Research

Protocol Highlight: The Open Network (TON)

Lean about TON from Justin Hyun, Director of Investments. We also highlight key metrics on TON vs L1s.

Kelly Ye: Analyst of the Month

Meet Kelly Ye: Portfolio Manager at Decentral Park Capital

Announcing Stablecoin Activity Breakdown

Find what dApps and smart contracts are driving stablecoin activity per chain

Announcing Sybil Detection

Using machine learning to catch sybils on blockchains at scale

Stablecoin Usage Across Blockchain Networks

A data-driven look at stablecoin usage across blockchains

David Alderman: Analyst of the Month

Meet Davld Alderman: Research Analyst at Franklin Templeton

Crypto Fundamentals #64

Coinbase FY 2023 earnings smash analyst expectations

Ethereum FY 2023 Financial Overview

an in-depth look at Ethereum through the lens of a financial analyst

Crypto Fundamentals #63

Decentralized social application Farcaster spikes in user activity

Crypto Fundamentals #62

Tether reports $2.85B in quarterly profit

Felipe Montealegre: Analyst of the Month

Meet Felipe Montealegre: Co-Founder at Theia Blockchain

Introducing Solana Activity Monitor: What Drove User Activity on January 26th, 2024?

Crypto Fundamentals #61

Scientists utilize blockchain to simulate the origins of life on Earth

Crypto Fundamentals #60

Coinbase fights the SEC in court over the definition of securities

Crypto Fundamentals #59

USDC Stablecoin Issuer Circle confidentially files for IPO

Crypto Fundamentals #58

Visa announces new web3 loyalty rewards partnership

Cody Poh: Analyst of the Month

Meet Cody Poh: Investment Associate at Spartan Group

Crypto Fundamentals #57

NY financial regulator approves Paxos expansion to Solana

Crypto Fundamentals #56

FASB changes rules to allow for fair-value accounting of cryptocurrencies including Bitcoin on corporate balance sheets

Crypto Fundamentals #55

Sam Altman-backed Investment Vehicle Launches Bitcoin Private Credit Fund and Insurance Vehicle

December 2023: What's driving NEAR On-Chain Activity?

We highlight what's driving NEAR on-chain activity and how that affects NEAR's tokenomics.

Crypto Fundamentals #54

This week, Saylor’s MicroStrategy makes ~$600mm Bitcoin purchase, the largest since February 2021, Grayscale Investments hires former Invesco ETF lead John Hoffman to take on managing director role, and Bitcoin hits an 18 month high at $38.8k.

Patrick Bush: Analyst of the Month

Meet Patrick Bush: Senior Digital Assets Research Analyst at VanEck

Why Argentina's 2023 Presidential Election could be bullish for stablecoins

Argentina's president elect Milei has a plan to abolish the central bank and to dollarize Argentina. That plan could be a big spark for stablecoin adoption.

Crypto Fundamentals #53

Apollo and JP Morgan partner with blockchain platforms to transform the asset management space, NEAR is supported on the Artemis Blockchain Activity Monitor, UpvsDown User Activity (Gaming Application on Polygon)

Crypto Fundamentals #52

JPM institutes programmable payments for its native digital currency, JPM Coin, BTC Price vs. On-Chain Active Addresses, Telegram Bot User Growth (Banana Gun, Unibot, Maestro)

Crypto Fundamentals #51

Review of Modular Capital's Braintrust thesis, SocialFi User Retention, RabbitX Price vs. Trading Volume follow-ups

Artemis X QuickNode On-Chain Report

On-chain insights for web3 builders and investors

James & Vincent: Analysts of the Month

Meet James Ho and Vincent Jow: Co-Founders of Modular Capital

Crypto Fundamentals #50

JP Morgan Sees $1bn of Daily Transaction Volume of its native digital token (JPM Coin), RabbitX gains Perp Trading Market Share as Trading Volumes Rebound, Bot vs. Human User Filter on the Blockchain Activity Monitor!

Crypto Fundamentals #49

Review of Metaplex Investment Thesis (Modular Capital), friend.tech dominates active addresses and gas usage on Base, Q3 2023 gas usage across top Bridges declines ~32% QoQ

Crypto Fundamentals #48

Artemis Data Insights - YTD 2023 Roll-up Review: Launch of Base resulted in ~30% QoQ decline in transactions for Arbitrum, Average Fees / Transaction have compressed by ~17% QoQ in Q3 2023, zkSync boasts highest fees and transactions across layer 2 networks in Q3 2023

Crypto Fundamentals #47

Roll-up economics pre / post EIP-4844 (Cody @ Spartan Group!), Avalanche’s New Social Application Stars Arena grows to ~10k daily active users within two weeks of launch, Analysis of Q3 YoY Change in Ethereum Gas Fees and Transactions

Crypto Fundamentals #46

FASB’s new fair value accounting for cryptocurrencies such as Bitcoin receives positive feedback from pro-crypto constituents, GMX new users spike on Arbitrum after quests launch on Arbitrum Odyssey: Reignited, Analysis of Ethereum Layer 2 Networks Gas Usage

Cosmo Jiang: Analyst of the Month

Meet Cosmo Jiang: Portfolio Manager at Pantera Capital

Crypto Fundamentals #45

Google Cloud expands Web3 presence with the addition of 11 new blockchain networks and start-up partnerships, Spike in NEAR daily active user activity driven by e-commerce application Kai-Ching, ERC-4337 activity continues to heat up across chains

Crypto Fundamentals #44

Deutsche Bank dives deeper into Crypto Custody, Tokenization with Taurus Partnership, Ethereum sees spike in New Users (Wallet Transfers, ERC4337 contracts see increased activity on Optimism

Crypto Fundamentals #43

Luxury Houses launch services on Aura consortium's blockchain, Artemis Data Insights on Uniswap Gas Usage

Sam Andrew: Analyst of the Month

Meet Sam Andrew: an ex-BlueMountain Capital ($22B AUM) analyst bringing long-term frameworks and clarity to crypto.

