2026

4Q2025

Our market commentary for 4Q2025 covering efforts around market structure clarity in the US and the growing opportunity for agentic payments with x402

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Team

4Q2025

Our market commentary for 4Q2025 covering efforts around market structure clarity in the US and the growing opportunity for agentic payments with x402

Team

2025

Gondor

The DeFi layer for prediction markets.

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Patrick Mayr

Gondor

The DeFi layer for prediction markets.

Patrick Mayr

3Q2025

Our market commentary for 3Q2025 covering the breakout of prediction markets, rise of perpetuals DEXs, and continued momentum of stablecoins.

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Team

3Q2025

Our market commentary for 3Q2025 covering the breakout of prediction markets, rise of perpetuals DEXs, and continued momentum of stablecoins.

Team

Backing founders who export crypto to the world

What we look for in teams building in crypto.

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Patrick Mayr

Backing founders who export crypto to the world

What we look for in teams building in crypto.

Patrick Mayr

Morpho for the Generalist Investor

Explaining Morpho and its importance to an investor not deep in crypto's weeds.

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Patrick Mayr

Morpho for the Generalist Investor

Explaining Morpho and its importance to an investor not deep in crypto's weeds.

Patrick Mayr

2Q2025

Our market commentary for 2Q2025 covering the continued convergence of DeFi and TradFi, regulatory milestones, and active M&A markets.

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Team

2Q2025

Our market commentary for 2Q2025 covering the continued convergence of DeFi and TradFi, regulatory milestones, and active M&A markets.

Team

Dexari

Making the best of crypto accessible to the masses.

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Brett Sun

Dexari

Making the best of crypto accessible to the masses.

Brett Sun

1Q2025

Our market commentary for 1Q2025 covering DeFi and TradFi's increasing converge and US regulatory developments.

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Team

1Q2025

Our market commentary for 1Q2025 covering DeFi and TradFi's increasing converge and US regulatory developments.

Team

Announcing Prelude

Cherry Crypto is now Prelude.

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Team

Announcing Prelude

Cherry Crypto is now Prelude.

Team

Tenor

Unlocking the market for onchain fixed-rate lending.

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Patrick Mayr

Tenor

Unlocking the market for onchain fixed-rate lending.

Patrick Mayr

4Q2024

Our market commentary for 4Q2024 covering the US election, stablecoins, and decentralized AI agents.

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Team

4Q2024

Our market commentary for 4Q2024 covering the US election, stablecoins, and decentralized AI agents.

Team

2024

3Q2024

Our market commentary for 3Q2024 covering the movement behind Network States, the intersection between crypto and fintech, and zkTLS as a promising new primitive for crypto.

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Team

3Q2024

Our market commentary for 3Q2024 covering the movement behind Network States, the intersection between crypto and fintech, and zkTLS as a promising new primitive for crypto.

Team

2Q2024

Our market commentary for 2Q2024 covering the improving stance towards crypto from institutions, crypto consumer apps going mainstream, and continued maturation of DeFi.

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Team

2Q2024

Our market commentary for 2Q2024 covering the improving stance towards crypto from institutions, crypto consumer apps going mainstream, and continued maturation of DeFi.

Team

Hylé (now Hyli)

Hylé simplifies ZK application development with a single purpose blockchain optimized for proof verification and settlement.

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Luc de Leyritz

Hylé (now Hyli)

Hylé simplifies ZK application development with a single purpose blockchain optimized for proof verification and settlement.

Luc de Leyritz

1Q2024

Our market commentary for 1Q2024 covering Bitcoin, Base, and Farcaster.

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Team

1Q2024

Our market commentary for 1Q2024 covering Bitcoin, Base, and Farcaster.

Team

Vertical Integration in the Zero-Knowledge Proof Value Chain

Exploring the early value chain forming around zero-knowledge proofs.

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Luc de Leyritz

Vertical Integration in the Zero-Knowledge Proof Value Chain

Exploring the early value chain forming around zero-knowledge proofs.

Luc de Leyritz

4Q2023

Our market commentary for 4Q2023 covering the positive momentum in public markets, Solana's resurgence as an ecosystem, and the maturation of L2 scaling solutions for Ethereum.

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Team

4Q2023

Our market commentary for 4Q2023 covering the positive momentum in public markets, Solana's resurgence as an ecosystem, and the maturation of L2 scaling solutions for Ethereum.

Team

2023

Maple — Deep Dive

Sharing insights from our analysis and financial modelling of Maple as a protocol.

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Yannis Heyken

Maple — Deep Dive

Sharing insights from our analysis and financial modelling of Maple as a protocol.

Yannis Heyken

3Q2023

Our market commentary for 3Q2023 covering Ripple's SEC court win and our excitement for a new generation of crypto-enabled applications.

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Team

3Q2023

Our market commentary for 3Q2023 covering Ripple's SEC court win and our excitement for a new generation of crypto-enabled applications.

Team

MiCA Guide

Preparing for the EU's upcoming crypto regulation framework.

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Yannis Heyken

MiCA Guide

Preparing for the EU's upcoming crypto regulation framework.

Yannis Heyken

HairDAO

HairDAO is a community-led organisation collaborating to cure hair loss and powered by tokenized incentives.

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Patrick Mayr

HairDAO

HairDAO is a community-led organisation collaborating to cure hair loss and powered by tokenized incentives.

Patrick Mayr

2Q2023

Our market commentary for 2Q2023 covering the continued political action, increasing momentum around RWAs, and a look at the rapidly progressing category of DeSci.

