Research

Fuse Energy operates as a vertically integrated energy company spanning renewable generation, wholesale trading, retail supply, and distributed energy coordination. Founded in 2022 by ex-Revolut executives Alan Chang and Charles Orr, the company applies fintech scaling principles to energy infrastructure, targeting 10% cost savings versus incumbent utilities through operational efficiency and in-house control across the value chain.

Research

Pendle V2 today is the premier go-to-market venue for YBS, YBA, and PoS LST token issuers to bootstrap TVL. Boros could soon be a the dominant rate hedging platform in crypto markets.

Research

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

Research

Fully homomorphic encryption is emerging as the leading cryptographic approach to onchain confidentiality, enabling computation directly on encrypted data without exposure. We are constructive on FHE as a category and Zama as the clear leader, though the 1,000x+ computational overhead and hardware dependency represent material execution risks that make throughput scaling the key variable for valuation.