Building trust in onchain
capital markets.

Research

Jito is mispriced because the market still sees it as backend Solana infrastructure, while the business is moving toward owning the trading interface. JTX is the key shift, turning Jito from a price taker on blockspace activity into a price setter on user flow. Few crypto teams deliberately give up high-margin income to help their L1 win, and Jito has now made that trade more than once. Now that team is building Solana's first credible, native trading front end, aimed at the institutional and RWA endgame rather than optimizing for near-term fees.

Research

Compute demand is two-sided, the precondition for any hedging market. Producers (neoclouds and independent data centers) fear their inventory clears below cost. Consumers (inference platforms and the agentic application layer) fear compute will get more expensive. The common read holds that nonfungibility keeps both off any general exchange, since a buyer wants a named SKU in a named region rather than a basket, so the trade stays bilateral and the only exchange users are dealers hedging their book. That describes launch conditions, but understates how commodity markets form. Canonical benchmarks get made through trading, and reservations standardize as the curve deepens. The dealer-intermediated structure is not the end state, it is the seed of one.

Research

Button is productizing the synthesis stack for discretionary traders. As market data becomes cheap and ubiquitous, the edge is shifting from access to synthesis: who can turn feeds, research, positions, and market context into a decision fastest. This report explores why AI is better suited to augmenting traders than replacing them, and how Button is building the workspace for that new market structure.

Research

Stablecoin-powered neobanks are emerging as one of crypto’s clearest consumer wedges, combining dollar access, cross-border transfers, yield-bearing balances, and spend functionality on stablecoin rails. This report maps six liquid-token ways to underwrite the theme - ETHFI, GNO, XPL, AVICI, JUP, and AAVE - across operating traction, neobank exposure, and tokenholder value capture.