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Team

2Q2023

Our market commentary for 2Q2023 covering the continued political action, increasing momentum around RWAs, and a look at the rapidly progressing category of DeSci.

Team

1Q2023

Our market commentary for 1Q2023 covering the SVB banking crisis, the political landscape for crypto, and continued technological advancements to scale Ethereum.

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Team

1Q2023

Our market commentary for 1Q2023 covering the SVB banking crisis, the political landscape for crypto, and continued technological advancements to scale Ethereum.

Team

In Search of DeFi Fixed Rates

We examine the designs of three ways to create fixed rates in DeFi: zero coupon bonds, yield stripping, and interest rate swaps.

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Patrick Mayr

In Search of DeFi Fixed Rates

We examine the designs of three ways to create fixed rates in DeFi: zero coupon bonds, yield stripping, and interest rate swaps.

Patrick Mayr

4Q2022

Our market commentary for 4Q2022 covering FTX, the state of Ethereum, and layer 2 scaling solutions.

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Team

4Q2022

Our market commentary for 4Q2022 covering FTX, the state of Ethereum, and layer 2 scaling solutions.

Team

2022

The Emerging DeSci Stack

Breaking down the emerging decentralised science (DeSci) stack.

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Patrick Mayr

The Emerging DeSci Stack

Breaking down the emerging decentralised science (DeSci) stack.

Patrick Mayr

Otterspace

DAOs have the potential to more efficiently coordinate capital but need more tooling to clarify their structure and reward member participation.

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Patrick Mayr

Brett Sun

Otterspace

DAOs have the potential to more efficiently coordinate capital but need more tooling to clarify their structure and reward member participation.

Patrick Mayr

Brett Sun

3Q2022

Our market commentary for 3Q2022 covering Ethereum's Merge, regulatory developments, and the governance drama of one of crypto's largest projects.

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Team

3Q2022

Our market commentary for 3Q2022 covering Ethereum's Merge, regulatory developments, and the governance drama of one of crypto's largest projects.

Team

Rated Labs

Creating a credibly neutral reputation layer for Proof of Stake and, eventually, all machine-driven economies.

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Brett Sun

Rated Labs

Creating a credibly neutral reputation layer for Proof of Stake and, eventually, all machine-driven economies.

Brett Sun

Maple

Maple is the market leading institutional credit protocol in DeFi, offering institutions to take out loans with very little to no onchain collateral.

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Patrick Mayr

Maple

Maple is the market leading institutional credit protocol in DeFi, offering institutions to take out loans with very little to no onchain collateral.

Patrick Mayr

2Q2022

Our market commentary for 2Q2022 covering the Terra/Luna collapse, DeFi's resilience, Ethereum's merge progress, and updates to European crypto regulation.

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Team

2Q2022

Our market commentary for 2Q2022 covering the Terra/Luna collapse, DeFi's resilience, Ethereum's merge progress, and updates to European crypto regulation.

Team

NFT Lending Models

The synthesis of NFTs and DeFi promises to unlock utility for all types of NFTs by enabling their use in a host of financial services, including being their use as collateral in loans.

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Patrick Mayr

NFT Lending Models

The synthesis of NFTs and DeFi promises to unlock utility for all types of NFTs by enabling their use in a host of financial services, including being their use as collateral in loans.

Patrick Mayr

Letter to Investors

While the last few weeks have been a difficult time for crypto, our strategy since inception has not changed.

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Team

Letter to Investors

While the last few weeks have been a difficult time for crypto, our strategy since inception has not changed.

Team

Exploring Un(der)collateralized Lending in DeFi

While fully collateralized lending continues to be the preeminent lending market structure in DeFi, undercollateralized or completely uncollateralized lending is growing rapidly.

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Patrick Mayr

Exploring Un(der)collateralized Lending in DeFi

While fully collateralized lending continues to be the preeminent lending market structure in DeFi, undercollateralized or completely uncollateralized lending is growing rapidly.

Patrick Mayr

CoW Protocol

CoW Protocol is a novel decentralized exchange that processes trades in batches rather than sequential trades to achieve an optimal clearing price.

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Brett Sun

CoW Protocol

CoW Protocol is a novel decentralized exchange that processes trades in batches rather than sequential trades to achieve an optimal clearing price.

Brett Sun

Brahma

Brahma is a yield protocol that gives users access to sophisticated DeFi strategies through easy-to-use investment vaults.

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Patrick Mayr

Brett Sun

Brahma

Brahma is a yield protocol that gives users access to sophisticated DeFi strategies through easy-to-use investment vaults.

Patrick Mayr

Brett Sun

Announcing Cherry Crypto I

Cherry Crypto is a 30m first-check fund dedicated to supporting entrepreneurs from the beginnings of their journey.

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Team

Announcing Cherry Crypto I

Cherry Crypto is a 30m first-check fund dedicated to supporting entrepreneurs from the beginnings of their journey.

Team

2021

Blackpool

Blackpool is a community owned investment fund that runs a variety of investing strategies in the NFT space.

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Patrick Mayr

Blackpool

Blackpool is a community owned investment fund that runs a variety of investing strategies in the NFT space.

Patrick Mayr

Morpho

Morpho proposes the creation of a new lending market that enables zero-spread loans.

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Patrick Mayr

Morpho

Morpho proposes the creation of a new lending market that enables zero-spread loans.

Patrick Mayr