Crypto Fundamental Investor/Analyst

Josh Du

NASDEX Ltd

We believe that the tokenization of all asset classes, including stocks, is inevitable as the world further increases adoption of crypto and blockchain technology.

NASDEX is designed to serve as a bridge between the crypto world and the equity world. We believe that the onchain adoption of the equity asset class will deliver increased accessibility with improved capabilities for both crypto and equity investors

Crypto

<ul>
<li>In this report, we explore the potential encroachment on the USD1.4 trillion global retail banking revenue by crypto DeFi protocols </li>
<li>With USD270 billion total deposits, DeFi protocols can already be counted as the 12th largest US bank by deposits</li>
<li>Finally, we teach our readers how to become a yield farmers and earn attractive yields with DeFi</li>
</ul>


In this report, we explore the potential encroachment on the USD1.4 trillion global retail banking revenue by crypto DeFi protocols 
With USD270 billion total deposits, DeFi protocols can already be counted as the 12th largest US bank by deposits
Finally, we teach our readers how to become a yield farmers and earn attractive yields with DeFi


Crypto Yield Farming Part 1 - Funny Name but a Real Threat to the Banking Sector?

Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

<ul>
<li>In the latest inning of the crypto credit crisis, real world banks like Silvergate was shuttered making the on-and-off ramp of crypto to fiat more challenging.</li>
<li>Crypto lenders have already been decimated in the centralised lending space while DeFi lenders seem to trudge along - but are they the bastions of success? </li>
<li>We analyse what the current landscape means for the crypto lending industry and have a regrettable conclusion.</li>
</ul>


In the latest inning of the crypto credit crisis, real world banks like Silvergate was shuttered making the on-and-off ramp of crypto to fiat more challenging.
Crypto lenders have already been decimated in the centralised lending space while DeFi lenders seem to trudge along - but are they the bastions of success? 
We analyse what the current landscape means for the crypto lending industry and have a regrettable conclusion.


Crypto Lending Series #4: The Waste Land of Lending

<ul>
<li>In May and June, the market witnessed Luna/UST's collapse, the liquidation of Three Arrows Capital (a large crypto fund), and insolvencies of major centralized crypto lending firms. </li>
<li>Excessive leverage, poor risk management and lending practices in the lending sector exacerbated the market sell-off amidst a global macro risk-off. How will the lending sector emerge from the rubble?</li>
<li>We discuss the crypto lending landscape, deep dive into DeFi protocols Aave and Clearpool, share insights from some institutional borrowers and come up with key lessons learned for the future. </li>
</ul>


In May and June, the market witnessed Luna/UST's collapse, the liquidation of Three Arrows Capital (a large crypto fund), and insolvencies of major centralized crypto lending firms. 
Excessive leverage, poor risk management and lending practices in the lending sector exacerbated the market sell-off amidst a global macro risk-off. How will the lending sector emerge from the rubble?
We discuss the crypto lending landscape, deep dive into DeFi protocols Aave and Clearpool, share insights from some institutional borrowers and come up with key lessons learned for the future. 


Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Every day, 32.5 million Ether, valued at more than $100 billion, are used as collateral to verify transactions, propose blocks, and protect the Ethereum blockchain from external attacks by acting as validators.</li><li>These Ethereum validators consequently hold substantial influence over the network.</li><li>To manage this influence wielded by Ethereum stakers, the network has the capability to slash validators.</li></ul>

Every day, 32.5 million Ether, valued at more than $100 billion, are used as collateral to verify transactions, propose blocks, and protect the Ethereum blockchain from external attacks by acting as validators.These Ethereum validators consequently hold substantial influence over the network.To manage this influence wielded by Ethereum stakers, the network has the capability to slash validators.

Crypto Moves #25 – Ethereum Restaking: Potential is Not Risk-Free

Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

<ul>
<li>Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.</li>
<li>The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.</li>
<li>In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens</li>
</ul>


Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.
The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.
In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens


More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

United States

AAVE is a decentralised Finance (DEFI) protocol that allows users to borrow and lend crypto. Holders of AAVE get discounted fees on the platform and are allowed to vote on the future of the protocol

Aave (XVV DAR CURNCY)

Crypto Yield Farming Part 1 - Funny Name but a Real Threat to the Banking Sector?

We explore the potential encroachment on the USD1.4 trillion global retail banking revenue by crypto DeFi protocols, which has already amassed...

Josh Du

Crypto Lending Series #4: The Waste Land of Lending

With the shutter of Silvergate bank, the on-off ramp for crypto to fiat is severed. While the crypto lending space is already challenged, we...

Rose Choy

Crypto Lending Sector Series

As the crytpo lending crisis winds down, the restructuring phase begins. We examine the lending landscape, and two innovative protocols, and...

Rose Choy

Crypto Moves #25 – Ethereum Restaking: Potential is Not Risk-Free

Every day, 32.5 million Ether, valued at more than $100 billion, are used as collateral to verify transactions, propose blocks, and protect the...

Steno Research

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

Crypto Yield Farming Part 1 - Funny Name but a Real Threat to the Banking Sector?

We explore the potential encroachment on the USD1.4 trillion global retail banking revenue by crypto DeFi protocols, which has already amassed...

Josh Du

Crypto Lending Series #4: The Waste Land of Lending

With the shutter of Silvergate bank, the on-off ramp for crypto to fiat is severed. While the crypto lending space is already challenged, we...

Rose Choy

Crypto Lending Sector Series

As the crytpo lending crisis winds down, the restructuring phase begins. We examine the lending landscape, and two innovative protocols, and...

Rose Choy

Crypto Moves #25 – Ethereum Restaking: Potential is Not Risk-Free

Every day, 32.5 million Ether, valued at more than $100 billion, are used as collateral to verify transactions, propose blocks, and protect the...

Steno Research

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

​Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....