Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, and Lido.</li><li>According to estimates from the Depository Trust and Clearing Corporation (DTCC), Boston Consulting Group (BCG), and Citi, transactions of tokenized assets could exceed $3 quadrillion annually by 2030. </li><li>While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins (tokenized money) represent significant volume as well.</li><li>Institutions are tokenizing and transacting assets on blockchains at an accelerating rate, driven by the structural advantages of the onchain format, including global liquidity, instant settlement, and enhanced programmability, all operating on unified global rails. </li></ul></div>

Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, and Lido.According to estimates from the Depository Trust and Clearing Corporation (DTCC), Boston Consulting Group (BCG), and Citi, transactions of tokenized assets could exceed $3 quadrillion annually by 2030. While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins (tokenized money) represent significant volume as well.Institutions are tokenizing and transacting assets on blockchains at an accelerating rate, driven by the structural advantages of the onchain format, including global liquidity, instant settlement, and enhanced programmability, all operating on unified global rails. 

Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

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.

Crypto

<ul><li>It has been exactly eighteen months since Ethereum made the big switch from Proof-of-Work to Proof-of-Stake, an event widely known as the Merge.</li><li>In simple terms, after the Merge, the responsibility for verifying transactions and proposing new blocks on the Ethereum network shifted from miners to holders, provided they choose to become stakers.</li><li>To maintain the blockchain as stakers, holders lock up their Ether in the network.</li></ul>

It has been exactly eighteen months since Ethereum made the big switch from Proof-of-Work to Proof-of-Stake, an event widely known as the Merge.In simple terms, after the Merge, the responsibility for verifying transactions and proposing new blocks on the Ethereum network shifted from miners to holders, provided they choose to become stakers.To maintain the blockchain as stakers, holders lock up their Ether in the network.

Crypto Moves #19 – Liquid Staking Protocols Are Ethereum’s Saver

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

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

<ul><li>Three Arrows Capital famously blew up because of a series of bad trades, primarily Luna and GBTC.</li><li>What happened to Luna is obvious: it went to 0 because of UST’s flawed peg maintenance mechanism.</li><li>The GBTC situation was a bit more complex: “Grayscale allowed big investors like 3AC to purchase shares directly by giving Bitcoin to the trust.</li></ul>

Three Arrows Capital famously blew up because of a series of bad trades, primarily Luna and GBTC.What happened to Luna is obvious: it went to 0 because of UST’s flawed peg maintenance mechanism.The GBTC situation was a bit more complex: “Grayscale allowed big investors like 3AC to purchase shares directly by giving Bitcoin to the trust.

<ul><li>Towards the end of last year, I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.</li><li>In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. </li><li>The good news is that global liquidity has been more or less flat over Q2, with no further drops apart from  the tokens featured in the SEC lawsuits and a handful of exchange-specific drops in liquidity, such as Binance.US.</li></ul>

Towards the end of last year, I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. The good news is that global liquidity has been more or less flat over Q2, with no further drops apart from  the tokens featured in the SEC lawsuits and a handful of exchange-specific drops in liquidity, such as Binance.US.

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Lido DAO Token (LDO CURNCY)

Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins...

Water Tower Research

Crypto Moves #19 – Liquid Staking Protocols Are Ethereum’s Saver

It has been exactly eighteen months since Ethereum made the big switch from Proof-of-Work to Proof-of-Stake, an event widely known as 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

Is StETH Liquid Enough?

The GBTC situation was a bit more complex: “Grayscale allowed big investors like 3AC to purchase shares directly by giving Bitcoin to the trust.

Kaiko

Q2 Liquidity Ranking for Crypto Assets

In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. The good news is that global liquidity...

Kaiko

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Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins...

Water Tower Research

Crypto Moves #19 – Liquid Staking Protocols Are Ethereum’s Saver

It has been exactly eighteen months since Ethereum made the big switch from Proof-of-Work to Proof-of-Stake, an event widely known as 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

Is StETH Liquid Enough?

The GBTC situation was a bit more complex: “Grayscale allowed big investors like 3AC to purchase shares directly by giving Bitcoin to the trust.

Kaiko

Q2 Liquidity Ranking for Crypto Assets

In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. The good news is that global liquidity...

Kaiko

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