Research

22 minutes to read

The report states that RWAs are moving from niche to mainstream, with stablecoins making up >90% of all RWA value and total tokenized assets projected to exceed $3–5T in the next few years. Non-stablecoin RWAs (treasuries, commodities, real estate) are growing fast but remain relatively small, with most categories still showing low trading volumes (<$50M/day) and limited liquidity. Institutional adoption, clearer regulation, and improved on-chain infrastructure are identified as the main growth drivers, while risks include reliance on off-chain custodians/legal wrappers, valuation opacity, and regulatory uncertainty. The report concludes that RWAs can unlock global liquidity and fractional ownership but require stronger standards and deeper markets to scale safely.

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The report notes that in a sample of 1,027 seed-backed tech companies, roughly 12% achieved M&A‐style exits, while ≈50% failed (returned < 1×), 35% returned 1–2×, 10% returned 2–3×, and only ≈5% returned more than 3×. It argues decentralized venture models like investment pools, syndicates and DAOs – offer benefits over traditional VC: global access, lower geographic and capital barriers, transparent tokenized ownership, community participation and faster deployment. Still, blockchain VC remains niche, accounting for < 1% of global venture capital market. The report suggests decentralized VC may democratize early-stage investing, but its small scale and the high failure rate of startups mean outcomes remain risky.

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The report shows that the metaverse is rapidly emerging as a multi-trillion-dollar digital economy built on gaming, NFTs, and Web3 infrastructure, with Web 2.0 virtual worlds already valued at $14.8T and AR/VR markets projected to hit $300B by 2024; user engagement is rising sharply, with 84,000+ annual social-media mentions, 45% of surveyed users considering buying virtual real estate, and virtual events like Travis Scott’s Fortnite show attracting 45.8M viewers. It highlights massive business opportunities across gaming, fashion, retail, entertainment, education, and virtual commerce, supported by decentralized technologies such as DeFi, NFTs, DAOs, and blockchain-based identity. Overall, the report concludes that every industry can capture value in this new digital universe as audiences grow, virtual asset ownership expands, and brands increasingly shift toward immersive, income-generating virtual experiences.

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The report presents Cardano as a scientifically engineered, third-generation blockchain focused on security, scalability, and decentralization, with 32B ADA already in circulation out of a 45B max supply and over 2,000+ stake pools making it one of the most decentralized networks globally. Its Ouroboros PoS protocol offers mathematically proven security and energy efficiency, while the Shelley upgrade enabled staking participation where 72% of ADA supply was delegated, generating 4–6% rewards with no slashing risk. The upcoming Goguen, Basho, and Voltaire eras introduce smart contracts, native multi-asset support, governance, and scaling—positioning Cardano to compete directly with Ethereum through features like an ERC-20 converter, low fees, and the Plutus/Marlowe smart-contract languages. With rapid growth in Project Catalyst—now funding $15M in proposals every six weeks—and DeFi platforms like Liqwid Finance preparing to launch, the report concludes that Cardano is emerging as a strong contender for global financial infrastructure.

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he report explains that Ethereum’s shift to ETH2 aims to solve congestion and high gas fees by moving from Proof-of-Work to a more scalable Proof-of-Stake system, requiring 32 ETH per validator and offering early yields as high as 21.6%, though stabilizing closer to 5% as participation grows. It highlights that over 694,000 ETH were staked at launch and that staked ETH remains locked for 1–3 years, creating significant liquidity and opportunity-cost risks. The multi-year upgrade introduces the Beacon Chain, 64 shard chains, and eventually the full merge with ETH1, targeting throughput increases from 15–30 TPS to potentially 1,000–100,000 TPS with rollups. While ETH2 offers decentralization and long-term potential, the report cautions that lack of native delegation, slashing risk, reliance on 3rd-party staking solutions, and uncertain timelines make staking best suited for long-term believers rather than yield-seeking investors.

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The report concludes that Bitcoin functions as a powerful portfolio diversifier with exceptional long-term performance: since 2016 it delivered 113% annualized returns with 85% volatility, while maintaining near-zero correlation to major asset classes such as the S&P 500 (2%), MSCI EM (–5%), and crude oil (–1%), as shown in the correlation heatmap on page 17. Using the stock-to-flow model (pages 6–7), the report estimates a fair-value target of $55,000 after the 2020 halving and up to $400,000 post-2024. Backtests across multiple portfolios—including SPX-only, 60/40, and diversified baskets—demonstrate that even a 1–5% BTC allocation dramatically boosts total returns and improves both Sharpe and Sortino ratios (pages 18–20), despite higher volatility. Supported by accelerating institutional and corporate adoption (page 8–12), the report argues that Bitcoin’s scarcity, decentralization, and strong risk-adjusted contribution make it a compelling asset for modern portfolios.