Theses - Alea Research

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

25 Jun, 2025 18 Min Read

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

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

10 Jun, 2025 11 Min Read

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

16 May, 2025 14 Min Read

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

07 May, 2025 17 Min Read

Maple leads crypto’s decentralized lending with $1.27B TVL; $SYRUP offers liquid exposure as growth returns to the sector.

04 May, 2025 15 Min Read

$PENDLE provides convex exposure to a market leader on the watchlist of multiple liquid fund portfolio managers.

25 Mar, 2025 Min Read

The long $EUL / short $COMP pair trade capitalizes on the diverging trajectories of these two DeFi protocols.

24 Mar, 2025 20 Min Read