Research
Independent research and analysis on crypto capital markets, investor relations and token transparency.
The Institutional Readiness Gap
Why crypto companies and protocols still communicate like startups
We scored the investor relations infrastructure of the 100 largest companies and protocols onchain across five pillars. The median is 49 out of 100; only three reach institutional grade and 62 have no real IR layer. Market cap and IR quality are uncorrelated: XRP, Ethereum, and Dogecoin are worth roughly $280B combined and score 38, 41, and 21. The largest assets in crypto are underwritten with less disclosure than a Series A startup provides its investors.
Which Token Value Accrual Model Works?
An empirical study of 159 tokens across six value accrual mechanisms
Bullpen: The Entertainment Finance Thesis
Why entertainment finance is the defining crypto category of this cycle, and why Bullpen is its purest product expression
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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