In our earlier research report “The Intelligent Evolution of DeFi: From Automation to AgentFi”, we systematically mapped and compared the three stages of DeFi intelligence development: Automation, Intent-Centric Copilot, and AgentFi.  We pointed out that a significant portion of current DeFAI projects still center their core capabilities around “intent-driven + single atomic interaction” swap transactions. Since these interactions do not involve ongoing yield strategies, require no state management, and need no complex execution framework, they are better suited to intent-based copilots and cannot be strictly classified as AgentFi.

In our vision for the future of AgentFi, beyond Lending and Yield Farming—two scenarios that currently offer the most value and easiest implementation—Swap Strategy Composition also represents a promising direction. When multiple swaps are sequenced or conditionally linked, they form a “strategy”, such as in arbitrage or yield-shifting. This approach requires a state machine to manage positions, trigger conditions, and execute multi-step operations automatically—fully embodying the closed-loop characteristics of AgentFi: perception → decision-making → execution → rebalancing.

Traditional quantitative finance relies on mathematical models, statistical methods, and algorithms, using data such as historical prices, trading volumes, and macroeconomic indicators to drive data-based decision-making. Execution is typically programmatic, enabling low-latency, high-frequency, and automated trading, complemented by strict risk controls (stop-losses, position management, VaR, etc.).  Key applications include high-frequency trading (HFT), trend-following and mean-reversion strategies (CTA), cross-market/cross-asset arbitrage, and derivative pricing and hedging. In traditional markets, these strategies are supported by a mature infrastructure, exchange systems, and rich data ecosystems.

On-chain quantitative finance inherits the logic of traditional quant, but operates within the programmable market structure of blockchains. Data sources include on-chain transaction records, DEX price feeds, and DeFi protocol states. Execution takes place through smart contracts (AMMs, lending protocols, derivatives platforms), with trading costs including gas fees, slippage, and MEV risk. The composability of DeFi protocols enables the construction of automated strategy chains.

At present, on-chain quant finance remains in its early stage, with several structural constraints limiting the deployment of complex quant strategies:

1. Market structure – Limited liquidity depth and the absence of ultra-fast matching in AMMs hinder the feasibility of high-frequency or large-scale trades.

2. Execution and cost – On-chain block confirmation delays and high gas costs make frequent trading difficult to profit from.

3. Data and tooling – Development and backtesting environments are underdeveloped, data dimensions are narrow, and there is a lack of multi-source information, such as corporate financials or macroeconomic data.

Among currently feasible DeFi quant strategies, the main directions are:

• Mean reversion / trend-following – Buy/sell decisions based on technical indicator signals (e.g., RSI, moving averages, Bollinger Bands).

• Term structure arbitrage – Represented by protocols like Pendle, profiting from the spread between fixed and floating yields.

• Market making + dynamic rebalancing – Actively managing AMM liquidity ranges to earn fees.

• Leverage loop farming – Using lending protocols to boost capital efficiency.

Potential growth areas in the future include:

• Maturation of the on-chain derivatives market, especially the widespread adoption of options and perpetual contracts.

• More efficient integration of off-chain data via decentralized oracles, enriching model input dimensions.

• Multi-agent collaboration, enabling automated execution of multi-strategy portfolios with balanced risk.

In our previous Crypto AI research reports, we have covered many outstanding AgentFi projects, but most remain focused on intent-driven DeFi execution, lending, or liquidity management in fully automated workflows. Few teams have gone deep into quantitative trading strategies. Currently, Almanak is one of the very few projects in the market that explicitly positions quantitative trading as its core focus—namely, vibecoding quantitative strategies in DeFi.

The project focuses on no-code quantitative strategy development, offering a complete toolchain that covers strategy scripting (Python), deployment, execution, permission management, and vault-based asset management. This gives Almanak a unique position within the AgentFi landscape, making it a flagship example of on-chain quantitative finance.

In traditional finance, Inclusive Finance aims to lower participation barriers and reach long-tail users. Almanak extends this philosophy on-chain, with the goal of democratizing access to quantitative trading capabilities. By using AI-driven agents to execute strategies, the platform significantly reduces capital, technical, and time costs. It serves active DeFi traders, financial developers, and institutional investors, providing end-to-end support from strategy ideation to on-chain execution. This allows everyday users—with no professional technical background—to participate in crypto asset trading and yield optimization using fully automated, transparent, and customizable on-chain quantitative strategies.

