Crypto Research

FIGURE: PEPE SIMPSON REMINDING HIMSELF THAT FDV IS NO LONGER A MEME In light of recent events, it’s safe to assume that crypto winter has come to an end and that we have officially entered crypto’s ice age. SBF et al not only defrauded investors of Alameda Research and customers of FTX, their actions also destroyed ~600m in TVL from the Solana ecosystem.  FIGURE: SOLANA PROJECTS BY TVL Source: DeFiLlama,...

MAPPING POSSIBLE CONTAGION Recently, we have discussed the risk of further drawdowns from the fallout from FTX as the reason for not being too aggressive at these admittedly favorable long-term entry levels. In this week’s note, we wanted to further unpack a few areas of the market where contagion could be lurking. Below is a fascinating graphic compiled by Bloomberg that maps SBF’s exposure throughout the crypto and traditional financial...

Funding saw an uptick this week, with the total amount rising to $280 million from $242 million last week. Infrastructure had a dominant week, comprising nearly 87% of all dollars raised. Most funding came from a $200 million Series C round by Matter Labs (this week’s deal of the week). The next largest deal was a $28 million deal by Arkon Energy. Arkon Energy is a data center infrastructure and...