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Research

The basis trade built Ethena, but it is unlikely to power the next phase of growth on its own. As yields compress and TVL declines, Ethena is evolving from a single strategy product into a diversified yield curator. In this report, I evaluate the protocol's proposed reserve changes, the implications for USDe yields, and why Coinbase may become Ethena's most important growth catalyst.

Research

SOL value accrual has become a central tokenholder concern. This report examines how Solana can strengthen SOL economics through higher burn, lower issuance, and in-protocol fee sharing, with a focus on Temporal’s SIMD 547, Helius’ SIMD 550, and SIMD 123. Using a 10,000-slot sample, we estimate how much activity-linked burn SIMD 547 could generate under current usage and future scaling scenarios.

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