparable extremes have marked the terminal phase of a bear market. Should the historical structure hold, BTC is likely at or near a high timeframe low, with that low likely to be set by year end, prior to a multi-year uptrend resuming.

Research

As frontier AI models move toward greater identity verification and KYC requirements, demand for private AI is likely to grow alongside them. Venice is positioning itself as the privacy layer for AI, but the investment ultimately comes down to whether business success can translate into long term value for VVV. In this report, we evaluate the protocol's adoption, unit economics and token value accrual.