Hey all! I’m Boccaccio, a Blockworks Research Analyst (and one of the 0xResearch podcast hosts)! Welcome to the first edition of the 0xResearch newsletter, revamped. 

On Friday’s livestream, we covered:

• Coinbase vs. Robinhood strategic positioning, where Robinhood represents a play on demographic wealth transfer to younger generations who prefer modern financial apps, while Coinbase is positioned as a bet on moving capital markets onchain. We examined how Coinbase is pursuing a dual strategy of becoming an "everything exchange" while serving as crypto infrastructure for TradFi institutions like JPMorgan and PNC Bank.

• Digital asset treasuries (DATs) like BitMine, Sharplink Gaming and SBET are raising capital to purchase crypto assets but face risks from premium-to-NAV compression and pipe investor unlocks, which creates sell pressure. We drew comparisons to 1920s investment trusts that ended poorly, with MicroStrategy viewed as unique due to its early entry and lower average cost basis.

• Zora's creator coin model allows users to speculate on content creators through tokenized exposure. We explored how some see potential for creators to monetize directly and eventually tokenize future business ventures, while skepticism exists about long-term viability given the small user base and speculative nature of current implementations.

• Current exuberant market conditions are driving IPO pops and treasury company premiums. We noted how regulatory clarity could enable more sophisticated creator monetization models and tokenized business structures in the future.

Find the full livestream on YouTube, Spotify, Apple Podcasts and X.

This is an AI-generated summary.

Institutional DeFi has crossed the chasm from dream to reality and Ethena is leading the charge. $USDe has seen a $3.1B inflow over the last 3 weeks, outpacing all Bitcoin ETFs combined.

Guy Young joins the DAS: London lineup this Oct 13-15 to break down the value proposition of institutional DeFi.

Get your ticket today with promo code: 0X100 for £100 off

📅 October 13-15 | London

Treasury company volumes down, LetsBonk revenues up

Letsbonk continues to be the highest revenue-generating launchpad, representing 55% to 65% of the market share over the past few weeks. Launchpad revenue still sits at just above $1m per day — down from January 2025, but at the same levels as March 2025.

Hyperliquid had the highest total revenue over the past 30 days, at $88.6m — mainly driven by HyperCore fees.

Aggregate trading volume on bitcoin treasury companies (e.g., MSTR) is down 96% from the announcement peak to $55m per day.

CEP (Twenty One Capital) and CEPO (Bitcoin Standard) have yet to finalize their mergers, which will likely catalyze more trading activity and BTC purchases.

Ethereum treasury companies’ daily trading volume is down from $5.8b in mid-July to just under $1.6b.

The ETH Treasury Co’s mNAV continues to fall as well.

Both BTC (-$812.3m) and ETH (-$152.3m) ETFs saw significant outflows on Friday, Aug. 1.

SBET has issued over 51m shares for $984m in proceeds over the last six weeks, equivalent to 58% of the current market cap.

The proceeds were used to purchase what is now $1.6b of ETH.

The ATM facility expanded from a $1b cap to a $6b one on July 24, enabling another $5b of share issuance. We can see Sharplink intends to drip shares onto the market each week at a rate of 3-10% of trading volume.

— Boccaccio