Almanak introduces AI multi-agent collaboration (Agentic Swarm) into strategy research, execution, and optimization, enabling users to rapidly create, test, and deploy Python-based automated financial strategies in a no-code environment, while ensuring that the execution environment remains non-custodial, verifiable, and scalable. Supported by a State Machine strategy framework, Safe + Zodiac permission management, multi-chain protocol integration, and vault-based asset custody, Almanak retains institutional-grade security and scalability while dramatically lowering the barriers to strategy development and deployment.

This report will provide a systematic analysis of its product architecture, technical features, incentive mechanisms, competitive positioning, and future development path, as well as explore its potential value in inclusive finance and on-chain quantitative trading.

Almanak’s product architecture follows the flow “Strategy Logic → Execution Engine → Security Assurance → Assetization & Expansion”, building a full-stack on-chain quantitative finance system tailored for AI Agent scenarios. Within this framework:

• The Strategies module provides the development and management infrastructure for strategies from ideation to live execution. It currently supports a Python SDK and will in the future support natural language-based strategy generation.

• The Deployments module serves as the execution engine, running strategies automatically within authorized parameters, and leveraging AI decision-making capabilities for adaptive optimization.

• The Wallets module uses a Safe + Zodiac non-custodial architecture to secure funds and permissions, enabling institutional-grade key management and fine-grained access control.

• The Vaults module transforms strategies into tokenized financial products, leveraging standardized vault contracts (ERC-7540) to enable capital raising, yield distribution, and strategy sharing—making strategies fully composable and seamlessly integrated into the broader DeFi ecosystem.
  

Almanak’s strategy infrastructure covers the full lifecycle from ideation to live execution — including Ideation, Creation, Evaluation, Optimization, Deployment, and Monitoring. Compared to a traditional quantitative trading stack, it differs in three key ways:

1. Built for AI-Agent-led strategy development rather than human-operated workflows.

2. Incorporates Trusted Execution Environments (TEE) to protect the privacy of strategy alpha.

3. Adopts a Safe Wallet + Zodiac-based non-custodial execution model to ensure secure and controllable fund management from the ground up.

Key Features

• Python-based – Strategies are written in Python, offering high flexibility and rich programming capabilities.

• State Machine Architecture – Enables complex decision trees and branching logic based on market conditions.

• High Reliability – Runs on dedicated Almanak infrastructure with robust monitoring and failover mechanisms.

• Default Privacy – All strategy code is encrypted to safeguard proprietary trading logic.

• Abstracted Trading Logic – Developers do not need to directly handle low-level blockchain interactions, wallet management, or transaction signing.
  

Under this architecture, the strategy framework is built on a persistent state machine design, fully encapsulating on-chain interactions and execution layers. Users only need to write business logic within the Strategy component. Developers can either perform highly customized Python development via the SDK or, in the future, use a natural language strategy generator to describe objectives in plain English—after which multi-agent systems will propose code for review. Users retain full discretion to approve, reject, or adjust strategies before deployment, and can choose whether to launch them as standalone strategies or vaults. Vaults may also be permissioned through whitelisting, enabling controlled access for institutions or liquid funds

Strategy code is encrypted by default, protecting users’ proprietary logic, while all transaction construction, signing, and broadcasting are handled by the official infrastructure to ensure reliability and consistency.

In AI KITCHEN, Almanak’s strategy library is currently open only to whitelisted users. We can see its strategic blueprint: existing live strategies include Tutorials and Technical Analysis. Internally developed strategies cover Liquidity Provisioning, Automated Looping, and Custom Strategies. The roadmap includes the launch of Arbitrage, Advanced Yield Farming, and Derivatives & Structured Products, reflecting a complete product evolution path—from beginner-friendly basics to professional quant systems, and from single-strategy setups to complex cross-protocol portfolios.

The Deployments module is the core execution layer connecting strategy logic to on-chain operations, responsible for automatically carrying out trades and actions within the scope of user-authorized permissions.
Its current primary form, StrategyDeployment, runs at preset intervals or upon triggers according to defined logic, making it suitable for clearly defined and reproducible trading strategies, with an emphasis on stability and controllability.

The upcoming LLMDeployment will integrate one or more large language models (LLMs) as decision engines, enabling strategies to adapt to market changes and continuously learn and optimize. This will allow exploration of new trading opportunities within a tightly controlled permissions framework.

