Research

Articles, notes and analysis

Working notes from our own research process, covering signal construction, market structure, and the statistics of digital asset returns.

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2026.09.01Backtest Bankruptcy: Why Most Onchain Quant Strategies Die Out of SampleA single in sample backtest is not evidence. Applying decades old TradFi overfitting controls to a representative onchain strategy shows how a 2.1 Sharpe collapses to statistical noise once tested properly.Quantitative Research2026.08.20The Tokenized Yield Trap: Why Onchain Real World Asset Yields Are Not What They SeemPutting a real world asset onchain does not remove its risk, it just moves the risk into a wrapper most investors never open. A look at what is actually backing the yield on today's largest tokenized treasury and private credit products.Capital Allocation2026.03.13Is Retail DeFi Dead? Part 1An onchain look at total value locked, capital concentration, and what holder data can and cannot tell us about who is actually left in DeFi.Research
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