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For years, both Maker (MKR) and now Sky (SKY) have been portrayed as cases of “asymmetric undervaluation” — protocols whose intrinsic value and sophistication are not reflected in their market capitalization. This narrative has become almost axiomatic within the community, often framed as a failure of perception or communication: the market simply “doesn’t get it.” But perhaps the problem is not perception — it’s design. The truth may be that this so-called undervaluation is endogenous, not a...

Spark’s Valuation: Understanding Market CapitalizationThe starting point for valuing Spark is its fully diluted market capitalization (FDV) — the total implied value of all SPK tokens at current market prices, regardless of their vesting status. In decentralized protocols, this figure offers a more comprehensive lens than the circulating market cap, since a significant portion of tokens is often reserved for long-term growth incentives, ecosystem development, or team allocations. In Spark’s c...

Over the past few days, DeFi has faced one of the most intense volatility events since the collapse of Terra. Amid this chaos, Ethena (USDe) —a synthetic stablecoin backed by derivatives positions— underwent the most significant stress test in its history. The result: a remarkable display of technical resilience, yet also a stark reminder of the structural risks embedded in the most sophisticated layers of decentralized finance. Today, USDe stands as the third most important stablecoin in the...

I. Bitcoin vs. Gold: The Old Debate RevisitedFor more than a decade, the Bitcoin–Gold comparison has structured one of the most fascinating narratives in modern finance. Bitcoin, the “digital gold,” represented the dematerialization of scarcity —the idea that value could exist purely in code, detached from atoms. Gold, on the other hand, was the ancient store of value: tangible, inert, yet timeless. The usual argument —which I have often used myself— was that Bitcoin solved the physical limit...