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Research

Solana execution is no longer just catching up to centralized exchanges. For SOL-USDC retail-sized trades, onchain fills are now materially better than Binance, with recent median fills improving on Binance before fees are even included. The edge comes from permissionless prop AMMs competing for flow and aggregators stitching fragmented liquidity into one routed price. The open question is whether that execution edge can extend across more assets, larger sizes, and eventually global markets where price discovery itself moves onchain.

Research

Undercollateralised lending is still an early, underdeveloped segment of DeFi, but Wildcat and 3Jane show two meaningfully different paths for bringing unsecured credit onchain. Wildcat is closer to bilateral private credit: lenders underwrite a specific borrower, facility, legal agreement, reserve ratio, and withdrawal structure. 3Jane is more ambitious but also more complex, pooling lenders into a structured credit system that depends on borrower verification, off-chain credit scoring, tranching, servicing, and legal recoveries. The practical difference is that Wildcat offers cleaner single-name exposure and clearer lender control today, while 3Jane attempts to solve the broader scalability problem but requires more evidence around repayment behaviour, defaults, collections, and recovery outcomes before it can be treated as a mature credit venue

Research

OBEX is the most ambitious manifestation of that strategy to date, carrying a $2.5B USDS deployment mandate. Announced in November 2025, it functions as a structured accelerator (part incubator, part capital allocator) designed to manufacture demand for USDS by directing capital toward institutional-grade, yield-generating RWAs.

Research

Sky is the largest yield-bearing stablecoin issuer, with USDS supply up 47% year-to-date to $8.1B, of which $5.7B is deposited in sUSDS. Combined with DAI, total stablecoin supply has reached $12.3B, making Sky the third-largest stablecoin issuer behind Tether and Circle. Sky generates $161M in annualized NII and is transitioning to a fully programmatic mechanism for routing those earnings to tokenholders. This report breaks down the Sky ecosystem, analyzes its financials, assesses the role of Agents, and provides a framework for valuing SKY.