Research category
Tokenization & Onchain Markets
Research on tokenized assets, trading venues and the market structures that connect ownership, liquidity and onchain execution.
Latest researchWho actually makes money onchain?All reports
Tokenization & Onchain Markets research archive
Who actually makes money onchain?
Who captures onchain revenue in 2026? Comparing Hyperliquid, Pump, GMGN, Sky and Polymarket, plus token buybacks, operating costs and holder economics.
Can Derive Build an Institutional Options Market Onchain?
How Lyra became Derive—and whether its liquidity, economics, custody integrations and V3 migration can build a lasting institutional options market.
Can Markets Govern Companies?
Umia is testing whether prediction markets can move from forecasting to corporate control, governing treasury spending, strategic decisions and onchain execution.
Robinhood Chain: Two Months In
Two months after launch, Robinhood Chain has scaled rapidly across Stock Tokens, Pons and Lighter, but its economics, retention and institutional utility remain largely unproven.
The State of Onchain Real-World Assets in Mid-2026
Tokenized stocks nearly doubled to $1.89B by July 2026, but ownership rights, liquidity and price discovery remain fragmented across products.
fomo: Behind the $75M Series B from Index, USV and Benchmark
fomo is betting that verified trading activity can become a social graph, combining multichain execution, perpetuals and consumer distribution.
Robinhood’s Chain and Digital Asset Strategy
Robinhood Chain turns brokerage distribution into programmable financial infrastructure across tokenized stocks, wallets, DeFi integrations and global digital asset access.
Hyperliquid Beyond the Exchange
Hyperliquid has moved beyond a crypto exchange into an exchange-funded financial network, combining onchain order books, HyperEVM, HIP-3 market creation and protocol-owned economics.
From Gagosian to Onchain Art
This essay maps how Gagosian’s private-market playbook, art-backed lending and onchain provenance could reshape high-end art infrastructure.
The State of Onchain Real-World Assets
A market-structure breakdown of onchain real-world assets in 2026, separating represented ledgers from transferable tokens across Treasuries, commodities, tokenized stocks and distribution-led platforms.
The End of Financial Friction
A market-structure thesis on how open standards, tokenized vaults, proof-of-reserves and onchain settlement can compress the hidden costs of legacy finance and turn capital movement into programmable infrastructure.
Active Prediction Markets in 2026: Kalshi, Polymarket and Market Structure
A 2026 prediction markets thesis covering Kalshi, Polymarket, sports contracts, regulation, liquidity and the shift from crypto niche to financial infrastructure.
Can Kraken Justify a $15B Valuation?
Kraken’s $15 billion valuation depends on whether its revenue rebound, derivatives expansion, NinjaTrader acquisition and regulatory posture can offset scale gaps versus Coinbase and Binance.
Why Tokenized Assets Are Reshaping Finance
Tokenized assets are turning funds, Treasuries, credit and alternative assets into programmable financial infrastructure as RWAs move from crypto narrative to institutional market structure.
Hyperliquid: Inside the $1.5B Token Airdrop
Hyperliquid’s $1.5 billion HYPE airdrop shows how community distribution, fee-funded token economics and high-performance onchain order books can reshape DeFi market structure.
Geospatial Innovations: Market Overview (Geodnet, Spexi)
Geodnet, Onocoy and Spexi show how DePIN models can turn GNSS correction, drone imagery and geospatial data into open infrastructure for autonomous systems, mapping and precision industries.
