USD.AI: A real lending business. But does $CHIP get any of it?
USD.AI's loan book went from $3M to $311M this year with ~$35-40M in annualized fees. CHIP holders get $0 of it, so far.
Read more →Independent crypto research
Early crypto trends, revenue and real value accrual
I focus on early crypto trends, projects with real potential, revenue and valuation comparisons, and how much value actually reaches the token. Background in Corporate Finance and M&A, in crypto since 2021.
- research pieces
- 27
- data series
- 3
- theses tracked
- 7
- research since
- Jul '26
Selected work
PUMP: The most underpriced cash flow in crypto?
Pump made $474M in revenue over 12 months, second only to Hyperliquid. PUMP traded at 4.9x FDV over 30-day revenue against a peer median of 53.5x.
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ETH after Dencun: issuance is back, the burn is gone
ETH issued ~796K ETH this year and burned ~16.5K. Supply is back above its Merge level, and L2s paid mainnet ~$10M in 2025 vs ~$113M in 2024. The ultrasound money thesis no longer holds, but the ETH case isn't dead.
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Elysium economics: what it means for KNTQ and HYPE
Half of Elysium's sequencer revenue buys KNTQ, while 12.9M KNTQ unlock every month from Nov 27. Today's holder revenue covers about 3% of that. HYPE only gains if Elysium brings new trading, listings and USDC to Hyperliquid.
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Elysium launch guide: how to get on and which apps are live
Elysium, Kinetiq's L2 on Hyperliquid, opened to the public on 9 Nov. How to get on, which apps announced launch support, and what to check before you bridge.
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Vlad Tenev's Robinhood Chain AMA: the key answers
Vlad Tenev answered 27 questions in the Robinhood Chain AMA. The most concrete part was how chain projects will reach Robinhood's users; the rest pointed beyond Stock Tokens.
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Orbio: AI usage as a token, paid for by trading fees
Orbio turns AI usage into a token called CREDIT and pays $ORBIO stakers in it from trading fees. It made ~$147K in 30 days, 88% of it from people trading $ORBIO. The private AI chat it launched on Nov 3 is its shot at revenue from people using AI.
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Robinhood's ecosystem roundup vs. what pays today
Robinhood featured 24 builders in its ecosystem roundup. Together they made $7.1M on the chain in October, 32% of all revenue. The projects it left out made $13.5M, or 61%.
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US single-stock perps: what the CFTC decision means for HYPE and LIT
The CFTC cleared single-stock perpetuals for US exchanges. Why that is good news for Hyperliquid's HIP-3 markets and for Lighter, and where the distribution risk sits.
Read more →Research by topic
Archived dashboards →9 pieces · 1 seriesRobinhood ChainEcosystem maps, revenue by app, launchpads and the value accrual of stock-payout tokens on Robinhood Chain.5 pieces · 1 seriesNEARThe NEAR ecosystem: tokenomics, issuance and buybacks, launchpads and new distribution channels.6 pieces · 1 seriesRevenue & valuationRevenue multiples, launchpad economics and investment cases that compare what protocols earn with what they are valued at.4 piecesHyperliquid ecosystemHyperliquid and what is built on it: HIP-3 markets, TradFi distribution, the Elysium L2 and what all of it could mean for HYPE.2 piecesAI x cryptoWhere AI meets crypto: agent credit, agent payments and onchain inference, and whether any of it reaches a token.1 pieceEthereum ecosystemEthereum economics after ultrasound money: fees, issuance, burn and Layer 2 value capture.