The Deployment workflow covers the full process—from authentication and authorization, strategy execution, transaction construction, and permission verification to transaction signing, submission, and execution monitoring.
The underlying execution is handled by core classes maintained by the official infrastructure:

• TransactionManager converts strategy actions into valid on-chain transactions and performs simulation/verification.

• AccountManager generates transaction signatures.

• ExecutionManager broadcasts transactions, tracks their status, and retries if needed—forming a highly reliable closed loop from strategy to on-chain execution.

In the future, Almanak will expand toward multi-Deployment collaboration, cross-chain execution, and enhanced analytics capabilities, supporting the operation of more complex multi-agent strategies.

The wallet system is central to ensuring fund security and controllable strategy execution. Almanak adopts a Safe + Zodiac non-custodial setup, guaranteeing users full ownership of their funds while granting only the precise, controlled permissions necessary for strategy execution to an automated execution account (Deployment EOA).

Users control the Safe Wallet directly through their User Wallet (either an EOA or an ERC-4337 smart account). The Safe Wallet embeds the Zodiac Roles Modifier module, which enforces strict function whitelists and parameter constraints for the Deployment EOA, ensuring it can “only do what is allowed” and that permissions can be revoked at any time.

The Deployment EOA is platform-managed, with its private key stored in enterprise-grade encrypted form and hosted within Google’s secure infrastructure—completely inaccessible to any human. In extreme situations, the platform will immediately notify the user to revoke permissions and generate a new EOA for replacement, ensuring uninterrupted strategy execution.

To keep strategies running, users must purchase an Autonomous Execution Fees service package to cover on-chain operating costs (including gas fees).

Through complete separation of funds and execution permissions, fine-grained access control, institutional-grade key security, and rapid incident response, this architecture achieves an institutional-level security standard—laying the trust foundation for the large-scale adoption of automated DeFi strategies.

Almanak Vaults are user-deployable, fully on-chain, permissionless vault contracts that transform trading strategies into tokenized, composable financial products. Rather than static “closed-loop” containers, these vaults—built on the ERC-7540 asynchronous extension of ERC-4626—are designed as programmable capital allocators that integrate natively into the DeFi ecosystem.

By tokenizing AI-crafted strategies, vaults introduce a new DeFi primitive: strategies themselves become ERC-20 assets that can be LP’d, used as collateral, traded, transferred, or composed into structured products. This composability unlocks “DeFi Lego” at the strategy layer, enabling seamless integration with protocols, funds, and structured products.

A vault may be owned by an individual curator or a community. Almanak Vaults are implemented on Lagoon Finance’s open-source contracts (MIT license), inherit Lagoon’s audit and security guarantees, and remain compliant with the ERC-7540 standard. Permission management is consistent with Almanak Wallets, leveraging the Zodiac Roles Modifier to enforce function whitelists and parameter restrictions, ensuring all operations stay within strictly authorized scopes.

Operational workflow:

1. Strategy binding – Link an existing Python strategy or AI-generated strategy to the vault.

2. Capital raising – Investors purchase vault tokens to obtain proportional ownership.

3. On-chain execution & rebalancing – The vault trades and adjusts positions according to the strategy logic.

4. Profit distribution – Profits are distributed based on token holdings, with management fees and performance fees automatically deducted.

Key advantages:

• Each vault position is tokenized as an ERC-20, ensuring portability and interoperability.

• Strategies are deterministic, auditable, and executed on-chain.

• Capital is secure but mobile—security and composability are no longer trade-offs.

• Builders can permissionlessly integrate vault tokens into their own protocols, while allocators can move capital fluidly across the ecosystem.

In short, Almanak Vaults evolve DeFi capital management from isolated wrappers into intelligent, composable systems. By turning AI-generated strategies into tokenized financial primitives, they extend DeFi beyond passive yield containers toward responsive, modular capital networks—fulfilling the long-standing vision of programmable, interoperable finance.

The Almanak AI Swarm architecture is a one-stop platform covering the entire strategy development lifecycle. It enables the autonomous research, testing, creation, and deployment of complex financial strategies while ensuring full user control and non-custodial asset management.

Its goal is to simulate and replace the full operational workflow of a traditional quantitative trading team—with the important distinction that every “team member” in the AI Swarm is an AI agent, not a human.

