Strata and the Emergence of Yield Tranching on Ethena’s USDe
Strata Tranches
Our latest research
Access all our research: reports, analyses, and exclusive insights to understand crypto and traditional finance markets.
Alpha Recap #6: Market Update, Aave App, Cap Money Airdrop and Hyperliquid’s Growth Mode
Hyperliquid (HYPE), Aave
Cap Money: a layer for verifiable yield on stablecoins on MegaETH
An update on OP_RETURN, Bitcoin Core v30, and the Core-Knots war
Bitcoin (BTC)
Alpha Recap #5: Aave and the neobank thesis, opportunity on Pendle, Kinetiq airdrop and Uniswap overhaul
Pendle
The U.S. Government Shutdown Is Over. So Why Is BTC Falling Below $98,000?
Bitcoin (BTC)
Backpack: A deep dive into a crypto-native financial institution
Early Birds: Almanak, a DeFAI platform for automating yield
Alpha Recap #4: Farming Variational, Stream Finance Collapse, and Thesis on On-chain Yield Managers
Stream Finance
Crypto Market Report October 2025: macro environment causes cryptos to fall
Bitcoin (BTC)
Why is Pendle the best tool for farming airdrops?
Pendle, Pendle
Alpha Recap #3: Terminal Finance’s Promise, Ether.fi’s Buyback, and Maple’s Strategic Pivot
Maple Finance (SYRUP), Maple, ether.fi Stake
Polygon (POL): Q3 2025 Activity and Financial Report
POL (ex-MATIC) (POL)
Ethena Whitelabel: Ending the Stablecoin Value Leakage
Ethena (ENA)
What is x402? Understanding the protocol and narrative
Alpha Recap #2: Ethereal Mainnet, Aave’s Pivot, MegaETH ICO, and Pendle Yield
Aave, Pendle, Aave V3, Pendle
