We invite you to delegate to our validator if you find these analyses interesting. https://www.mintscan.io/dydx/validators/dydxvaloper1he9yn4jhuq50vtf95ncv9rvplnqug8w9yw8dwc *Derivatives are a zero-sum game*It is important to analyze the capital flows that the governance proposals ultimately generate, in order to assess the value created for the protocol. The protocol's profitability should come from charging fees on all trading activity and creating the necessary conditions to become th...

We invite you to delegate to our validator if you find these analyses interesting. https://www.mintscan.io/dydx/validators/dydxvaloper1he9yn4jhuq50vtf95ncv9rvplnqug8w9yw8dwc *Derivatives are a zero-sum game*It is important to analyze the capital flows that the governance proposals ultimately generate, in order to assess the value created for the protocol. The protocol's profitability should come from charging fees on all trading activity and creating the necessary conditions to become th...

Explanations from Rune about the economics https://forum.sky.money/t/the-economics-of-star-creation/25975 MakerDAO has long been considered one of the pillars of decentralized finance (DeFi), boasting a robust stablecoin ecosystem and a sophisticated governance model. However, despite its technical and economic achievements, MKR—the governance and value accrual token of the protocol—has been consistently underperforming.MKR PriceThe reason? Governance. Decisions made within MakerDAO have syst...

Explanations from Rune about the economics https://forum.sky.money/t/the-economics-of-star-creation/25975 MakerDAO has long been considered one of the pillars of decentralized finance (DeFi), boasting a robust stablecoin ecosystem and a sophisticated governance model. However, despite its technical and economic achievements, MKR—the governance and value accrual token of the protocol—has been consistently underperforming.MKR PriceThe reason? Governance. Decisions made within MakerDAO have syst...

Eigen LayerLow Float, High FDV (Fully Diluted Valuation) and its impact on price formation:Low FloatA low float refers to a situation where only a small portion of a cryptocurrency’s total supply is in circulation or available for trading. This small "float" of available tokens can lead to significant price volatility due to the limited supply. Prices can increase quickly with relatively small amounts of demand since there aren't many tokens available to buy or sell in the open market.Hi...

Eigen LayerLow Float, High FDV (Fully Diluted Valuation) and its impact on price formation:Low FloatA low float refers to a situation where only a small portion of a cryptocurrency’s total supply is in circulation or available for trading. This small "float" of available tokens can lead to significant price volatility due to the limited supply. Prices can increase quickly with relatively small amounts of demand since there aren't many tokens available to buy or sell in the open market.Hi...

Ethereum has always had a strong social orientation. Its commitment to the creation of public goods has been a defining feature of the network since its inception. Among all major crypto projects, Ethereum arguably represents the most socially-minded vision, in contrast to Bitcoin’s more libertarian ethos. However, Ethereum also introduced a key innovation that is often overlooked: its social approach is not rooted in statism or heavy bureaucracy. Instead, Ethereum promotes non-custodial, per...

Ethereum has always had a strong social orientation. Its commitment to the creation of public goods has been a defining feature of the network since its inception. Among all major crypto projects, Ethereum arguably represents the most socially-minded vision, in contrast to Bitcoin’s more libertarian ethos. However, Ethereum also introduced a key innovation that is often overlooked: its social approach is not rooted in statism or heavy bureaucracy. Instead, Ethereum promotes non-custodial, per...

Really interesting project by AEthernet, which is closely tied to the Higher token within Farcaster. It's a project developed by Martin, a Farcaster user who also led the creation of the Higher token, and falls within the field of AI agents that interact with social networks and cryptocurrencies. The most notable project in this category would be GOAT, which has been one of the biggest surprises in innovation in recent months. The idea of AI interacting with cryptocurrencies was widely t...

Really interesting project by AEthernet, which is closely tied to the Higher token within Farcaster. It's a project developed by Martin, a Farcaster user who also led the creation of the Higher token, and falls within the field of AI agents that interact with social networks and cryptocurrencies. The most notable project in this category would be GOAT, which has been one of the biggest surprises in innovation in recent months. The idea of AI interacting with cryptocurrencies was widely t...

