Maker

$MKR

INTRODUCTION Blockchain networks initially were more like closed-loop systems, meaning the value created and traded on-chain was confined to crypto native assets. As technology has developed, blockchains and the real world are becoming more intertwined. Crypto protocols and TradFi institutions alike are looking to tokenize real-world assets and benefit from transaction efficiencies, cost savings, interoperability, composability, and transparency. Protocols have already begun bringing assets like dollars and treasuries on-chain while...

WHAT HAPPENS WHEN BONDS HAVE A HIGH EMISSIONS SCHEDULE Traditional markets have undeniably faced a whirlwind of volatility over the past week. The bond market continued its recent trajectory with the long end of the yield curve soaring to new multi-decade highs. At one juncture, the 30-year yield even brushed against the 5% mark, a development that has rattled both bond and equity investors. Concurrently, the DXY index maintained its...

Recent bearish trends continue to persist this afternoon. The SPX has sunk to its lowest level in months in part due to underwhelming home sales and consumer confidence data. Despite this data, rates continue to rise, with the U.S. 30-year yield eyeing the 4.7% mark after an early morning bout of short covering. All market sectors are currently in negative territory, and in the commodities market, oil prices are rebounding...

INTRODUCTION The top 50 most valuable protocols all have circulating market caps of at least one billion. Why do these tokens, many of which have unproven business models, trade at such high valuations? One of the core assumptions behind these valuations is that the protocol will someday mature to have product-market fit, justifying its current market value. For protocols that operate decentralized applications (dApps), assessing profitability is one of the...