Strategy Team – Transforms a user’s natural language instructions into deployable on-chain strategies. Roles include: Strategist, Programmer , Auditor, Debugger, Quality Engineer, Permission Manager, UI Designer, Deployer,  Together, these roles ensure a complete workflow from ideation to on-chain implementation.

The Strategy Team uses LangGraph for deterministic workflow orchestration, persistent state sharing (TeamState), human-in-the-loop (HITL) verification, parallel processing, and interruption recovery. While the system can fully automate the process, manual confirmation is enabled by default to ensure reliability.

Alpha Seeking Team – Continuously scans the entire DeFi market to identify inefficiencies, explore new ideas and alpha opportunities, and propose new logic and strategy concepts to the Strategy Team.

Optimization Team – Uses large-scale simulations on historical and forecast market data to rigorously evaluate strategy performance. This includes hypothetical stress tests and cycle performance analysis before deployment, identifying potential drawdowns and vulnerabilities to ensure strategy stability and robustness across different market environments.

Additional AI support tools include:

• Stack Expert AI – Answers user questions about the Almanak tech stack and platform operations, providing instant technical support.

• Troubleshooting AI – Focuses on real-time monitoring and issue diagnosis during strategy execution to ensure stable and continuous strategy operation.

Core Principles of Almanak:

• All AI actions are logged, reviewed, and structurally processed.

• No AI operates independently.

• All strategy logic must undergo complete human–AI dual verification before going live.

• Users retain ultimate control and custody rights over their strategies.

Almanak community curators launched the Autonomous Liquidity USD (alUSDC Vault) on Ethereum mainnet—a stablecoin yield optimization vault. Similar to lending-yield AgentFi products such as Giza and Axal, its core is a Stable Rotator Agent that continuously scans the DeFi ecosystem to identify and capture the highest available yield opportunities. It automatically rebalances the portfolio based on customizable risk parameters.

Before executing any trade, the strategy runs an intelligent transaction cost analysis and will only adjust positions if the projected yield increase can cover all associated costs. It also integrates advanced route optimization and auto-compounding to maximize capital efficiency. The vault currently connects to a range of USDC derivative assets from protocols including Aave v3, Compound v3, Fluid, Euler v2, Morpho Blue, and Yearn v3.

The currently deployed strategies fall into two main categories:

1. LP Series – Dynamic LP Blue Chip, Dynamic LP Degen

2. Indicator-Based Spot Strategies – MyAmazingStrat, PENDLERSI_Momentum, VIRTUALBollingerBandsMeanReversion
   

AI-assisted strategy code analysis yields the following conclusions:

• Dynamic LP (Blue Chip / Degen) – Suitable for pools with sustained volume and acceptable IL; Blue Chip focuses on steady fee income, Degen targets higher-frequency fee capture.

• Indicator-based Spot (EMA / RSI / BB) – Lightweight; supports multi-asset, multi-parameter grid experiments; requires strict cooldown, slippage, and min-trade controls, with close monitoring of pool depth and MEV.

• Capital & Scale – Long-tail assets (Degen / ANIME / VIRTUAL) are better suited for small-size, multi-instance deployments for risk diversification; blue-chip LPs are better for mid/long-term strategies with higher TVL.

• Minimum viable live combo – Dynamic LP Blue Chip (steady fees) + RSI/BB-type spot strategy (volatility capture) + small-scale Degen LP or EMA Cross for “high-volatility test fields.”

• Phase 1 – Focus on infrastructure and early community building. Launch a public beta covering the full quant trading stack, with core user formation and private test access distribution via the Legion platform. Begin onboarding capital into AI-designed community vault strategies to achieve the first batch of on-chain automated asset management.

• Phase 2 – Almanak plans to fully open AI Swarm capabilities to the public by the end of the year. Until then, access is being gradually expanded as the system scales toward mass usage. This will mark the official rollout of the platform’s token economy and incentive system.

• Phase 3 – Shift focus to onboarding global retail users. Launch user-friendly products targeting savings and retirement accounts, integrate with centralized exchanges (e.g., Binance, Bybit) to enable seamless CeFi–DeFi connectivity. Expand asset classes with low-risk, high-capacity RWA strategies, and roll out a mobile app to further lower the participation barrier.

