Research
Institutional
Theses
Letters
More Research
All Research
- The Game: Enterprise vs AI
- State of DePIN 2025
- State of DePIN 2024
- State of DePIN 2023
- State of DePIN 2022
- Re-underwriting DeWi
- Verifying Compute
- DeWi Network Design
- RF Physics for Investors
- DeWi Mining Economics
- Digital Commodities
- Applovin for Influencers
- Web3 Software
- zkTLS: Insurgent Apps
- State of zkTLS 2024
- DePIN Millenium Prizes
- Tokens as Junk Equity
- Opacity: Trust but Verify
- DePIN Staking: Medallions
- DePIN Liquid (Re-)Staking
For Agents
- DeWi Unit Economics
- DePIN: Beyond Networks
- Advertising from First Principles
- Onchain Credit (Part 1)
- Onchain Credit (Part 2)
- Q2'26 Investor Letter
- Q1'26 Investor Letter
- Q3'25 Investor Letter
- Q2'25 Investor Letter
- Q1'25 Investor Letter
- Q3'24 Investor Letter
- Q2'24 Investor Letter
- Q1'24 Investor Letter
- Q4'23 Investor Letter
- The Game: Enterprise vs AI
- Re-underwriting DeWi
- Verifying Compute
- DeWi Network Design
- RF Physics for Investors
- DeWi Mining Economics
- Digital Commodities
- Applovin for Influencers
- zkTLS: Insurgent Apps
- State of zkTLS 2024
- Tokens as Junk Equity
- Opacity: Trust but Verify
- DePIN Staking: Medallions
- DePIN Liquid (Re-)Staking