https://www.kervecapital.com/research daily 0.75 2025-11-03 https://www.kervecapital.com/research/futureofblockchain monthly 0.5 2025-11-03 https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/a1a3eede-f543-46d7-9bc8-bf419899a427/Screenshot+2025-08-01+at+11.58.50%E2%80%AFAM.png Research - What is the future of blockchain? - Make it stand out Unlike trading options, perpetual futures have a very friendly user experience. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/dea266ed-02fc-499c-a0f3-44055ca6b29b/Screenshot+2025-07-01+at+11.53.19%E2%80%AFAM.png Research - What is the future of blockchain? - Make it stand out Web3 take rates can be as low as 0.3% vs. 30-100% in Web2. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/35bf6c28-25e9-42b2-9f0f-1487876121b9/Screenshot+2025-07-01+at+6.17.22%E2%80%AFAM.png Research - What is the future of blockchain? - Make it stand out Bitcoin dominance is on the rise. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/f729c4b4-b7e7-4c7d-b021-08cd63056ead/Screenshot+2025-08-01+at+11.59.21%E2%80%AFAM.png Research - What is the future of blockchain? - Make it stand out Billions of dollars are stolen from consumers each year through use of decentralized financial applications. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/d09379c7-5547-49ad-bb25-3d7f7171259e/Screenshot+2025-07-28+at+12.16.13%E2%80%AFPM.png Research - What is the future of blockchain? - Make it stand out L1 blockchain tokens currently trade at revenues multiples in the thousands. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/9a590326-fee2-485a-b158-3443cf029402/Screenshot+2025-07-01+at+6.54.27%E2%80%AFAM.png Research - What is the future of blockchain? - Make it stand out There is already over $260B in stablecoins and this growth is not slowing down. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/ce5dfa82-eba5-4eb9-a4d4-e3211af605ed/Gemini_Generated_Image_9hmrt49hmrt49hmr+%281%29.jpeg Research - What is the future of blockchain? - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.kervecapital.com/research/metaplex monthly 0.5 2025-07-28 https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/a562733e-9063-4c26-b0cc-4b9072fd4b57/Screenshot+2025-07-26+at+2.34.06%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Metaplex volumes have been increasing precipitously since 2024 with token minting volumes stabling at well over 1M mints per month. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/a71b6023-faf1-4521-9486-51bac5360a4e/Screenshot+2025-07-26+at+2.34.59%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Since Q3, 2024, Metaplex has been consistently launching an average of over 1M tokens per month. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/b6a915e3-bd21-4fac-b25b-84133346084a/Screenshot+2025-07-27+at+2.27.40%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/cc71ac8d-f2eb-40ed-b124-189ff7278d84/Screenshot+2025-07-26+at+2.24.17%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Metaplex earns a small fee (~0.0015-0.01 SOL) for each token issued with its standards. At a SOL price of ~$200 this equates to anywhere between $0.30-$2.00. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/29d2604b-8d31-4921-9df7-bbb76007fff6/Screenshot+2025-07-26+at+2.35.23%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Metaplex continued to see strong engagement with an average of over 500k unique wallets signing transactions in 2025, bringing the total number of unique singers since launch to over 11 million. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/5ba19a1d-973d-49e4-94b1-106d1c436898/Screenshot+2025-07-26+at+2.35.49%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Monthly fees generated by Metaplex have been ticking up since stabilizing after all time highs during the peak of memecoin mania in January 2025. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/eb2966e0-2309-49ec-a8b6-e6aea36c062c/Screenshot+2025-07-26+at+2.35.08%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out As of the last few months, Metaplex revenues have settled in at around $1.89M in monthly revenue, i.e. $22.7M annually. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/1f0c4437-3c19-4496-8437-25d9997ea643/Screenshot+2025-07-26+at+2.35.40%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/8702c8b6-21ea-409d-9adf-f006d7309e55/Screenshot+2025-07-26+at+2.35.57%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/8856dfc9-89cd-49d2-9210-5bacce3caeeb/Screenshot+2025-07-26+at+2.34.26%E2%80%AFPM.png Research - Metaplex Thesis - Make it stand out NFT Revenue has been replaced by Fungible Token Revenue https://www.kervecapital.com/research/cow monthly 0.5 2025-07-27 https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/7cdac3dc-9cd6-4f78-8c5d-950402fd4a4b/Screenshot+2024-01-10+at+12.33.21%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Market share comparison Chart from Dune query https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/a78dd1e9-cb4c-4b67-9dab-265d480e6d85/Screenshot+2024-01-12+at+1.54.40%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/bfdc0e13-9600-4992-ba5b-124d757e0c4d/Screenshot+2024-01-11+at+6.17.22%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/24d2a04b-0ed3-4bb3-94aa-3809563e262d/Screenshot+2024-01-11+at+6.06.00%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Chart from Cow Protocol https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/3be6df2e-ba29-4c2b-8cb0-8d1c38b7d9ff/Screenshot+2024-01-11+at+6.06.23%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Chart from CoW Protocol https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/42f67c06-2a9d-4160-a82a-01186141af2b/Screenshot+2024-01-10+at+12.41.18%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Potential revenue from a 50% take rate. Chart from Dune query https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/2e57ddaf-d158-4ceb-8868-41b9bfa1f07f/Screenshot+2024-01-11+at+6.23.46%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/959eae73-217c-4139-aefd-fa40d37ed4b1/Screenshot+2024-01-10+at+12.37.42%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out MEV Blocker Transaction Volumes Chart from Dune query https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/75fbdd3a-fa1e-4172-af69-a4a6ce13b5e9/Screenshot+2024-01-10+at+12.33.00%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Chart from MEV Blocker https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/f1cbfa14-d0ed-40e9-88c9-08ffb0498e49/Screenshot+2024-01-10+at+12.43.35%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Potential revenue from a 10% take rate from validator earnings. Chart from Dune query https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/02282e68-45b3-4155-aa90-1e82ee091ab7/Screenshot+2024-01-11+at+6.06.39%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Chart from DeFiLlama https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/ed608aa8-a3b3-46c3-912b-5e3aa375d89b/Screenshot+2024-01-11+at+6.17.09%E2%80%AFPM.png Research - CoW Protocol Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.kervecapital.com/home daily 1.0 2023-12-05 https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/af8c5fc1-6a01-4449-9c8d-67e66a2dab19/6%402x.png https://images.squarespace-cdn.com/content/v1/654907635501452b36f05bf8/359a208d-afc1-47af-92a0-86dafbd8df36/2%402x.png https://www.kervecapital.com/contact-us daily 0.75 2023-11-08 https://www.kervecapital.com/terms daily 0.75 2023-11-10 https://www.kervecapital.com/disclosures daily 0.75 2023-11-10