In addition, Almanak will continue expanding multi-chain support (including Solana, Hyperliquid, Avalanche, Optimism), integrate more DeFi protocols, and introduce multi-agent collaboration systems and Trusted Execution Environments (TEE) to enable AI-driven alpha discovery—building the world’s most comprehensive AI-powered DeFi intelligent execution network.

Almanak’s token economy is designed to build an efficient and sustainable value exchange network for AI-driven financial strategies, enabling high-quality strategies and liquidity capital to be efficiently matched on-chain. The ecosystem is structured around two core roles: Strategy & Vault Curators and Liquidity Providers.

• Curators use the Agentic AI Swarm in a no-code environment to design, optimize, and manage verifiable deterministic strategies. They deploy permissionless Vaults to attract external capital, charging management fees and performance-based profit shares.

• Liquidity Providers deposit funds into these Vaults to obtain tokenized exposure to strategies and participate in profit distribution.

  
  

Strategy Privacy Options: Curators can choose between: Private Mode – Closed-source, not listed in the strategy library, accessible only to the creator. Or Public Mode – Open-source and listed in the library for community and third-party protocol use.  This provides a balance between IP protection and knowledge sharing.

Economic Model: The tokenomics design draws on: Hedge fund-style dynamic capital allocation, combined with Bittensor’s demand-driven emission distribution, and Curve Finance’s governance incentive model.

Emissions are weighted by TVL and strategy ROI, encouraging capital to flow toward the highest-performing strategies. The “veToken + Bribe” model allows protocols to boost emissions for specific Vaults through governance voting, directing agentic traffic (AI execution flow) toward designated protocols.

The emission formula is weighted by AUM + ROI, ensuring that a Vault’s ability to attract capital and generate returns is directly translated into token rewards. A governance boost mechanism (Almanak Wars) can grant up to 3× weighting for a target Vault, creating a competitive incentive market among projects, curators, and liquidity providers.

To ensure sustainability, a portion of protocol fees (Vault fees, compute surcharges, etc.) will flow back into the emission pool, gradually offsetting inflationary pressure as the ecosystem matures.

Token Utility

• Staking – Token holders can stake to get compute resource discounts, increase voting weight, and direct emissions toward specific Vaults.

• Governance – Participate in DAO governance to decide key parameters such as compute surcharges, Vault fee ratios, and emission curves.

Governance will be managed by:

• Ecosystem Parameters Committee – Protocol parameters, revenue distribution, and fund management.

• Innovation & Development Committee – Ecosystem grants and strategic initiatives.
  
  

Token Distribution

• Team – 54-month linear vesting, 12-month lock-up

• Institutional Investors – 48-month linear vesting, 12-month lock-up

• Advisors – 48-month linear vesting, 12-month lock-up

• Innovation & Ecosystem Development – 35% unlocked at TGE, remainder vesting over 36 months

• Community & Early Participants – 45% unlocked at TGE

• Legion Community Round – Two rounds:

  • Round 1: 30% TGE + 24-month linear vesting

  • Round 2: 100% TGE

The Emission Pool is used to reward network participants and early adopters, following a halving annual inflation model to maintain long-term incentive and governance activity.

Almanak Points measure and reward user engagement and contribution to the platform, designed to encourage capital lock-up, strategy usage, and community growth.

Points are distributed in seasons and stages. Each season and stage has its own emission amount, eligible activities, and calculation rules.

Ways to earn Points:

1. Deposit funds into listed community Vaults – points are based on deposit size and duration (current Vault deposits earn 2× points).

2. Hold assets in the Almanak Wallet – points based on balance and holding time.

3. Activate & manage Deployments – earn extra points based on managed asset size, duration, and strategy complexity.

4. Refer new users – earn 20% of the referred user’s points.

Points are non-transferable and non-tradable, but will convert 1:1 into tokens at issuance. They will also serve as the basis for governance rights, feature access, and broader ecosystem benefits.

Almanak works with Cookie.fun and Legion.cc, introducing the Snaps/cSnaps mechanism. Using the Attention Capital Formation model, on-chain contribution scores (from community promotion, content engagement, capital support, etc.) are directly linked to token distribution—creating a transparent, structured “contribution = ownership” allocation model.

