GénéralThe Card Always Wins
The $15 billion market that's quietly becoming crypto's most compelling consumer product.
A1 Team21 min de lectureBlog de recherche
Une recherche portée par des thèses et étayée par les données sur la DeFi, l'intelligence artificielle, la macro et les marchés, par l'équipe A1 Research.
Les articles sont publiés en anglais.
Lire: The Card Always Wins GénéralA1 Team21 min de lectureLire: Front-Running the IPO: The $10 Trillion Pre-IPO Market Comes On Chain 
Macro & MarchésFront-Running the IPO: The $10 Trillion Pre-IPO Market Comes On Chain
OpenAI and Anthropic called the private share tokens "void." Yet they're still trading and the on-chain market priced Anthropic's $965B round before the term sheet was signed. The issuer veto is the filter.
A1 Team15 min de lectureLire: Why Everything Is Becoming a Perp 
GénéralWhy Everything Is Becoming a Perp
Perpification is what happens when financial nihilism meets infrastructure that lets you lever anything, in a world that won't sit still.
A1 Team, Sakshi17 min de lectureNe manquez aucun rapport
Les nouveaux rapports arrivent dans le A1 Research Hub sur Telegram et dans votre boîte mail dès leur publication.
Rejoindre le Hub Telegram@a1researchhubRecherche uniquement. Pas de spam, désinscription à tout moment.
Lire: Agentic Payments: Everyone's Arguing About Payment Rails. The Real Money Is Somewhere Else Entirely. 
Intelligence artificielleAgentic Payments: Everyone's Arguing About Payment Rails. The Real Money Is Somewhere Else Entirely.
Agentic payments are solving a real gap: AI-driven, “unbankable” businesses (solo devs, micro-APIs) can finally transact via stablecoins, with USDC supply reaching ~$75B and L2 fees dropping to ~$0.001, making…
A1 Team, Sakshi17 min de lectureLire: Ethereum’s Scaling Experiment: What Worked, What Didn’t, and What Comes Next 
DeFiEthereum’s Scaling Experiment: What Worked, What Didn’t, and What Comes Next
In February 2026, a single post by Vitalik Buterin set the Ethereum ecosystem on fire. The rollup-centric roadmap the architectural vision that had defined Ethereum's scaling strategy for half a decade needed to…
A1 Team, Sakshi25 min de lectureLire: Analyst Take: The Internet Is Learning How to Pay Itself and Crypto Is the Reason 
GénéralAnalyst Take: The Internet Is Learning How to Pay Itself and Crypto Is the Reason
Coinbase is building the AWS of agent commerce. AWAL + x402 + Stripe integration creates a full-stack moat on Base. Solana competes on speed, but integration depth will matter more than settlement time.
Sakshi, A1 Team6 min de lectureLire: Perp DEX Wars: The $8 Trillion Institutional Endgame 
DeFiPerp DEX Wars: The $8 Trillion Institutional Endgame
Hyperliquid leads at 67/80 under our institutionally-weighted scorecard, reflecting dominance in volume, ecosystem breadth, and builder adoption, while October 10 exposed concrete limits: $2.1B closed via ADL in 12…
A1 Team, ZeroKnowledge68 min de lectureLire: Zero: The Multi-Core Revolution or Maximum Hype? 
GénéralZero: The Multi-Core Revolution or Maximum Hype?
Zero introduces a heterogeneous "multi-core" architecture that separates execution (datacenter Block Producers) from verification (consumer-grade Nano Validators via ZK proofs), claiming 2 million…
A1 Team20 min de lectureLire: Prediction Markets: The Path to $1 Trillion and What Needs to Happen Next 
DeFiPrediction Markets: The Path to $1 Trillion and What Needs to Happen Next
Analyzing the explosive growth, the infrastructure innovations, and the challenges that could define the next phase
A1 Team, Sakshi19 min de lectureLire: Paradex: Private Institutional-Grade Trading at Internet Scale 
DeFiParadex: Private Institutional-Grade Trading at Internet Scale
In the current decentralized trading landscape, every institutional trader pays a hidden "Visibility Tax." When position sizes, entry points, and liquidation levels are broadcast to public mempools, sophisticated…
A1 Team, ZeroKnowledge31 min de lectureLire: Greenland Tariffs and the Failure of the Digital Gold Thesis 
Macro & MarchésGreenland Tariffs and the Failure of the Digital Gold Thesis
On January 17, 2026, the Trump administration announced 10% tariffs on eight European nations, effective February 1, escalating to 25% by June 1 unless Denmark agrees to sell Greenland.
A1 Team, Derek20 min de lectureLire: Why the Venezuela Intervention Didn't Move Crypto 
Macro & MarchésWhy the Venezuela Intervention Didn't Move Crypto
On January 3, 2026, the United States launched Operation Absolute Resolve, a military intervention in Venezuela that captured President Nicolás Maduro and his wife Cilia Flores. It was the most significant US…
A1 Team, Derek7 min de lectureLire: What to Expect in 2026 
Macro & MarchésWhat to Expect in 2026
If there was ever a year that represents the volatility of crypto, it was 2025.
