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11 pieces · Sep 2022 to Oct 2026 · 2 flagship

Sectors

AI5 Hyperliquid4 Perps3 DeFi3 Market structure2 DePIN2

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Coverage per year

12022

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42026

Start here · the strongest pieces on Coinbase

Thesis13 Jul 2026Lighter vs Hyperliquid: two regulatory bets on US perpsArgues the Clarity Act is not the perp switch, since perps were always CFTC territory and the US unlock is agency-led. Lighter licenses the venue, while Hyperliquid keeps the protocol neutral and needs the CFTC to let a registered DCM run on onchain rails.Article16 Jun 2026Coinbase x Hyperliquid and $100 HYPE?AI-assisted scenario analysis of whether Coinbase routes perps to Hyperliquid. Confirmed: Coinbase is HL's USDC treasury deployer; any perps routing is rumor. Puts ~30% on a material catalyst that day and 65-70% on some hybrid integration within 6-12 months.Thesis08 Oct 2024Why io.net ahead of Coinbase listing: 300k GPUs, $15k daily GMVBull case for IO ahead of its Coinbase listing: a GPU cloud market projected above $120B by 2032, over 300k verified GPUs and early traction. IO sits below $1.5B FDV and has beaten BTC, ETH and SOL over 7 and 30 days.

Timeline · every piece, newest first

2026 4

21 Oct 2026Pearl thesis update: Coinbase roadmap listing, new ATH and the io:PRL perpPRL went from $594M to ~$815M mcap in four days after a Coinbase roadmap listing, and io:PRL OI on Entropy tripled to $9.3M. The bull case still lacks proof of paid demand through mining and faces ~1M new PRL a day.ThesisAIHyperliquidPerps

13 Jul 2026Lighter vs Hyperliquid: two regulatory bets on US perpsArgues the Clarity Act is not the perp switch, since perps were always CFTC territory and the US unlock is agency-led. Lighter licenses the venue, while Hyperliquid keeps the protocol neutral and needs the CFTC to let a registered DCM run on onchain rails.ThesisHyperliquidPerpsRegulation

25 Jun 2026Multicoin's HYPE valuation: ~$8B earnings by 2028, ~$319 targetQuotes Multicoin's report: HYPE at ~$63 trades at ~36x TTM earnings, and a base case of ~$8B annual earnings by 2028 implies ~$319 at a 20x multiple. Adds his own call for $300+.Market takeHyperliquidMarket structure

16 Jun 2026Coinbase x Hyperliquid and $100 HYPE?AI-assisted scenario analysis of whether Coinbase routes perps to Hyperliquid. Confirmed: Coinbase is HL's USDC treasury deployer; any perps routing is rumor. Puts ~30% on a material catalyst that day and 65-70% on some hybrid integration within 6-12 months.ArticleHyperliquidPerpsMarket structure

2025 1

23 Jul 2025Maple Finance bull case: TVL from $570M to $3.2B and the SYRUP reratingMaple TVL rose 460% in five months while SYRUP gained 5.4x, helped by a shift to overcollateralized lending (160.7% ratio), institutional validation and syrupUSDC yield near 6.5% APY. The main risk is sustaining active loan growth to support yields.BreakdownRWADeFi

2024 4

10 Oct 2024Why decentralized AI matters: three areas where blockchains helpArgues AI is centralized by big tech's capital, compute and talent, and uses io.net's framework of distributed MLOps, hardware and provenance to explain how blockchains can decentralize it. Calls IO the leader in distributed hardware.ExplainerAIDePIN

08 Oct 2024Why io.net ahead of Coinbase listing: 300k GPUs, $15k daily GMVBull case for IO ahead of its Coinbase listing: a GPU cloud market projected above $120B by 2032, over 300k verified GPUs and early traction. IO sits below $1.5B FDV and has beaten BTC, ETH and SOL over 7 and 30 days.ThesisDePINAI

09 Sep 2024Autonomous on-chain agents need chain abstractionArgues blockchains give AI agents what legacy rails cannot: wallets, programmable permissions and the ability to pay for resources. Says agents acting across 50+ chains need chain abstraction like Particle, beyond Base-only smart wallets.ThesisAITooling

01 Sep 2024Coinbase is betting on AI agents: wallets as the payment rail for agentsArgues Coinbase's MPC wallets via its Developer Platform make on-chain payment infrastructure available to AI agents, which cannot open bank accounts. Sees agents as an adoption driver and bullish for Base.ThesisAITooling

2023 1

06 Apr 2023Ethereum staking data ahead of Shanghai: validators and market shareData thread before the Shanghai upgrade using a 21Shares Dune dashboard: validator and depositor counts, about 15% of supply staked, and market share across pools, liquid staking, CEXes and home stakers. Lido stETH dominates liquid staking.DataEthereumDeFi

2022 1

14 Sep 2022Lido vs Rocket Pool: Ethereum liquid staking compared before the MergeData comparison of the two largest ETH liquid staking protocols ahead of the Merge: validator share, TVL, revenue, staker economics and tokenomics, with the view that decentralized Rocket Pool may gain share from Lido.DataEthereumDeFi

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Hyperliquid113 io.net71 Base28 Lido16 Rocket Pool8 Entropy5 Lighter21 Kalshi6

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