Research Reports 24 reports

XRP is the native token of the XRP Ledger, designed for high-speed cross-border payments and settlement. With Ripple's SEC lawsuit concluded and institutional partnerships expanding, XRP is positioned to capture share of the $150T annual cross-border payments market.

Hyperliquid is the fastest-growing perpetuals DEX, generating $3M+ in daily fees with a fully on-chain order book running at 100,000+ TPS. With HyperEVM launching a general-purpose L1, HYPE is transitioning from a single-product DEX token to an L1 ecosystem play at a fraction of comparable chains' valuations.

Bittensor is the decentralized AI network that incentivizes the production of machine intelligence. With 64+ specialized subnets covering text, image, coding, and prediction tasks, TAO is the governance and incentive layer for an open AI compute marketplace — positioned to capture the rapidly growing demand for permissionless AI infrastructure.

Chainlink is the dominant oracle network securing $75B+ in DeFi value across 1,700+ integrations. With CCIP (Cross-Chain Interoperability Protocol) enabling tokenized real-world assets on-chain, Chainlink is transitioning from infrastructure to protocol revenue — a catalytic shift our model captures.

Dogecoin is the original meme coin and now a legitimate payments asset with Dogecoin Foundation backing, X (Twitter) payment integration development, and growing merchant acceptance. DOGE's massive retail mindshare and low transaction fees make it a credible payments rail with asymmetric upside.

Cardano is a peer-reviewed, formally verified Layer 1 blockchain now in full DeFi deployment. With 1.3M+ active wallets, Hydra state channels enabling high throughput, and governance-driven treasury funding ecosystem growth, ADA remains deeply undervalued relative to its fundamentals.

Polkadot's heterogeneous multi-chain architecture is undergoing its largest upgrade with JAM (Join-Accumulate Machine), replacing the relay chain model with a more scalable compute engine. At current prices, DOT trades at a significant discount to its parachain ecosystem book value.

Avalanche's subnet architecture enables customizable, application-specific blockchains that settle to a shared validator set. With Avalanche9000 dramatically reducing subnet launch costs and major financial institutions deploying private subnets, AVAX is a deep-value bet on modular blockchain infrastructure.

Aave is the largest decentralized lending protocol with $20B+ in total value locked across 14 networks. With GHO stablecoin reaching $200M+ supply, Aave v4 launching cross-chain liquidity, and $30M+ in annualized protocol revenue, AAVE trades at a significant discount to comparable DeFi blue chips.

Solana is the highest-throughput Layer 1 blockchain, processing 65,000+ TPS at sub-cent transaction costs. With a dominant DeFi ecosystem, explosive consumer app adoption, and Firedancer client launching, SOL is positioned to capture meaningful share from Ethereum's application layer.

Ethereum is the dominant settlement layer for decentralized finance, generating $2.7B in annualized fee revenue. With EIP-1559 burn mechanics making ETH deflationary at high usage, and the restaking ecosystem expanding total yield opportunities, our DCF model prices ETH at $8,500 based on projected 2025 fee revenue of $5.2B.

Bitcoin remains the most asymmetric risk/reward asset in crypto. With the 2024 halving complete and institutional adoption accelerating via spot ETFs, BTC is positioned for a supply-driven repricing. Our $185,000 target reflects a conservative 3.2% capture of global store-of-value markets (gold, bonds, real estate) by end of cycle.

BNB is the native token of BNB Chain, the largest smart contract platform by daily active users. With quarterly BNB burns reducing supply and opBNB (the L2) hitting 10M+ daily transactions, BNB's deflationary tokenomics and Binance ecosystem lock-in create compelling value accrual at current prices.