Farcaster is a project that began development in 2020 and officially launched in 2022. Crypto-native social networks remain one of the major challenges within the crypto ecosystem, as none have yet achieved exponential growth. Previous attempts to build decentralized social platforms have also struggled to gain meaningful traction. The industry is still searching for the key levers capable of breaking the powerful network effects held by today’s dominant Web2 monopolies. One of the main chall...

Farcaster is a project that began development in 2020 and officially launched in 2022. Crypto-native social networks remain one of the major challenges within the crypto ecosystem, as none have yet achieved exponential growth. Previous attempts to build decentralized social platforms have also struggled to gain meaningful traction. The industry is still searching for the key levers capable of breaking the powerful network effects held by today’s dominant Web2 monopolies. One of the main chall...

At Dragon Stake, we have conducted an analysis of the research done by Nethermind for the protocol, regarding the recommendations that should be followed. These are our initial conclusions. https://drive.google.com/file/d/1PqmyyNKA_ISl-pTrmQT5qArkR_Iqi1lz/view 1 Recommendations: Protocol Revenue Distribution First of all, it is important to clarify a financial concept regarding Staking costs, which in our opinion does not truly reflect the nature of this financial flow. We explain this in det...

At Dragon Stake, we have conducted an analysis of the research done by Nethermind for the protocol, regarding the recommendations that should be followed. These are our initial conclusions. https://drive.google.com/file/d/1PqmyyNKA_ISl-pTrmQT5qArkR_Iqi1lz/view 1 Recommendations: Protocol Revenue Distribution First of all, it is important to clarify a financial concept regarding Staking costs, which in our opinion does not truly reflect the nature of this financial flow. We explain this in det...

The launch of Trump’s memecoin signals what could be a pivotal shift in the world of investing—a step toward treating investors as mature, accountable individuals rather than as helpless children. For decades, financial regulation has been built around the premise that individual investors are the weakest link in a complex and highly sophisticated financial ecosystem, incapable of defending themselves. As a result, regulatory frameworks and institutions have been created with the noble intent...

The launch of Trump’s memecoin signals what could be a pivotal shift in the world of investing—a step toward treating investors as mature, accountable individuals rather than as helpless children. For decades, financial regulation has been built around the premise that individual investors are the weakest link in a complex and highly sophisticated financial ecosystem, incapable of defending themselves. As a result, regulatory frameworks and institutions have been created with the noble intent...

What is the role of investors in Crypto? Before starting a valuation of the SKY token, I think it’s necessary to reflect on the role investors play in the Crypto ecosystem. The reality of the financial markets is that the ownership of the world’s leading companies is highly concentrated. The value creation in these companies is often distributed very unequally. Typically, the great fortunes we see in the world are often associated with the founders of large companies who have capitalized on m...

What is the role of investors in Crypto? Before starting a valuation of the SKY token, I think it’s necessary to reflect on the role investors play in the Crypto ecosystem. The reality of the financial markets is that the ownership of the world’s leading companies is highly concentrated. The value creation in these companies is often distributed very unequally. Typically, the great fortunes we see in the world are often associated with the founders of large companies who have capitalized on m...

What are the reasons why the market assigns such a low price to the Maker token (MKR/SKY)? At this moment, the project has a market capitalization of around 1.2 billion, while if we annualize the company’s expenses based on the September expenditure, the company would be spending close to 300 million per year. These expenses are largely covered by tokens that are sold on the market. The new token issuance increases the supply by 3% annually, which will be used for marketing purposes and will ...

What are the reasons why the market assigns such a low price to the Maker token (MKR/SKY)? At this moment, the project has a market capitalization of around 1.2 billion, while if we annualize the company’s expenses based on the September expenditure, the company would be spending close to 300 million per year. These expenses are largely covered by tokens that are sold on the market. The new token issuance increases the supply by 3% annually, which will be used for marketing purposes and will ...