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.

Research

ERC 8004 introduces a new trust layer for AI agents by standardizing onchain identity, reputation, and validation. As agents begin handling capital and coordinating autonomously, trust becomes the key constraint to broader adoption. The rollout mirrors the early x402 narrative, where adoption lagged the initial launch until major integrations and a viral use case pulled attention into the ecosystem. If ERC 8004 follows a similar path, downstream infrastructure tied to the standard could see outsized benefit as the narrative gains traction. The primary beneficiaries are likely to be agent frameworks and launchpads at the distribution layer, agent to agent coordination platforms that enable delegation and payments, and validation providers that offer stronger security and execution guarantees.

Research

The sUSDe term structure on Pendle reveals the market’s expectations channel, offering a forward-looking signal to changes in the cost of carry, price level of BTC, and all metrics downstream of these. Historical data supports the hypothesis that the term structure can be used to forecast market regimes, with steep backwardation signalling a bearish outlook while contango is bullish.

Research

IREN closed a transformative capital raise in December, issuing $2.3B in convertible notes alongside a $1.6B equity offering while retiring dilutive legacy converts. The company's full-stack model sets it apart from colocation peers, with the Microsoft contract illustrating the premium economics of owning the entire stack from power to GPUs rather than simply leasing rack space. IREN's 3GW portfolio of grid-connected power positions it as a critical supplier to capacity-constrained hyperscalers, with management guiding to 85% project EBITDA margins and payback periods significantly shorter than traditional colocation models. Near-term catalysts include additional hyperscaler deals at Sweetwater, progress on GPU financing, and potential expansion into Oklahoma as the power scarcity thesis continues to play out.