Articles (12)
Why We Invested in Drift Protocol
Going Long Solana's Perpetuals Ecosystem Note: This is a shortened version of our thesis published on the newsletter earlier today. The whole piece, can be read here. Over the past month, we
Hyperliquid is Taking on CME, not Binance
A valuation framework for HYPE CME generated $6.5 billion in revenue in 2025, with 28.1 million contracts traded daily and a market capitalisation of $114 billion. Hyperliquid earned $960 million
Bringing the World On-Chain
A note on how HIP-3 turns Hyperliquid into the everything exchange HIP-3 turns Hyperliquid into the everything exchange. It is changing finance through creating global-scale markets that are open
Coming of Age
A note on revenue formation within crypto, how valuations have compressed and the emergence of moats within the industry This article was originally published on our newsletter at
Orchestrating Flow
How LI.FI powers multiple crypto apps and reduces friction in transaction flows with orchestration layers. The full article can be read in our newsletter here. Below is a brief
The 60-Day Commitment
A note on why we are intrigued by capital formation primitives from the @virtuals_io's ecosystem There are currently two extremes in crypto capital formation. On one side, we have completely open,
The Unbundling of Value
What’s valuable when software becomes tremendously cheap? Where does value accrue when years of product development turn to an afternoon of vibe-coding? The first answer here is that everything that
The House Doge Built
We had the joy of hosting Timothy Stebbings from Dogecoin foundation on our podcast. The following is a quick note summarising what we discussed. Catch the whole conversation above - or sign up for
How to Market Make $500 Million a Week
This is a brief version of the newsletter we sent out on Decentralised.co today written in collaboration with @katiabanina, CEO of @bebop_dex. Sign up to receive these directly in your inbox.
The Post-Chain Era
For years, crypto made you pick a tribe. You were an Ethereum believer. A Solana maxi. The chain you started on shaped everything: your wallet, your apps, your timeline, even your online identity.
What is needed for agentic commerce to scale?
If stablecoin adoption has to skyrocket in the agentic economy, someone needs to build the trust infrastructure. Trust is how digital payments scaled. @desh_saurabh and @OliverJaros_ set out to
When Tokens Burn
Breaking down how crypto protocols approach revenue and cash flow This is a summarised version of a newsletter issue published on Decentralised.co. We are actively collaborating with token