Research, connected.
Explore the ideas shaping the portfolio. Add what others haven’t seen.
The institutional bid has staying power
Persistent spot demand is absorbing liquid supply. The question is whether the marginal buyer stays through a volatility reset.
Stablecoin settlement is Ethereum’s quiet moat
Settlement activity and demand for onchain dollars are growing faster than headline fee revenue suggests.
Beyond the trading cycle
A broader mix of network activity could support a more durable fee base across market regimes.
The lending market is consolidating
Persistent borrowing demand and deeper liquidity may reinforce the leading onchain credit markets.
Volume is growing. Quality matters more.
Separate repeat organic trading activity from short-lived incentive and volatility effects.
Make reserve capital productive, selectively
Use a bounded lending allocation while preserving immediate reserve liquidity.
A measured hedge against a volatility reset
Offset a portion of directional exposure without abandoning the underlying spot thesis.
Short-lived liquidity dislocation
A temporary liquidity imbalance resolved before the next review.