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

Crypto

<ul><li>Solana is a high-performance blockchain platform that is designed to host decentralized, scalable applications.</li><li>It can process thousands of transactions per second, significantly more than many other blockchains, including Bitcoin or Ethereum (though Ethereum 2.0 aims to improve its scalability).</li><li>This high throughput makes it suitable for applications that require rapid processing, such as decentralized finance (DeFi) platforms, non-fungible token (NFT) marketplaces, and gaming.</li></ul>

Solana is a high-performance blockchain platform that is designed to host decentralized, scalable applications.It can process thousands of transactions per second, significantly more than many other blockchains, including Bitcoin or Ethereum (though Ethereum 2.0 aims to improve its scalability).This high throughput makes it suitable for applications that require rapid processing, such as decentralized finance (DeFi) platforms, non-fungible token (NFT) marketplaces, and gaming.

Tech Talk: Solana DeFi Chain What? Why? And How Big?

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

<ul>
<li>Render is one of the earliest real-use utility tokens with a functioning marketplace for GPU compute, and adoption is expanding beyond crypto-native users.</li>
<li>Its migration to Solana and support for AI/ML workloads positions Render to benefit from rising demand for decentralised GPU resources, although competition from hyperscalers remains a structural risk.</li>
<li>As increasing real-world usage and transparent tokenomics provide upside optionality, but liquidity and regulatory uncertainties warrant conservative sizing.</li>
</ul>


Render is one of the earliest real-use utility tokens with a functioning marketplace for GPU compute, and adoption is expanding beyond crypto-native users.
Its migration to Solana and support for AI/ML workloads positions Render to benefit from rising demand for decentralised GPU resources, although competition from hyperscalers remains a structural risk.
As increasing real-world usage and transparent tokenomics provide upside optionality, but liquidity and regulatory uncertainties warrant conservative sizing.


Render: A Utility Token Powering AI and the Establishing Digital Compute Economy

Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

<ul><li>Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token unlock triggers, on average, a 0.3% price drop over the week preceding the unlock and another 0.3% drop over the week following the unlock.</li><li>The strongest price effects occur two days before the unlock and on the third and fourth days after the unlock. Interestingly, the actual unlock day and the day after show little price impact.</li><li>The similar magnitude of price drops before and after the unlock suggests that market anticipation is just as influential as the actual selling pressure.</li></ul>

Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token unlock triggers, on average, a 0.3% price drop over the week preceding the unlock and another 0.3% drop over the week following the unlock.The strongest price effects occur two days before the unlock and on the third and fourth days after the unlock. Interestingly, the actual unlock day and the day after show little price impact.The similar magnitude of price drops before and after the unlock suggests that market anticipation is just as influential as the actual selling pressure.

The Impact of Token Unlock Events on Cryptocurrency Prices: An Empirical Analysis

Podcast by Eric Golden on Web3 businesses, Web3 Breakdowns

Web3 Breakdowns

Podcast by Eric Golden on Web3 businesses

Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.

<ul><li>Cosmo Giang, partner at Pantera Capital, discusses the investment thesis behind digital asset treasury companies (DATs) and their role in the crypto ecosystem, particularly highlighting Solana as their largest position.</li><li>Giang compares DATs to traditional financial companies, emphasizing how they can generate yield on assets like Bitcoin and Solana, similar to how banks generate returns on deposits.</li><li>Giang reveals how Solana's smart contract platform offers more sustainable yield potential compared to Bitcoin, leading to Pantera's bullish stance on the cryptocurrency.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Cosmo Giang, partner at Pantera Capital, discusses the investment thesis behind digital asset treasury companies (DATs) and their role in the crypto ecosystem, particularly highlighting Solana as their largest position.Giang compares DATs to traditional financial companies, emphasizing how they can generate yield on assets like Bitcoin and Solana, similar to how banks generate returns on deposits.Giang reveals how Solana's smart contract platform offers more sustainable yield potential compared to Bitcoin, leading to Pantera's bullish stance on the cryptocurrency.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Cosmo Jiang - Unpacking Digital Asset Treasuries - [Making Markets, EP.70]

<ul><li aria-level="1">Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.</li><li aria-level="1">We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.</li><li aria-level="1">Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.</li></ul>

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

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Solana (SOL CURNCY)

Tech Talk: Solana DeFi Chain What? Why? And How Big?

This high throughput makes it suitable for applications that require rapid processing, such as decentralized finance (DeFi) platforms, non-fungible...

Water Tower Research

Render: A Utility Token Powering AI and the Establishing Digital Compute Economy

Render, a utility token for GPU compute with migration to Solana and support for AI/ML workloads. Upside potential, but competition and regulatory...

Tatja Karkkainen

The Impact of Token Unlock Events on Cryptocurrency Prices: An Empirical Analysis

Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token...

Animoca Brands Research

Cosmo Jiang - Unpacking Digital Asset Treasuries - [Making Markets, EP.70]

Cosmo Giang of Pantera Capital discusses the role of digital asset treasury companies in the crypto ecosystem, highlighting Solana as their largest...

Web3 Breakdowns

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token...

Animoca Brands Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech Talk: Solana DeFi Chain What? Why? And How Big?

This high throughput makes it suitable for applications that require rapid processing, such as decentralized finance (DeFi) platforms, non-fungible...

Water Tower Research

Render: A Utility Token Powering AI and the Establishing Digital Compute Economy

​Render, a utility token for GPU compute with migration to Solana and support for AI/ML workloads. Upside potential, but competition and regulatory...

Tatja Karkkainen

The Impact of Token Unlock Events on Cryptocurrency Prices: An Empirical Analysis

Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token...

Animoca Brands Research

Cosmo Jiang - Unpacking Digital Asset Treasuries - [Making Markets, EP.70]

Cosmo Giang of Pantera Capital discusses the role of digital asset treasury companies in the crypto ecosystem, highlighting Solana as their largest...

Web3 Breakdowns

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token...

Animoca Brands Research

Render, a utility token for GPU compute with migration to Solana and support for AI/ML workloads. Upside potential, but competition and regulatory...