Economics
10 reports
Hyperliquid (HYPE): elite business, honest price
The best business in on-chain trading, and one of the only tokens where the profits come back to you. But revenue is shrinking, the price is near its high, and three quarters of the supply has not hit the market. Grade BBB.
Collector Crypt (CARDS): category leader, but the token is the question
Collector Crypt is the leading on-chain market for tokenized collectible cards, and the business is genuinely strong. The token is the harder call: cheap on circulating cap, rich on fully diluted value, and the upside needs a fee-funded buyback that has not fired yet. Grade BB.
Derive (DRV): cheap-looking, but the cash barely reaches holders
A capable on-chain options and perps protocol, ex-Lyra, at a low headline value. But fees are small and falling, only a third reaches holders, and the whole positive case rests on a revenue recovery that has not happened. Grade CCC.
Jito (JTO): dominant Solana infra, in a deep revenue trough
Jito runs the largest Solana liquid-staking token and its MEV infrastructure. The franchise is real and the value-capture switch is turning on, but MEV tips have collapsed about 90% from the 2025 peak, so almost nothing reaches the token today. Grade BB.
Sky (SKY): the cheap blue-chip with a throttled buyback
The protocol formerly known as MakerDAO is growing revenue fast and trades cheaply, around 6x surplus. The catch is a buyback deliberately cut to 7.5% while it rebuilds a solvency reserve, a dated catalyst that flips back on once the reserve fills. Grade BBB.
Laso Finance (LASO): a real micro-business in a blind-priced ICO
Laso is a genuine, revenue-generating crypto card and payouts business with a doxxed founder, launching via a MetaDAO ICO. The catch: you commit before you can see your entry price, the business metrics are self-reported, and the launchpad's record is poor. A sized lottery, not a position.
Meteora (MET): Solana's liquidity backbone, post-boom
Meteora is core Solana liquidity infrastructure, but revenue and buybacks have collapsed off the 2025 boom, the treasury is shrinking, and it sits under an unproven class-action allegation. A leveraged bet on Solana volume turning, not an investment. Grade CCC.
ether.fi (ETHFI): the #1 restaking protocol is becoming a neobank
The largest liquid-restaking protocol is quietly turning into a crypto neobank, and, rare for DeFi, it sends real fee revenue back to token stakers through live buybacks. The bet is whether the card pivot re-accelerates growth. Grade BBB.
Reservoir (rUSD / DAM): use the stablecoin, question the token
Reservoir's rUSD stablecoin has real usage, but the DAM token captures almost none of it. With an opaque balance sheet, an 80% supply overhang, and no live fee-to-token mechanism, the value is in using srUSD, not owning DAM. Grade CCC.
Stablecoin safety ratings: size is not safety
Seven major stablecoins scored on one capital-preservation rubric. USDC and PYUSD top it; USDT, around 60% of the market, rates only fourth. Size is not safety.