Newsletter
Newsletter 32/26: The Week UNI Became More Than a Governance Token
Uniswap’s first v4 fee controller is live across seven chains. We examine what changed for UNI, what the bulls are missing and the market events that matter next.
Intelligence
$PUMP
Pump.fun ($PUMP): The Cash Machine Behind Crypto’s Most Disposable Market
Pump.fun has generated more than $1 billion in protocol revenue and hundreds of millions in PUMP buybacks. We examine whether that cash flow can outweigh insider unlocks, regulatory exposure and weak token-holder rights.
Deep Dives
Bittensor ($TAO): The Market for Machine Intelligence
Bittensor is building a decentralized market for machine intelligence. We examine subnet economics, Dynamic TAO, Alpha tokens, emissions, external revenue, concentration risks and the conditions required for TAO to become a durable AI infrastructure asset.
Intelligence
Newsletter 30/26: Crypto’s Week of Uncomfortable Evidence
Robinhood Chain arrived with tokenized stocks and produced billions in memecoin trades. We examine the volume, the UNI thesis and this week’s wider signals.
Intelligence
The POA AI Portfolio
Most AI crypto portfolios chase the agent narrative. Our 24-month allocation focuses on the resources AI systems must consume: inference, compute, storage, data, provenance, coordination, payments and evaluation.
Tokenomics
SUPRA: Technical Delivery, Broken Token Economics
A serious infrastructure project, a damaged token, and the hard question of real adoption.
Intelligence
Unlocks: The Hidden Supply Calendar That Retail Keeps Ignoring
Unlocks are one of crypto’s most visible risks and one of the least understood. This POA report explains how vesting, float expansion, insider allocations and AI-token supply events can reshape price action long before the unlock date arrives.
Intelligence
Venice AI announced a $65 million Series A
On July 1, 2026, Venice AI announced a $65 million Series A. The round was led by Dragonfly, with participation from Coinbase Ventures, F-Prime, North Island Ventures, Archetype, Liquid2 Ventures, and Morgan Creek, among others...
Intelligence
L1 Market 2026-2028 — Fundamental Analysis and Outlook
The Layer-1 investment thesis has changed. Faster execution and lower transaction costs no longer provide sufficient differentiation in a market containing numerous capable chains, abundant blockspace and increasingly portable applications. Future winners must combine distribution, liquidity, developer retention, stablecoin activity, differentiated architecture and a credible mechanism through which network