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INTRODUCTION The top 50 most valuable protocols all have circulating market caps of at least one billion. Why do these tokens, many of which have unproven business models, trade at such high valuations? One of the core assumptions behind these valuations is that the protocol will someday mature to have product-market fit, justifying its current market value. For protocols that operate decentralized applications (dApps), assessing profitability is one of the...

This week’s funding totals were on par with last week, declining slightly from $231 million to $226 million. Funding amounts were concentrated in the Infrastructure and CeFi verticals, raising $104 million and $64 million, respectively. SALT Lending closed a $64 million Series A deal, representing the largest deal this week and comprising the entire amount of CeFi capital raised. SALT Lending is a crypto lending platform that paused its business following the...

FIGURE: PEPE FARMING AIRDROPS TO SAVE HIS REKT PORTFOLIO _It's a Bird... It's a Plane... It's Superman an Airdrop!_ Everyone in crypto has heard of airdrops. Anyone who’s anyone, however, has actually received them. Upon receipt of a highly anticipated airdrop, the pang of dopamine from the financial implications and being rewarded for participating in the digital economy does urge one to wonder: _“Rekt pepe, what exactly are airdrops? Are...