Research

Ethereum’s rollup pivot didn’t fracture the network; it expanded it. By embracing modular scaling, Ethereum preserved decentralization, attracted institutions, and accelerated innovation across the stack. The next chapter is about alignment, turning scale and experimentation into durable economic strength.

Research

Collector Crypt has quietly consolidated roughly 50% of Web 3 TCG gacha volume, while pushing monthly volumes to a $50.1M all time high in January. Higher tier Pokemon and One Piece launches are driving incremental spend, and inventory depth has scaled enough to remove prior stock bottlenecks. With a Web 2 native user experience and a pricing oracle on the roadmap, the platform may be entering its next phase of structural growth beyond its core crypto native base.

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.