Research

Latest research

• Venice Turns Private AI Into Tokenized Revenue - Venice is not just a private AI chat app. VVV gives public markets a liquid proxy for a privacy-first inference business with tokenized compute, on-chain value capture, and a forward ARR case the market may be underprici
• Tokenization Was The Warm-Up. Collateral Is The Product. - The RWA market has moved past the issuance demo. Dune's composability data shows only about 10% of tracked tokenized RWA value is active in DeFi lending, which means the real product test is collateral utility.
• Stablecoins Won Payments. Money Funds May Win Yield. - Stablecoins won the settlement layer. JPMorgan's JLTXX shows where the cash return is likely to migrate next: regulated, tokenized money funds built around stablecoin issuers, DAO treasuries, and institutional operating
• The Bailout Worked. DeFi Hasn't. - On April 18 a forged LayerZero message drained 116,500 rsETH (~$292M) from a Kelp DAO adapter, $123.7M to $230.1M of bad debt landed on Aave Core and five L2s, and within nine days a coalition called DeFi United had pled
• On-Chain Capital: The Evolution of Business Financing - Tokenized RWAs sit at $30B, stablecoins at $150B, tokenized US Treasuries past $1B. The IMF wrote about it in April 2026. Yet most attempts still treat tokenization as marketing instead of a structural redesign of how va
• Tokenized Treasuries Are the Floor, Not the Strategy - $15B in tokenized Treasuries. Every credible asset manager has shipped a product. The DAO treasury conversation has converged on a single question - which one - and that's the wrong one.
• Crypto Found a Billion-Dollar Business in Pokémon Cards - $750-820M in annualized GMV. More weekly transactions than any blue-chip NFT collection. And barely anybody at a foundation treasury can describe how it works. The Block flagged it as "Pokémon's Polymarket moment."
• The Macroeconomic Squeeze: AI Debt Hydra and Geopolitical Risks - The global financial system is currently locked in a high-stakes tug-of-war between two forces. To provide a comprehensive roadmap for the coming year, this report is divided into two distinct, conflicting lenses:
• Crypto Is Now a Stablecoin Industry: Report - If you’ve been to Token2049, DAS, or scrolled through Crypto Twitter lately, you’ve probably noticed it, everyone is talking about stablecoins! Not dexes, not meme coins. Just “stables”!
• Plasma: The World of On-chain Payments - Bitcoin and USDT dominate crypto, yet both are second-class citizens-BTC fragmented across wrappers, USDT competing for general-purpose block space. Plasma rewrites this: stablecoins as native gas, pBTC as unified omnich
• The DeFi “Vaultization” Era: Veda, Aera, IPOR, and Lagoon Finance - Chasing yield isn’t new - traditional finance has been doing it for decades through dividend stocks, real estate, and other financial instruments. However, while seemingly straightforward, the vast majority of the popula
• Current State of DAO Treasury Management: A “DeFipunk” Approach - As of June 2025, DeFi remains a cornerstone of the Ethereum ecosystem. TVL is up to $90 billion and stablecoin market cap currently exceeds $120 billion via major issuers like Tether (50.5% of supply), Circle (30%), Ethe
• The AO Computer: A Fair Launch Token Model - Since the launch of Ethereum in 2014, tokenomic models have been evolving big time!
• Ethereum Pectra: An Upgrade for the People - Ethereum just rolled out one of its biggest upgrades since the Merge - and it’s a pretty big deal for everyone using the network.
• Impact & Consequences of eliminating Ethereum’s MEV through Random Block Selection - With >80% of blocks currently proposed by just two entities (as of February 2025), Ethereum’s decentralization and fairness are at stake. Maximal Extractable Value (MEV) has long been a controversial topic in Ethereum
• ExaGroup Security Statement Post-Bybit Incident - As Exa, we wanted to share our response to the recent Bybit hack and our proactive strategy for enhancing our treasury management security. While we’re fortunate to have never experienced a security breach, it’s crucial
• Quantum Computing and Ethereum’s urgent shift to Post-Quantum Cryptography - Quantum computing has emerged as one of the most disruptive technologies of the 21st century, with the potential to revolutionize everything from material science to artificial intelligence. However, its unprecedented co