Crypto Fundamentals #042

Coinbase takes a stake in stablecoin issuer Circle, Artemis Data Insights: Ethereum Gas Usage and Arbitrum vs. Optimism Fundamentals Deep Dive

Crypto Fundamentals #041

Stablecoin regulation and adoption progresses in ex-US jurisdictions, Artemis data insights on Base and Decentralized Perps

Crypto Fundamentals #040

Paypal Launches USD-backed stablecoin, Visa tests on-chain gas payments through fiat currencies / credit card payments

Crypto Fundamental #039

Curve Finance faces $62mm exploit, SEC sees a wave of Ethereum ETF filings

Crypto Fundamentals #038

Worldcoin launches World ID SDK and plans to scale Orb operations globally, Amazon Expands into Web3 Space with Cloud Tooling

Crypto Fundamentals #037

Gnosis partners with Visa to deliver real-world transactions using crypto, House Republicans launch market structure crypto bill

Sonya Kim: Analyst of the Month

Meet Sonya Kim: an ex-Baillie Gifford analyst bringing long-term investing frameworks into crypto

Crypto Fundamentals #036

XRP receives a small dose of regulatory clarity, Bloomberg evaluates cryptoassets, Fir Tree launches digital asset opportunities fund

Crypto Fundamentals #035

TrueUSD continues its growth despite Prime Trust challenges, BlackRock CEO talks Bitcoin + blockchain

Crypto Fundamentals #034

Shopify's blockchain team showcases token-gated storefronts, FTX unveils plans to restart exchange, BlueFin sees traction on Arbitrum

Crypto Fundamentals #033

Bitcoin rallies to YTD highs on the back of multiple ETF filings by asset managers, JPM continues stablecoin testing

Crypto Fundamentals #032

Tether sees Sell-off, Blackrock files Bitcoin ETF

Crypto Fundamentals #031

SEC sues Binance and Coinbase, TradFi talks about crypto at Bloomberg Invest, LayerZero / Stargate

Crypto Fundamentals #030

Senate Crypto Bill, Credit Suisse / Deutsche-backed platform, Safe and Layer 2s

Crypto Fundamentals #029

Sam Altman’s Worldcoin raises Series C, Finnish Fintech company launch, Element Market and Socket

Crypto Fundamentals #028

Visa explores account abstraction, Institutional Investors Apply Fundamental Investment Frameworks to Crypto, Avalanche and Holographxyz

Crypto Fundamentals #027

Jane Street and Jump reduce US operations, Sam Altman’s crypto project launch, Memecoins and PendleFi

What are the Top Apps in Crypto in May 2023?

Here are top apps by gas, transactions and users in the last month!

Crypto Fundamentals #026

Coinbase sues the SEC, Mastercard announcements at Consensus 2023, Hong Kong plans to release crypto regulatory framework

Crypto Fundamentals #025

Gary Gensler testifies on crypto regulations, Coinbase secures Bermuda license, EU Parliament votes in favor of a new crypto licensing regime

Crypto Fundamentals #024

Ethereum gets the Shapella upgrade, Avalanche launches the “Spruce” subnet, FTX has recovered $7.3bn in assets

Crypto Fundamentals #023

Mr. Gensler looks to shake things up in traditional equity markets, Binance faces further regulatory pressure, MicroStrategy keeps buying bitcoin

Crypto Fundamentals #022

Binance sued by the CFTC, US Govt sold BTC and no one knew, Crypto efforts continue from tradfi and tech giants

Crypto Fundamentals #021

Coinbase served a Wells Notice, Bitcoin sees highest weekly spot trading volume, Arbitrum airdrop hits

Crypto Fundamentals #020

Silicon Valley Bank depositors bailed out, Balaji sends out the “BitSignal”, Arbitrum launches a token!!

Crypto Fundamentals #019

RIP Silicon Valley Bank, Open questions about USDC, Binance suspends auto-conversion of USDC to BUSD

Crypto Fundamentals #018

Crypto institutions drop Silvergate, DEX activity on Arbitrum, new Artemis product updates.

Crypto Fundamentals #017

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #016

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #015

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #014

Your go-to source for weekly fundamental updates.

Decentralized Perpetual Exchanges

We added Decentralized Perpetual Exchange metrics.

Crypto Fundamentals #013

Your go-to source for weekly fundamental updates.

What are people doing on Polygon in 2023? 👀

We dive into what Polygon users are spending gas on.

Crypto Fundamentals #012

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #011

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #010

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #009

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #008

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #007

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #006

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #005

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #004

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #003

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #002

Your go-to source for weekly fundamental updates.

Crypto Fundamentals #001

Your go-to source for weekly fundamental updates.

The Big Fundamental: Big Three L1 Deep Dive

A deep dive into the application verticals developing on the largest monolithic blockchains

The Big Fundamental: Developers, Developers, Developers

The most fundamental metric in Web3 = developer activity

The Big Fundamentals in Crypto: Uniswap, Crypto Up ~27%+, GokuStats on Twitter

Artemis on Twitter + Crypto Market update + Uniswap mini-dive

Bridging the Gap #1: Crypto Correlations

We wanted to add rigor in determining how correlated crypto assets really are to major TradFi benchmarks.

Deep Dive: Maple Finance

A deep dive on Maple from the lens of a fundamental investor