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Research

Written analysis built on the same discipline as the terminal: capital flows measured from primary sources, never announcements.

Method. Every series behind these pieces is ingested from the primary source — the chain, the venue's own API, the protocol's own contracts — and reconciled against on-chain state before publication. When a published number and the chain disagree, the chain wins. The live data behind each piece stays free on the Buybacks and Funding dashboards.
HYPE at 141x versus PUMP at 13.4x on FDV to annualized buybacks

Buybacks

The price of a promise: why pump.fun trades at 13.4x its own buybacks

Only Tether and Circle generated more fees in the last 30 days, yet the market pays 10x more for Hyperliquid's buyback dollar than for pump.fun's. The gap is not the money. It is how enforceable the promise behind it is.

August 28, 2026 · 6 min read

Polymarket Is Building an IPO, Not an Airdrop: valuation curve from $1B to $20B+

Market Structure

Polymarket Is Building an IPO, Not an Airdrop

The most-farmed token in crypto probably isn't coming. ICE, D.E. Shaw and a JPMorgan-courted listing pull one way; a retroactive retail token pulls the other. And the users who built the volume are the one group no clean mechanism can pay.

August 16, 2026 · 8 min read