DEASSET / RESEARCHINDEPENDENT THINKING. ENDURING VALUE.
PERSPECTIVES ON A CHANGING WORLD
Understanding change.
Discovering value.
Research and perspectives on real-world assets,
digital markets and decentralized finance.
RESEARCH & INSIGHTSTHE DEASSET PERSPECTIVE
Research & Insights
08Privacy: Crypto's Original Use Case ReturnsZcash's shielded adoption, the Grayscale ETF and pricing the delisting risk.
09Breaking the Wall: The Investable RWA Stack (국문)장벽을 허물다: 투자 가능한 RWA 스택 — 7개 레이어·27개 자산 전수 분석. 모든 수치 기준일 2026년 10월 10일.
09Breaking the Wall: The Investable RWA Stack (ENG)Where the economics accrue as traditional assets move onchain — 27 assets across 7 layers. All figures as of October 10, 2026.
10The Divergence: The Door Opens While the Price BleedsFinCEN withdrew two never-implemented surveillance proposals and the IRS gave staking trusts a safe harbor — while prices, ETF flows, and rates told the opposite story. This report asks what the gap between policy and price means for long-horizon allocators.
11The Yield WarWho Earns on the $300 Billion Float — stablecoin supply stalls at $305B while payments hit $482B, and the fight over the float's interest heats up.
03Hyperliquid: The Perpetuals MachinePerp-DEX market structure, HYPE buybacks and the unlock overhang.
04Bitcoin Treasuries: The Premium Is GoneBitcoin treasury companies after the premium — mNAV, leverage and index risk.
05BitMine: The Alchemy of 5%A 5% ETH stake — staking yield against shareholder dilution.
06Real World, On-Chain: The Tokenization WaveTokenized treasuries and stocks — and the gap between issuance and usage.
07Banking Without BanksNeobanks, crypto cards and stablecoin settlement rails.
01The Truth Market: Prediction Markets Go MainstreamHow Polymarket and Kalshi built a $45 billion-a-month industry on the price of truth — and what the post-World Cup comedown, the fee machine and the state lawsuits mean for investors.
02The On-Chain Credit MachineHow Aave, Morpho and Spark rebuilt a $50 billion lending market after its worst crisis — and what the arrival of institutional credit means for investors.
