Protocol Analysis

Research on leading DeFi protocols

Independent analysis of the design, performance, and trade-offs of decentralized finance protocols. Each report synthesizes technical documentation, on-chain data, and market observations into actionable research.

Featured Research

Hyperliquid

Perpetual DEX

Custom L1 blockchain with on-chain central limit order book. HyperBFT consensus optimized for trading throughput.

Chain: Custom L1

dYdX

Perpetual DEX

Cosmos-based appchain with off-chain order matching and on-chain settlement. Flagship of the appchain approach.

Chain: Cosmos SDK

GMX

Perpetual DEX

Synthetic asset model built on Arbitrum and Avalanche. Pioneered the GLP/GM liquidity pool structure.

Chain: Arbitrum / Avalanche

Vertex

Hybrid DEX

Combines a central limit order book with automated market making. Edge network for low-latency matching.

Chain: Arbitrum

Aevo

Options & Perps

OP Stack rollup focused on options and perpetuals. Portfolio margin system with cross-margining support.

Chain: OP Stack

Paradex

Perpetual DEX

ZK-based appchain built on Starknet. Designed for scale with low-cost perpetual futures trading.

Chain: Starknet