Research Library

A comprehensive archive of institutional research covering digital asset market structure, decentralized finance, and the infrastructure of on-chain capital markets.

> RESEARCH_ARCHIVE // SYSTEM_LOG: 5 REPORTS FOUND_
INVESTMENT_MEMO • JUNE_2026

The Monetary Authority Problem

  • How stablecoin issuers like Circle and Tether are transitioning into shadow central banks.
  • The impact of the GENIUS Act enforcing full reserve backing without yield payments.
  • Competitive threats from yield-bearing RWA products capturing institutional capital.
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MARKET_STRUCTURE • MAY_2026

From AMMs to Intents

  • The paradigm shift from liquidity-centric to execution-centric architectures.
  • The migration of economic rent from passive LPs to intent solvers.
  • Quantitative analysis of Loss-Versus-Rebalancing (LVR) driving AMM obsolescence.
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CREDIT_MARKET • MAY_2026

From Overcollateralized Lending to Underwritten Credit

  • The structural shift from capital-inefficient overcollateralized lending to risk-based underwriting.
  • The emergence of curated vaults, delegated risk managers, and programmatic credit scoring.
  • The allocation of credit spreads to underwriters instead of generic protocol tokens.
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INVESTMENT_MEMO • APRIL_2026

The Underwriting Layer

  • The thesis that the ultimate scarce resource in on-chain credit is underwriting data, not capital.
  • The value capture potential for protocols building proprietary risk-assessment moats.
  • The long-term trajectory toward data-licensing models reminiscent of FICO and Moody's.
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INVESTMENT_MEMO • MARCH_2025

The Internalization of DeFi

  • How intent-based execution is replicating TradFi's payment-for-order-flow on-chain.
  • The consolidation of solvers into well-capitalized oligopolies internalizing retail order flow.
  • The strategic imperative for wallets to capture execution rent through default routing.
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