Crypto Analyst

Edward Wu

TokenInsight

Investment Research House

Crypto

<ul>
<li>The Merge narrative is the short-term factor driving the ETH price. In the mid-to-long term, structural supply reduction provides a long-term bull case for ETH.</li>
<li>Staked ETH derivatives' price will converge to 1:1 with ETH , purchasing liquid staked ETH derivatives at a discount is a better strategy to accumulate ETH long-term position.</li>
<li>Liquid staking protocol, Lido Finance, will enjoy a tailwind after the merge with a surge in staking ratio. LDO token is a high beta play of ETH's bull case. 
</li>
</ul>


The Merge narrative is the short-term factor driving the ETH price. In the mid-to-long term, structural supply reduction provides a long-term bull case for ETH.
Staked ETH derivatives' price will converge to 1:1 with ETH , purchasing liquid staked ETH derivatives at a discount is a better strategy to accumulate ETH long-term position.
Liquid staking protocol, Lido Finance, will enjoy a tailwind after the merge with a surge in staking ratio. LDO token is a high beta play of ETH's bull case. 



Investment Thesis Post-Ethereum 2.0 Merge

Co Founder & Head of Engineering and Trading, HarmoniQ Insights

Christopher Rosa

Co Founder & Head of Engineering and Trading

HarmoniQ Insights

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

<ul>
<li>Ethereum leads in tokenization, but Solana and Sui are gaining traction with high-speed trading and alternative L1 adoption. Institutional multi-chain strategies may drive further competition.</li>
<li>Ethereum’s L2s enhance scalability, but fee revenue is diversifying as Alt-L1s grow. Base shows how L2s can leverage Ethereum’s security while competing ecosystems challenge its dominance.</li>
<li>TradFi is embracing blockchain, with stablecoins and tokenization set to expand. BlackRock’s BUIDL fund on Ethereum highlights its role as the preferred settlement layer for institutional finance.</li>
</ul>


Ethereum leads in tokenization, but Solana and Sui are gaining traction with high-speed trading and alternative L1 adoption. Institutional multi-chain strategies may drive further competition.
Ethereum’s L2s enhance scalability, but fee revenue is diversifying as Alt-L1s grow. Base shows how L2s can leverage Ethereum’s security while competing ecosystems challenge its dominance.
TradFi is embracing blockchain, with stablecoins and tokenization set to expand. BlackRock’s BUIDL fund on Ethereum highlights its role as the preferred settlement layer for institutional finance.


Ethereum Deep Dive: L2 Scaling, Competition, and TradFi Integration

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>We are confident that while 99% of cryptocurrencies are a distraction, the remaining 1% has the potential to revolutionize the world.</li><li>Next week, we are excited to launch our crypto portfolio, which is specifically designed to identify the promising 1%.</li><li>Our strategy involves diversifying across different ecosystems, technologies, and use-cases, aiming to balance the risk while targeting significant upside potential.</li></ul>

We are confident that while 99% of cryptocurrencies are a distraction, the remaining 1% has the potential to revolutionize the world.Next week, we are excited to launch our crypto portfolio, which is specifically designed to identify the promising 1%.Our strategy involves diversifying across different ecosystems, technologies, and use-cases, aiming to balance the risk while targeting significant upside potential.

Crypto Moves #12 – Our biggest position: Ethereum

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

Rose Choy

<ul>
<li>As the crypto lending market recovers from the shock of large defaults in the sector, the markets are now focused on institutional lending where capital efficiency and liquidity are key. </li>
<li>Overcollateralized lending has been stagnant although holding ground, but its low utilization, low interest rates and wide bid ask are not appealing to most lenders and borrowers.</li>
<li>The market preference is switching to non-collateralized lending where a mix of Cefi and Defi characteristics may evolve to provide the winning combination.</li>
</ul>


As the crypto lending market recovers from the shock of large defaults in the sector, the markets are now focused on institutional lending where capital efficiency and liquidity are key. 
Overcollateralized lending has been stagnant although holding ground, but its low utilization, low interest rates and wide bid ask are not appealing to most lenders and borrowers.
The market preference is switching to non-collateralized lending where a mix of Cefi and Defi characteristics may evolve to provide the winning combination.


Crypto Lending Series (#2) Clearpool - A Bright Spot Emerging from the Rubble

<ul>
<li>ETH staking is the easiest strategy and can be accessed from major centralized exchanges such as Binance or Coinbase, the staking yield is around 4.5%.</li>
<li>Provide liquidity to ETH-stETH Curve pool generate 2.9% transaction fees, 2.25% LDO token incentives, 4.5% for the stETH staking reward. Total APY is 5.15% for ETH and 9.65% for stETH.</li>
<li>ETH derivatives strategy vault can provide a higher yield of over 14%, but involve a higher risk</li>
</ul>


ETH staking is the easiest strategy and can be accessed from major centralized exchanges such as Binance or Coinbase, the staking yield is around 4.5%.
Provide liquidity to ETH-stETH Curve pool generate 2.9% transaction fees, 2.25% LDO token incentives, 4.5% for the stETH staking reward. Total APY is 5.15% for ETH and 9.65% for stETH.
ETH derivatives strategy vault can provide a higher yield of over 14%, but involve a higher risk


United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Investment Thesis Post-Ethereum 2.0 Merge

The bull case for ETH and Lido Finance, and accumulating long-term ETH position through Liquid Staking Derivatives with a discount

Edward Wu

Ethereum Deep Dive: L2 Scaling, Competition, and TradFi Integration

Ethereum remains the foundation for Web3 and TradFi tokenization, but Solana and Alt-L1s gain traction. As adoption grows, competition intensifies,...

Christopher Rosa

Crypto Moves #12 – Our biggest position: Ethereum

We are confident that while 99% of cryptocurrencies are a distraction, the remaining 1% has the potential to revolutionize the world. Next week,...

Steno Research

Crypto Lending Series (#2) Clearpool - A Bright Spot Emerging from the Rubble

The crypto lending market is now focused on institutional lending after some high profile failures earlier. The preference now is for...

Rose Choy

ETH Yield Strategy

Introduce three ways to earn yield for ETH, from easy and low risk yield strategies to higher risk DeFi derivatives vault.

Edward Wu

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