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Research

Memecoin market cap is down 81% from its January 2025 peak, and the market has priced Pump.fun as if its business fell with it. However, Pump earns almost all of its revenue in the first day of a token's life, and activity at that stage is back at a record in SOL. The token trades at 2.8x sales against a peer median of 12x, with a programmatic buyback retiring roughly 17% of circulating supply a year. We attribute the discount to two errors: the market prices the memecoin index rather than Pump's revenue, and it overweights an alignment risk that buybacks cover for the life of the contract. We are constructive on PUMP, with the recent launchpad share loss to Pons and StonkFun as the risk to watch.

Research

MetaDAO has turned ownership coins from an experiment into a functioning capital formation platform, but its next challenge is distribution. If it can leverage Solana’s strong startup ecosystem and favorable US regulation to increase launch cadence and produce durable winners, MetaDAO could emerge as a leading venue for Internet Capital Markets and move early-stage fundraising toward open, liquid markets.

Research

Solana’s tokenized-equity market is becoming a live test of whether public blockchains can expand beyond crypto-native trading into global financial markets. Backpack has generated more DEX volume across single-name equities, while xStocks has recently regained the weekly lead and moves ahead overall when including ETF volume such as SPY. More importantly, Backpack’s prop-AMM-heavy liquidity stack consistently delivered tighter execution than xStocks’ pool-heavy model, with Solana’s composability allowing those liquidity benefits to spill across competing issuer wrappers. Against Robinhood Chain, Solana also combines better execution with dramatically lower fees, reinforcing that scalable onchain finance depends not simply on creating blockspace, but on the market structure and infrastructure built on top of it.

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.