Every number sourced. The conclusions are mine to defend. I take real RWA and DeFi projects, run the same due diligence I use when I put my own money in, and publish the result.
Five years tokenizing real estate. Real buildings in Spain, LATAM, UAE. Real exits at 15-34%. Also: a participatory loan structure that ranks below ordinary debt in Spanish insolvency, three different user counts on one website, and an RNT token trading $14,500 a day on a $30M market cap.
A founder with a $390M exit. 125 Boston apartment buildings. $68M tokenized. 218 holders. $32 in monthly on-chain volume. A ~3% dividend nobody outside Groma has confirmed. The numbers from a week inside Groma.
$1.57 billion in TVL across institutional funds. $5.5 million in protocol revenue. Zero distributed to CFG holders. 95% of TVL concentrated in two Janus Henderson funds. The numbers from a week inside Centrifuge.
Independent due diligence on Chainlink (LINK): $74.5M annualized on-chain fees against a $7.5B market cap. CCIP take rate of 0.003%. SWIFT pilots since 2018 with zero production revenue. Staking at 4.
Independent deep-dive on Figure Technology Solutions (NASDAQ: FIGR) and Provenance Blockchain. $17B 'represented' vs $21M 'distributed' on RWA.xyz, 36 monthly active addresses, CEO's SoFi ouster, $64M
Independent due diligence on Stellar's RWA ecosystem. $5.6B market cap, $730/day in fees, 71% of RWA value from two issuers, and a P/Fees ratio of 15,460. The numbers behind the institutional adoption
Full breakdown of the $292M Kelp DAO exploit, the $6.6B Aave bank run, the $285M Drift hack, and how Lazarus Group stole $577M from DeFi in 18 days — with timelines, DVN config diagrams, and lessons.
Independent deep-dive into Syrup Finance (formerly Maple). $4.6B TVL, $54M in historical defaults, SYRUP tokenomics breakdown, Core Foundation lawsuit, and the four-question verdict every investor nee
Independent due diligence on Ondo Finance ($ONDO) at $3.5B TVL. Token analysis, tokenomics, vesting schedules, platform success vs token value, and why the numbers don't add up.
Independent due diligence on Canton Network ($CC) at #17 on CoinMarketCap. Tokenomics, validator economics, DTCC partnership status, DAU data, and the utility token problem nobody is talking about.
I write about tokenization, real-asset deals across Europe, and the projects worth your time. When there is something to share, you get it before anyone else. Free.