Theses - Alea Research

Arbitrum

Arbitrum is far more than its flagship Arbitrum One; its strategy—free L3s, profit‑sharing L2s, and the Stylus multi‑VM engine—ignites rising adoption and thicker margins.

14 Aug, 2025 34 Min Read

Elite

Infrastructure,

Theses

Metaplex

Metaplex is Solana’s token-creation engine; asset issuance results in constant buy-pressure for $MPLX via buybacks.

04 Aug, 2025 22 Min Read

Elite

Lending,

Theses

Euler

A bet on $EUL as a meta-protocol and DeFi operating sysstem with >3x borrowed/FDV and leading utilization rates.

21 Jul, 2025 28 Min Read

Elite

Options,

Theses

Derive

Onchain options leader at <$30m FDV; Coinbase-Deribit buy-out signals 10× upside as flows migrate onchain

25 Jun, 2025 18 Min Read

Elite

Stablecoin,

Theses

Ethena

ENA is a kingmaker bet: Converge unites yield, compliance, dApps; fees and flows accrue to staked ENA via fee switch.

20 Jun, 2025 20 Min Read

Pro

InfoFi,

Theses

Layer3

Layer3 converts protocols’ idle incentives into ROI by matching them with engaged users, generating $20M+ ARR

10 Jun, 2025 11 Min Read

Basic

Privacy,

Theses

Nillion

Nilion fills the missing gap in cloud infrastructure enabling private compute.

16 May, 2025 14 Min Read

Elite

AI,

Theses

VIRTUAL

With 17K+ agent tokens already live & a working implementation of ACP, Virtuals has moved beyond narrative.

07 May, 2025 17 Min Read