Building trust in onchain
capital markets.

Research

Crypto lending has rallied 46.7% over the past week, making it the strongest sector tracked by Blockworks Research, yet Maple has been left behind. Since September 2025, Maple’s deposits have grown 69% to $4.9B and outstanding loans have risen 78% to $1.8B, while SYRUP is down 52%. Distribution is also widening through Robinhood and Kraken, while Ethena could become a sizeable source of institutional lending demand. This report examines what the market may be missing, what needs to change for earnings to grow again and whether wider distribution and rules-based buybacks are enough to bring SYRUP back into the spotlight.

Research

Crypto traders are no longer limiting themselves to crypto. Across Asia, users are turning to CEXs for gold, US equities and other traditional assets. MEXC’s survey found that 87.2% plan to increase their TradFi trading, while futures tied to RWAs, forex and tokenized stocks reached nearly $400B in July. Gold has emerged as the clearest entry point, with precious metals accounting for 36.2% of TradFi perp open interest by the end of June. This report examines why Asia is well positioned for this shift and what CEXs still need to build, from deeper spot markets and weekend liquidity to better pricing, custody and settlement.

Research

Onchain gacha platforms sold $284.3 million of digital card packs in July 2026, and Collector Crypt accounted for more than half of that activity. However, it buys back 92.9% of what it sells, which leaves it with a third of the category's revenue on more than half of its volume, and a quarter of its activity arrives through partner apps whose users it does not own. Courtyard runs the opposite model, a consumer app selling smaller packs to thousands of retail buyers who resell the cards to each other, and it took 59.7% of category revenue while growing through a month the category spent contracting. This report compares the five largest platforms on gross activity, buyback intensity, revenue after buybacks, consumer composition, marketplace liquidity, and distribution ownership, and finds Courtyard the strongest performer as of July 2026, with the qualification that none of the five discloses inventory costs or resale proceeds, so no platform in the category can yet be shown to be profitable.

Research

Banks like JPMorgan and Citi are racing to prove tokenized deposits can move onchain without breaking the rules that make them deposits in the first place. Tokenized deposits provide near-instant, around-the-clock settlement and programmability that legacy rails like wires and even FedNow can't match. However, bank issuance is gated by three requirements no stack has met at once: confidentiality, compliance, and interoperability with public liquidity. This is the problem ZkSync's Prividium was built to solve, and the Cari Network is its first deployment.