READ OUR LATEST GREYTHORN DIGEST HERE
Core Research
Neutron: The new Inter-Blockchain DeFi Core of the IBC Ecosystem
INTRODUCTION Celestia\modulars blockchain thesis → It's a fundamentally new way of scaling blockchains. For reference: Manta saved >99% in fees by using Celestia for Data Availability instead of Ethereum (more info on this here). Future outlook → thousands of rollups that use Celestia for data availability, a base layer for a new scalable ecosystem of […]
Core Research - dPerps & Real Yield
August 17, 2022
An exploration into cash-flow generation across DeFi & value accruals in the Post-Merge space. The ever-changing landscape of DeFi has cycled from its early innovative years spear-headed by the likes of AAVE, UNI and COMP to food tokens attracting billions of dollars into a burgeoning eco-system. Rife with highly experimental and untested platforms, culminating in […]
The Merge
August 3, 2022
An exploration of the Ethereum Merge & what it means for crypto’s largest ecosystem moving forward Since April 2022, Ethereum has been running two parallel blockchains. One of them is the existing execution layer of Ethereum, which is the mainnet we currently use and operates using proof-of-work. The other is the consensus layer, the new […]
Invert, Always Invert
July 20, 2022
An exploration of what to avoid when investing into cryptocurrency Inversion as a mental model is the process of approaching a problem from the perspective of analysing what one must do to either cause it to occur or to make it worse. Charlie Munger, the right-hand man of legendary investor Warren Buffet, is known for […]
The Crypto Credit Crunch
July 6, 2022
The cryptocurrency sphere, particularly its decentralised finance component, has undergone several seismic shifts and events over the past quarter. The number 8 cryptocurrency by market cap, LUNA, and 3rd largest stablecoin Terra, collapsed to essentially 0 over the course of 3 weeks. Several large, centralised institutions that were highly prevalent in DeFi are either insolvent […]
A common term used within traditional financial markets is the concept of Enterprise Value (EV). Enterprise value is a measure of a company’s total value that incorporates the market capitalisation of a company, its cash, cash equivalents, and debt. The formula for enterprise value is as follows. EV = Market Value of Equity + Preferred […]