Building trust in onchain
capital markets.

Research

MetaDAO has turned ownership coins from an experiment into a functioning capital formation platform, but its next challenge is distribution. If it can leverage Solana’s strong startup ecosystem and favorable US regulation to increase launch cadence and produce durable winners, MetaDAO could emerge as a leading venue for Internet Capital Markets and move early-stage fundraising toward open, liquid markets.

Research

Solana’s tokenized-equity market is becoming a live test of whether public blockchains can expand beyond crypto-native trading into global financial markets. Backpack has generated more DEX volume across single-name equities, while xStocks has recently regained the weekly lead and moves ahead overall when including ETF volume such as SPY. More importantly, Backpack’s prop-AMM-heavy liquidity stack consistently delivered tighter execution than xStocks’ pool-heavy model, with Solana’s composability allowing those liquidity benefits to spill across competing issuer wrappers. Against Robinhood Chain, Solana also combines better execution with dramatically lower fees, reinforcing that scalable onchain finance depends not simply on creating blockspace, but on the market structure and infrastructure built on top of it.

Research

Crypto lending has rallied 46.7% over the past week, making it the strongest sector tracked by Blockworks Research, yet Maple has been left behind. Since September 2025, Maple’s deposits have grown 69% to $4.9B and outstanding loans have risen 78% to $1.8B, while SYRUP is down 52%. Distribution is also widening through Robinhood and Kraken, while Ethena could become a sizeable source of institutional lending demand. This report examines what the market may be missing, what needs to change for earnings to grow again and whether wider distribution and rules-based buybacks are enough to bring SYRUP back into the spotlight.

Research

Crypto traders are no longer limiting themselves to crypto. Across Asia, users are turning to CEXs for gold, US equities and other traditional assets. MEXC’s survey found that 87.2% plan to increase their TradFi trading, while futures tied to RWAs, forex and tokenized stocks reached nearly $400B in July. Gold has emerged as the clearest entry point, with precious metals accounting for 36.2% of TradFi perp open interest by the end of June. This report examines why Asia is well positioned for this shift and what CEXs still need to build, from deeper spot markets and weekend liquidity to better pricing, custody and settlement.