All research · 27 pieces
All research
Every research note and article, newest first. Short news comments and quote posts stay on X; facts that change a piece are added to it as updates.
November 2026
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.
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.
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.
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.
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%.
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.
Pump.fun adds NEAR: 15 NEAR tokens one step from a new audience
Pump.fun quietly added NEAR as a chain and integrated 15 NEAR tokens. Which tokens they are, how thin their liquidity is, and what earlier chain additions showed.
Top onchain protocols by revenue multiple: November update
Eleven tokens ranked by market cap over annualized 30-day revenue, from PUMP at 2.7x to LINK at 163.3x, with a median of 14.1x and the biggest revenue movers.
Hyperliquid meets TradFi: ICE, pre-IPO markets and HYPE demand
Open interest in Anthropic pre-IPO perps on Hyperliquid rose ~58% in one weekend to ~$128M, days after ICE invested in trade.xyz.
Priors: can AI agent credit create value for the token?
AI agents can hold wallets and pay per call, but nobody lends them $5 before their work pays. Priors is building that credit layer on Robinhood Chain, with very little real demand so far.
October 2026
NEAR: lower issuance, growing buybacks. How large is the gap?
Two good things at once for NEAR: issuance is being cut and Intents revenue for buybacks keeps growing. But buybacks still cover only a fraction of new supply.
Stock-payout tokens on Robinhood Chain and the vampire-pool problem
Tokens like INDEX pay holders in stock tokens from a trading tax, but the tax can be skipped. Why fees collapsed after the summer, what the URC-5 standard changes, and what INDEX's November update showed.
Robinhood Q3: what the chain added to crypto revenue
Robinhood Chain's first quarter on mainnet brought Robinhood $26M in net revenue, ~22% of its $120M crypto revenue. Without the chain, crypto revenue would have dropped 6% quarter on quarter; with it, it grew 20%.
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.
Robinhood’s native tokens: revenue after the cooldown
Revenue of ten Robinhood-native projects fell 77% in 30 days. Ramses grew through the slowdown, while BUN, HEDGE and SLVR held up best.
Robinhood Chain: where app revenue is moving
App revenue on Robinhood Chain fell 76% in 30 days, while perps revenue more than doubled. Where the meme cooldown hit hardest, and what the sequencer earned at the peak.
Launchpads: revenue resilience and token valuations
Pons and StonkFun out-earned Pump in September, then lost over 90% of their revenue. Why both became more expensive relative to revenue while PUMP got cheaper.
A map of the Robinhood Chain ecosystem
Robinhood Chain had its first meme season before it was four months old. A map of 19 places to start, sorted by what they do and whether they have a token.
Robinhood Chain projects I'm watching
24 projects across launchpads, DeFi, memes, stock-token DeFi and AI, with what each one does and how its revenue reaches the token.
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 ~$113M in 2024. The ultrasound money thesis no longer holds, but the ETH case isn't dead.
NEAR ETF ($NRR): flows since launch
Bitwise's NEAR ETF took in $88.5M in its first 15 trading days, relative to size more than SOL and XRP. Since 26 Oct it has seen its first outflows: cumulative net inflows are now $81.2M.
A map of the NEAR ecosystem
NEAR roughly doubled since mid-September and got a spot ETF. A map of 17 projects, sorted by what they do and whether they have a token.
Revenue Meter: what the market pays for $1 of revenue
What the market pays for $1 of revenue: ten protocols from PUMP at 4.6x to LINK at 184.5x, FDV over annualized 30-day revenue, median 36.6x.
RHEA: NEAR's liquidity hub, with real revenue and buybacks
RHEA merged Ref Finance and Burrow into ~95% of NEAR's DeFi TVL, is building the DeFi layer for shielded ZEC, and sends 100% of DEX revenue into RHEA buybacks.
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.
PUMP Investment Case: One-Pager
A concise investment case covering PUMP’s revenue, peer valuation, buybacks and three-year scenarios, alongside the assumptions and risks behind the thesis.
Mosh and BUN: fairer launches and a revenue flywheel
Mosh turns a token's opening bundle into vaulted capital that AI agents trade, so backers earn fees instead of dumping the launch. Why BUN could benefit if Mosh's revenue flows back into the token.
