Want to understand JPMorgan's Onyx? Here are its main products and GTM strategies.

As the tokenized yield-bearing cash solution space’s No.1 player Ondo Finance’s AUM surged past $464 million this week, the thought of a path towards broader adoption in this nascent but highly important space came to the forefront of my mind. The space that the tokenized yield-bearing cash solution is currently addressing mostly has to do with stablecoin capital that is already onchain. There are already $160 billion of these but the size of the market outside of crypto is m

What synthetic dollar? It is a tokenized hedge fund strategy running basis trade

The biggest tokenization narrative of 2023-24 so far can be summarized in the following 3 stories about stablecoins and yieldcoins (TBills backed cash equivalents): Stablecoin is the biggest tokenization success story Yieldcoin is going to eat into stablecoin’s market due to its superior capital efficiency Yieldcoins from leading tokenization players such as BlackRock, Ondo and Franklin Templeton have been taking market share from stablecoin The conversations on tokenization

This what 110x looks like for an tokenized asset that has achieved wide adoption...

Has the tokenized TBill market reached an inflection point given its +43% AUM growth in past 2 months?

BlackRock’s USD Institutional Liqudity Digital Fund  or BUIDL has been the talk of the financial press recently. As the first fund management product specifically launched on the blockchain by BlackRock to address the needs of the tokenized world that banking, finance and asset management are moving into, it is a watershed moment for the tokenization space and a massive validation for the utility of blockchains. The realized inflows totalled more than $250mill which blew past

A few weeks back I wrote a post  highlighting the 3 major difficulties facing many tokenization projects today. In that post I talked about why targeting incremental improvements in operational processes or capital usage would make much more sense as a go-to-market approach.  I have been chewing on the idea of capital efficiency improvement in crypto for the past two weeks and had a light bulb moment recently: scaling capital efficiency adoption through yield bearing stableco

Within the tokenization space, there exists a school of thought that any market can be recreated onchain but with better liquidity and lower cost of capital because of blockchain’s fast settlement and borderless distribution. Real estate, auto financing, art, carbon credit etc. You name it. The list of potential onchain replications is endless with possibilities. As a result, I see startups sprung up with pitches that promise new financial paradigms. However, why is there har

2023 Oct total crypto market cap: $1 trillion, BTC $26k,  2024 Feb total crypto market cap: $2 trillion, BTC $52k, 11 BTC ETFs Lately I have been pondering what is a convenient way to get exposure to the whole digital asset market, without having to buy specific assets. Then Coinbase, the only publicly traded and regulatory compliant US digital asset exchange, reported Q4 earnings that beat across the board on 15th Feb. Given its roughly $40 billion market cap and its central

While most people think of Bitcoin and its price when hearing the words digital assets or crypto, at Crypto Adoption Curve, I have always preferred to pay attention to underlying adoption trends and their implications for value creation and capture in commercial applications. For example, I covered the recent technological advances underpinning the distributed ledger system and the competing paths they have created that would decide where trillions of digital assets go. You c

Celestia, EigenDA, and Altlayer.  Have you heard of these names before? If you have not, you are probably missing out on one of the hottest innovation trends in crypto right now.  These are some of the key teams designing and building solutions in what is known as data availability space in a modular approach towards blockchain scaling. They are building step-change functions for blockchains that will have far reaching consequences for their applications in finance, social me

How well do you know of the tokenization industry? While the newsreel of tokenization seems to be in perpetual motion, I have been hard pressed to find a complete overview of the industry players, transactions and value accrual points. Last week Binance published a mapping on the industry that arguably not only left out a lot of important participants but also failed to provide a sense of their relative scale. See below. So I am going to attempt to shine a light on the topic.

Would you prefer receiving 7% fixed for a year or 0.5% variable that could spike up to 50% for a few days but you wouldn't know when that would happen? There has been a lot of discussion about crypto FAANG projects recently, but they all seem to have missed a crucial differentiator. The differing quality of those revenue streams. In our last newsletter, we looked at MakerDAO’s, the biggest crypto project, scaling plan and explored possible revenue, expense and earnings number

Last week we went through MakerDAO’s revenue and expense numbers. At 18.3 P/E, it is currently valued at a lower P/E multiple than every FAANG company. You can join the Insiders Club to get your hands on a complete analysis here . What about its future earnings potential? Good question. In this week’s newsletter, we will unpack MakerDAO founder Rune Christenson’s controversial “ Endgame ” plan that aims to scale the market cap of DAI, Maker's stablecoin, from the current $4bi

Part 1: $56 billions Who are the Facebook, Apple, Amazon, Netflix and Google of crypto? Crypto is (in)famous for its rollercoaster image to the masses. But what if we can find projects that: generate revenue and earnings hold clear market leadership have clear advantages over competitors This would put crypto projects in the same valuation framework that the Wall Street uses for the FAANG stocks of Nasdaq. I wrote about the 5 FAANG names spanning across 5 different crypto ver

Ethereum's successful Shapella upgrade last week has ushered in the first crypto native risk-free rate to the world - the Ethereum staking yield. If you want to get to know more about how we arrived here you can read my previous research piece here .

Real world asset tokenization has been a hot topic in both crypto and traditional finance circles lately. From the SEB and Credit Agricole’s recent green bond tokenization effort to the issuance of US dollar backed stablecoin by BTG Pactual , Latam’s biggest investment bank, more and more traditional financial institutions are bringing assets onchain for easier distribution, tracking and trading. Of course these financial institutions can rely on their existing clients to so

6 years ago someone told me about a curious idea: putting invoice factoring on blockchain. At that time, I understood neither what a blockchain was nor what invoice factoring was. Luckily for me, at the time, both the blockchain technology and the legal framework were not established enough for the idea to be implemented. Yet little did I know this idea would be my crypto red pill moment and my light bulb conviction moment years later. Loan Stats Fast forward to Dec 2022, Map