Research

Block building remains Solana’s most important problem because it directly shapes execution quality and market structure. In this report, we show that BAM delivers measurably better market structure outcomes today (faster slot times, earlier oracle updates, and stronger average markouts) than Harmonic. Harmonic’s median prop AMM markouts outperform but conceal materially worse left-tail events. The deeper issue is consistency: as long as single leaders maintain discretionary control over sequencing, some validators will defect to extract value. MCP remains the most credible long-term solution to Solana's market structure.

Research

HIP-3 is scaling Hyperliquid beyond crypto, with TradFi instruments now 31% of venue volume and daily notional above $5B. Silver is the most important of these flows, and last Friday’s violent move gives a stress test of HIP-3 market health. Using high-frequency trade/quote/order-book data and benchmarking against CME/COMEX Micro Silver futures, we find that for smaller, retail-weighted clips HIP-3 Silver delivered tighter pre-crash spreads and better execution. Finally, we present a novel 24/7 use case: positioning and pricing into the Sunday reopening auction.

Research

MagicBlock is building a real-time execution layer for Solana designed to push the network beyond its practical latency limits. While Solana offers high throughput and low fees, its current base-layer latency floor, with ~400ms block times and ~500ms to 1.2s end-to-end execution, remains a binding constraint for applications that require deterministic, sub-100ms responsiveness.

Research

As tokenized equities gain traction on public blockchains, investors are looking for ways to earn yield beyond traditional securities lending. Today, most onchain “equity yield” comes from AMMs, where headline APYs often mask losses from impermanent loss. Yield Basis offers a different approach, hedging IL to turn liquidity provision into a fee-driven, native yield strategy.