A1 Team41 min de lectureLire: 2025 Crypto Wrapped 
Général2025 Crypto Wrapped
This was supposed to be the year crypto finally "made it" and in some ways, it did. We got institutional adoption, some regulatory clarity, ETF expansion, the whole nine yards. But if you were retail? If you were…
A1 Team24 min de lectureLire: Talus: The Foundational Layer of the Agentic Onchain Economy 
Intelligence artificielleTalus: The Foundational Layer of the Agentic Onchain Economy
AI agents are expected to generate $3-5 trillion in economic value by 2030 according to McKinsey, with IDC projecting agentic systems will drive over 26% of global IT spending by 2029. Meanwhile, NVIDIA's Jensen…
A1 Team13 min de lectureLire: State of the CLOB Wars: The Trillion-Dollar Battle for Onchain Trading by A1 & GSR 
DeFiState of the CLOB Wars: The Trillion-Dollar Battle for Onchain Trading by A1 & GSR
A fundamental shift in onchain market structure is underway, driven by the rapid ascendance of Central Limit Order Book (CLOB) decentralized exchanges (DEXs). Propelled by surging activity in decentralized…
A1 Team87 min de lectureLire: Will DEXs Finally Kill CEXs? 
DeFiWill DEXs Finally Kill CEXs?
Decentralized finance has undergone significant structural evolution across successive market cycles. While Centralized Exchanges (CEXs) have always been leading in terms of volume, Decentralized Exchanges (DEXs), in…
A1 Team17 min de lectureLire: Private Onchain Trading - The Privacy Paradox in Blockchain 
DeFiPrivate Onchain Trading - The Privacy Paradox in Blockchain
For an institutional trader, executing on a public blockchain today is like playing a high-stakes poker game with your cards face up. The core promise of DeFi, unfettered access and transparent settlement, has…
A1 Team30 min de lectureLire: HyperLiquid - The CLOB King 
DeFiHyperLiquid - The CLOB King
$1 billion in annual revenue, 700,000 users, 30% market dominance, all achieved by a team of 10 people who refused VC money. In just three years, @HyperliquidX (HL) has done what seemed impossible: built a…
A1 Team20 min de lectureLire: The Future of Institutional DeFi Onchain 
DeFiThe Future of Institutional DeFi Onchain
Is the mass migration of institutional capital into DeFi inevitable? If you ask some of the largest money managers in the world, the answer is pretty clear:
A1 Team36 min de lectureLire: Monaco: Bringing Wall Street Onchain 
DeFiMonaco: Bringing Wall Street Onchain
The financial world is in the early innings of its most significant transformation in a century. A seismic shift is underway as the rigid, analog infrastructure of traditional finance begins to yield to the fluid,…
A1 Team18 min de lectureLire: Real-time Blockchains and the Rise of Onchain CLOBs 
DeFiReal-time Blockchains and the Rise of Onchain CLOBs
Decentralized finance has long held the promise of building a more open, efficient, and global financial system. Early blockchains like Bitcoin established the foundation with immutable ledgers, and Ethereum ignited…
A1 Team57 min de lectureLire: From Hyperliquid to Paradex, Bullet, Hibachi and Lighter: The Rise of CLOB Appchains 
DeFiFrom Hyperliquid to Paradex, Bullet, Hibachi and Lighter: The Rise of CLOB Appchains
Appchain CLOBs merge the "fat protocol" and "fat app" theses into a hybrid model, capturing value at both the infrastructure layer (sequencing revenue, MEV) and the application layer (trading fees, user retention)…
A1 Team31 min de lectureLire: Paradex: The Zero-Fee SuperExchange for the Internet Economy 
DeFiParadex: The Zero-Fee SuperExchange for the Internet Economy
In onchain finance, code is law, but architecture is destiny. For most traders, an exchange is just a user interface, a.k.a. a set of prices and a "buy" button. Yet beneath this surface lies a complex architecture of…
A1 Team25 min de lectureLire: Bullet: The Network Extension That Turns Solana Into an Onchain Nasdaq 
DeFiBullet: The Network Extension That Turns Solana Into an Onchain Nasdaq
The digital asset landscape is in a constant state of rapid evolution, currently witnessing a Cambrian explosion of innovation where blockchains compete on scalability, security, and decentralization. This relentless…
A1 Team22 min de lectureLire: The State of the CLOB Wars 
DeFiThe State of the CLOB Wars
Zero-fee competition has compressed margins across CLOB DEXs. Market leader @HyperliquidX's revenue fell 39% to $68.93 million in September despite stable volumes as Lighter processes $133 billion monthly at zero…
A1 Team33 min de lectureLire: From AMMs to CLOBs: The $7 Trillion Race to Bring Nasdaq Onchain 
DeFiFrom AMMs to CLOBs: The $7 Trillion Race to Bring Nasdaq Onchain
The global exchange market processes over $7.5 trillion in daily volume, according to the Bank for International Settlements' 2022 report. Crypto captures less than 2% of this, with average daily trading volume…
A1 Team19 min de lectureLire: Programmable Privacy: The Next Multi-Billion Dollar Infrastructure Layer 
DeFiProgrammable Privacy: The Next Multi-Billion Dollar Infrastructure Layer
Blockchain's radical transparency was the right design choice for trustless money. But as digital infrastructure expands beyond simple value transfer into complex computation, data sharing, and institutional finance,…
A1 Team54 min de lectureLire: Ethena: The Science Behind a 76% Capital Retention Rate 
DeFiEthena: The Science Behind a 76% Capital Retention Rate
This data driven report dives into @Ethena recent growth while successfully retaining more than 70% of its capital.
A1 Team17 min de lectureLire: Hyperliquid: The Everything Exchange Valuation 
DeFiHyperliquid: The Everything Exchange Valuation
Hyperliquid has achieved unprecedented dominance in decentralized perpetual futures, generating between $1.5 to $4.5 million in daily revenue (annualized $548M–$1.64B). Its $56.65 billion in 7-day average trading…
A1 Team21 min de lecture