About
From M&A advisory to crypto research
I look at crypto the way I learned to look at companies in M&A: what a protocol actually earns, what the market pays for it, and how much of that value reaches the token holder. I write about early trends and projects with real potential, and back my views with numbers and sources.
What I bring
M&A and valuation
A background in M&A and investment banking: valuation models, comparables, due diligence and deal processes from first analysis to closing.
Protocol economics
Research on how crypto protocols earn money, what they are valued at and how much of that value reaches the token through buybacks, burns or payouts.
Data and charts
Own datasets and charts from DefiLlama, CoinGecko and Hyperliquid data, published as research notes, ecosystem maps and recurring valuation series.
Background
Crypto research
Independent research on crypto business models, revenue and token economics, published on X and madaba.io. In crypto and DeFi since 2021.
M&A and investment banking
Associate in M&A advisory. Worked on mandates across software, AI, fintech, healthcare, consumer and industrial technology.
Education
B.Sc. in Business Administration.
Research focus
Selected work
- Revenue & valuation · 27 Oct 2026USD.AI: A real lending business. But does $CHIP get any of it?
- Revenue & valuation · 16 Oct 2026PUMP: The most underpriced cash flow in crypto?
- Revenue & valuation · 3 Nov 2026Top onchain protocols by revenue multiple: November update
- NEAR · 19 Oct 2026A map of the NEAR ecosystem
- Robinhood Chain · 23 Oct 2026Robinhood Chain: where app revenue is moving
- Ethereum ecosystem · 21 Oct 2026ETH after Dencun: issuance is back, the burn is gone
Get in touch
DMs are open for research work and collabs.