Welcome to CryptoAZ.
I research DeFi protocols using real on-chain data.
Each thread answers one question:
Is this protocol actually investable?
No hype.
No signals.
Just research.
Recent research:
・Term Finance
・Pendle
・Aave
・Morpho
Threads ↓
I stopped searching for the next 100x coin.
These days, I’m focused on four themes:
• AI Infrastructure
• RWA
• DeFi
• Privacy
I’ve come to believe that successful investing is not about predicting prices.
It’s about understanding where value is created and how it flows.
Stop looking at TVL.
Stop chasing APY.
Look at what the market is pricing in.
Pendle isn't a yield market.
It's a prediction market disguised as one.👇
Pendle Is the DeFi Version of Polymarket https://t.co/WiDE1VkYNI
@PendleIntern@pendle_fi#DeFi#Pendle#Polymarket#Crypto
TVL is not what you should be watching.
Watch the curators.
• Steakhouse: ~$1.8B AUM
• Sentora: ~$1.4B AUM
• Gauntlet: ~$1.3B AUM
The value in DeFi may not be accruing to the protocols themselves, but to the asset managers who have earned the market's trust.👇🏻
Don't Watch TVL. Watch the Curators. https://t.co/eKkB1EFmxV
@SteakhouseFi@SentoraHQ@gauntlet_xyz
#Crypto #DeFi #Research
While researching Euler, I realized something.
TVL doesn't matter.
Capital flows do.
The biggest winner of Euler isn't Euler.
It's Sentora.
Nearly $460M is concentrated in a single curator.
Markets don't just choose protocols.
They choose who they trust to manage risk.👇
Euler's Biggest Winner Wasn't Euler. It Was Sentora. https://t.co/fIhDGvmfpD
@eulerfinance@SentoraHQ
While researching Resolv, I realized something.
APY doesn't matter.
TVL doesn't matter.
Supply does.
USR supply has collapsed by more than 95% from its peak.
Markets vote with capital, not narratives.
So why did Resolv lose the market's trust?👇
Why Did Resolv Collapse? A Look at the Fall of Ethena’s Challenger https://t.co/3OmzaPhD6Z
@ResolvLabs
I dug into Usual and found something interesting.
USD0 = bond-like instrument
USUALx = equity-like yield asset
But the real key isn’t either of those.
What actually drives everything is USD0 supply.
Right now it’s around ~$560M and basically flat after peaking above $1B.
If USD0 supply grows again, revenue grows, and USUAL value follows.
If it doesn’t, nothing really changes.
In the end, the only metric that matters is USD0 supply growth.👇
CryptoAZ Round2 #12 https://t.co/8rebA1mI7t
@usualmoney
Comparing Maple to Aave or Morpho might cause you to miss the bigger picture.
Maple isn't really competing for the DeFi lending market.
It's targeting the multi-trillion-dollar private credit market.
• AUM grew ~9x in one year
• 20% of protocol revenue goes to buybacks
• A strong contender in the RWA narrative
Can Maple become the on-chain Blackstone?
I dug into the data 👇
CryptoAZ Round2 #11 https://t.co/qGKGBbJIjE
@maplefinance
Applications come and go.
Infrastructure endures.
Stripe abstracts financial access.
Databricks abstracts data access.
M0 abstracts monetary issuance.
Yet all three share a common trait:
• Stripe: Still private
• Databricks: Still private
• M0: No token yet
The market hasn't fully priced what is being built.
My thoughts on "unpriced infrastructure" 👇
@stripe@databricks@m0
CryptoAZ Round2 Special Edition https://t.co/yqWDoYxdtF
APY tells you where the upside is.
Counterparty risk tells you where the downside is.
Lessons from Elixir's failure: the risks that really matter when evaluating DeFi protocols 👇
CryptoAZ Round2 #10 https://t.co/Bw6HWsqvg2
@elixir