Research
Independent research and analysis on crypto capital markets, investor relations and token transparency.
The Case for Ownership Coins
How MetaDAO is rebuilding token issuance around investor alignment
Crypto tokens have a structural problem: they exhibit negative drift. Most launch at high FDVs, unlock supply on autopilot, and give holders no claim on the underlying business. Ownership coins are the first serious answer, combining treasury oversight, legal claim on the business, and performance-gated unlocks. MetaDAO is the issuance venue purpose-built for this category, with an ICO basket outperforming SOL by 173 percentage points on an equal-weight basis.
Which Token Value Accrual Model Works?
An empirical study of 159 tokens across six value accrual mechanisms
Bullpen: The Entertainment Finance Thesis
Why entertainment finance is the defining crypto category of this cycle, and why Bullpen is its purest product expression
Reintroducing Novora
Why the next era of crypto needs an independent capital markets advisory firm
Does IR Matter in Crypto?
Why the next leg of institutional adoption depends on how protocols communicate, not just what they build
Meteora: The Gold Standard
How Meteora built the highest-scoring IR program in DeFi and what every protocol can learn from it
Kamino: Bridging the IR Gap
Full IR analysis and 180-day roadmap for Kamino Finance
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