Research
Independent research and analysis on crypto capital markets, investor relations and token transparency.
IR & Token Transparency in 2026
A quantitative assessment of token disclosure practices across 150+ crypto protocols
We audited 150+ crypto protocols across 15 binary, publicly verifiable disclosure metrics — from market maker terms to revenue segmentation to third-party data coverage. The results: 0% disclose MM terms, 2% have an IR hub, and 98% make revenue data accessible but fail to package it for institutional allocators.
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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