Research & Analysis

One year later, the three largest airdrops diverge: 93% of UNI recipients sold everything (Dune), more than 75% within the first week, ARB is down 97%, and HYPE is up 14x.

Ink scaled to $573 million and lost 78% after an exploit; Base and Robinhood Chain are playing the same exchange L2 card. Which one truly captures value?

BitMEX closes on September 23: it invented the perpetual swap and now moves in a day what Hyperliquid trades in twenty minutes. Who kept its invention.

The same tokenized stock changes rights depending on the provider: in Robinhood you are an unsecured creditor; in xStocks and Ondo you have segregated collateral.

Democrats reject the revised text, Thune now aims only to "get it started," and Polymarket falls back to 32.5%: days of floor time remain, not weeks.

Plasma's TVL has dropped 90% from its peak, but the dollars residing on the network are holding steady at $900 million. The XPL unlock puts it to the test.

Circle dethroned BUIDL in assets under management in 2026, but BUIDL rules as collateral on Euler and Binance. The variable that no ranking measures.

IREN charges Microsoft 9.7 million per megawatt per year in AI; that same megawatt mining Bitcoin earns half a million. That is why miners are selling it.

EigenLayer secures billions, but its AVS paid $607,375 in 30 days and the protocol captures $0. Restaker yield is emission, not revenue.

Solana ETFs opened July 2026 in the green every session while Bitcoin closed its eighth week of outflows: the key is who pays yield.

USDH distributed yield to HYPE holders and yet it closed: dropping from 48 to 12 million compared to a USDC that almost doubled to 6,080 million on Hyperliquid.

The attacker who drained Summer.fi didn't break code: they exploited a dead token from November that was still valued at 100% in the vault. They took 6.04 million.