Capital Background:

• Early incubation from Delphi Digital and NEAR Foundation

• Almanak raised $8.45M in total. Other Investors include Hashkey Capital, Bankless Ventures, Matrix Partners, RockawayX, AppWorks, Artemis Capital, SParkle Ventures, etc

Key Milestones:

• Jan 8, 2025 – Completed $1M IDO via Legion at a $43M valuation; 30% unlocked at TGE, remaining 70% with 6-month lock-up and 24-month linear vesting

• Aug 21, 2025 – Launching the community round on Legion at a $90M FDV, raising $2M (hard cap $2.5M). The round is open to all verified accounts, with tokens 100% unlocked at TGE. The TGE is targeted for late September to early October.

• Cookie DAO Priority – Top 25 Snappers & Top 50 cSnappers can invest at $75M FDV with 100% TGE unlock

• Campaign Incentives – 0.55% of total supply allocated: 0.4% to the top 500 cSnappers (80% of pool), 0.1% to the top 250 Snappers, and 0.05% to $COOKIE stakers.

This issuance model enhances fairness and accessibility in token distribution while tightly binding capital raising, community building, and long-term governance, creating a sustainable shared-interest network and laying the foundation for Almanak’s long-term expansion in the AI × DeFi space.

Almanak currently aligns well with the positioning of “the most user-friendly retail DeFi strategy platform”, with notable advantages in user experience, security architecture, and low entry barriers—particularly suited for retail users with no coding background or on-chain strategy experience to get started quickly.

1. Its core competitive edge lies in the deep integration of an AI multi-agent architecture with a non-custodial execution framework, delivering institutional-grade security and strategy privacy protection while maintaining high performance. The technology stack—comprising Trusted Execution Environments (TEE), Safe Wallet, and Zodiac Roles Modifier—enables fully automated on-chain execution with permission granularity down to specific smart contract function parameters, significantly outperforming most AgentFi models that rely solely on delegated EOA signing.
   

2. The technical architecture forms a complete closed loop: Data acquisition (Sensors), Strategy logic execution (state machine framework with Prepare / Validate / Sadflow stages), Transaction execution (TransactionManager / AccountManager / ExecutionManager), Monitoring & metrics, Productization (ERC-7540 Vault) and external fundraising/fee charging.  This streamlined pipeline supports commercial scalability. In particular, the vault productization capability allows strategies to evolve from personal-use tools into publicly investable financial products—generating scalable management fees and performance-based revenue for the platform.
   

3. On the operations side, the Points incentive system is already live, with transparent rules oriented toward AUAM (Assets under Agentic Management), effectively driving TVL growth and platform engagement. The integration of the Attention Capital Formation model—linking on-chain measurable contribution scores to capital raising, community building, and long-term governance—creates a sustainable interest-aligned network, laying the groundwork for Almanak’s long-term expansion in the AgentFi sector.

Despite its strong technical and functional completeness, Almanak still faces several key challenges:

1. Protocol testing has not yet been fully opened – At present, it only supports Ethereum mainnet lending protocols and Uniswap V3-based LP and swap strategies. However, the underlying Kitchen already supports Ethereum, Base, and Arbitrum, with the capability to extend to 8+ EVM chains and over 200 protocols. The pace of broader expansion—across multiple chains (e.g., Base, Solana, Hyperliquid), protocol integrations, and CEX connectivity—will directly impact strategy diversity, yield opportunities, and overall market competitiveness.
   

2. Strategy sophistication still basic – Existing strategies are primarily entry-level technical analysis (TA)-based, falling short of institutional-grade or advanced quantitative standards. To become the go-to retail entry point for DeFi quant, Almanak must expand into a richer library of advanced strategies (covering on-chain liquidity management, funding rate arbitrage, cross-pool spreads, and multi-signal fusion), enhance backtesting and paper-trading tools, embed a cost-optimization engine, and support multi-strategy portfolio management.
   

3. Ecosystem and user base still early-stage – While the points program and vault mechanism have launched, and Almanak is already in the first tier of AgentFi projects, AI-driven vault-managed TVL growth still needs time to validate. User engagement and retention will be critical medium- to long-term indicators.
   

Overall, Almanak combines mature technical architecture, a clear commercialization path, and a strong incentive engine, making it a rare asset in the AI-driven on-chain quant and asset management vertical. However, ecosystem expansion speed, competitive dynamics, and execution stability will be the three key variables determining whether it can sustain a long-term leadership position.

Disclaimer: The cryptocurrency market often exhibits a disconnect between project fundamentals and secondary market price performance. This content is for information consolidation and research discussion only. It does not constitute investment advice and should not be considered a recommendation to buy or sell any tokens.