Building trust in onchain
capital markets.

Research

This report examines 2,114 tokens that crossed $50M in circulating market cap since January 2020 to quantify the realities of liquid token investing. Only 4.1% outperformed BTC, the median token lost 97%, and successive token classes reached a 90% loss faster. Most importantly, recent entrants retained roughly the same downside as the 2020 class while offering far less upside. The report then outlines what these findings mean for allocators and concludes that, while the investable universe has become exceptionally narrow, this also increases the value of fundamental research and the opportunity to identify the small number of tokens with durable demand, visible cash flows, and strong tokenholder alignment.

Research

Hyperliquid’s TradeXYZ markets provide 24/7 perpetual exposure to equities, commodities, FX and pre-IPO assets. Across 614 market-weekends in 68 markets, the final weekend price was closer to the recovered post-reopen reference in 70.7% of cases, reducing median forecast error by 53%. The results indicate that these markets provide meaningful price discovery while traditional venues are closed.

Research

The most expensive input to a frontier AI model has become data whose origin labs can prove and attribute. Frontier labs have effectively exhausted the freely scrapeable internet. What remains is either proprietary and bespoke, or undocumented and legally risky, and the cost of getting provenance wrong runs into the billions in litigation exposure.

Research

Hyperliquid is beginning to monetize a layer of exchange activity that traditional venues capture only indirectly: the value of transaction ordering. Its priority-fee architecture prices faster execution, queue position, and earlier access to pending flow while preserving the underlying market structure. Early revenue is already meaningful, particularly across HIP-3 markets, despite adoption remaining highly concentrated. In this report, we examine how the mechanism works, how much short-horizon edge it is already capturing, and why priority fees could become an increasingly important part of Hyperliquid’s shift toward a more diversified revenue base.