Theses - Alea Research

Pendle dominates yield trading; Boros diversifies fees beyond TVL; capturing 2-10% perps OI re-rates earnings quality

08 Jan, 2026 15 Min Read

Crosschain kingmaker; locked distribution; moat value capture. Stargate buybacks live; protocol fee activation to come

30 Oct, 2025 11 Min Read

Mispriced optionality; vertically integrated DEX + lending; full stack liquidity layer on Solana and EVMs.

28 Oct, 2025 16 Min Read

CFG is one of the cleanest liquid RWA bets: deep integrations, rising TVL, fees on, and token-aligned value capture.

10 Oct, 2025 21 Min Read

Ether.fi: non-custodial neobank with Staking + Liquid, Cash (credit & payments), and soon Trade (via Hyperliquid).

20 Sep, 2025 17 Min Read

From messaging to money. Telegram's super-app is the distribution moat. TON's symbiosis unlocks asymmetric effects.

11 Sep, 2025 28 Min Read

Chintai’s real institutional RWA flows far exceed $CHEX’s market cap—creating rare, asymmetric upside for early conviction.

20 Aug, 2025 23 Min Read

Arbitrum goes beyond Arbitrum One, free L3s, profit-sharing L2s, and Stylus multi‑VM engine, boost adoption and thicker margins.

14 Aug, 2025 34 Min Read