Research

Derive appears better positioned than at any point in its five-year history, with options volume at all-time highs, RFQ activity breaking out, and BTC options market share beginning to rise against Deribit. Perps have also become an important complementary product, supporting hedging flow and broader exchange utility, even as options remain the protocol’s core and higher-margin business. At the same time, asset coverage is becoming a clearer differentiator, with newer markets such as HYPE already surpassing $100M in monthly options volume. The investment case for DRV, however, remains highly dependent on execution, particularly the protocol’s ability to expand its taker base and convert recent momentum into more durable growth.

Research

Canton Network is emerging as one of the most credible attempts to bring traditional financial infrastructure onchain. With institutions such as DTCC, Nasdaq, and Broadridge already deploying live workflows, the network sits at the intersection of tokenized assets, institutional blockchain adoption, and digital cash settlement. In this report, we break down Canton’s architecture, institutional traction, token economics, and the key catalysts that could shape its next phase of growth.

Research

OnRe and Re Protocol are the first protocols to bring reinsurance yield onchain, giving DeFi a collateral base structurally uncorrelated to crypto market cycles. Together they manage over $250M in capital backing real reinsurance contracts, with yield driven by natural catastrophe frequency and insurable risk rather than funding rates or liquidity mining. We break down both protocols' mechanics, yield composition, secondary market dynamics, and risk profiles, comparing OnRe's single pool model on Solana against Re's dual tranche capital stack on Ethereum. PT positions offer some of the highest fixed stablecoin yields in DeFi today, and our scenario analysis identifies compelling points farming opportunities across both ecosystems.

Research

Groma is an attempt to reintroduce productive asset backing into monetary design by anchoring a token to a diversified portfolio of real estate. Unlike fiat, where value is policy-mediated, or crypto-native assets, whose value is primarily reflexive or expectation-driven, GromaCoin is explicitly balance-sheet constrained, with monetary expansion governed by asset acquisition.