The Latest

September 12, 2025

Crypto Revenue

How we measure crypto protocol revenue matters.

Alex Weseley
Research
August 26, 2025

Shares vs. Tokens: Why We Need "Outstanding Supply" and a Smarter Circulating Supply

Zheng Jie
Research and Data
Cosmo Jiang
General Partner and Portfolio Manager at Pantera Capital
August 19, 2025

Building the Future of DeFi Banking: How ether.fi Transformed from Hedge Fund to a Billion Dollar Protocol

A deep dive into ether.fi's evolution from a simple staking fund to a comprehensive DeFi banking platform

Isaiah Washington
Protocol / Sales / Ops
July 24, 2025

Bitcoin Needs Its Queen: ETH's Evolution into a Scarce, Productive, and Institutional Reserve Asset

Why ETH Is the Reserve Asset of the Onchain Economy.

Kevin Li
Data & Research Analyst
July 22, 2025

Reading the TEA (Total Economic Activity) Leaves: the metric that matters for blockchains.

Total Economic Activity is a better metric in our opinion compared to REV, Chain Fees to measuring and valuing blockchains.

Broderick Bonelli
Analytics Engineer & Data Scientist
Akhil Vajjhala
Akhil is an analyst at Artemis working on data and research.
July 2, 2025

Hyperliquid: A Valuation Model and Bull Case

Hyperliquid, a consensus long, has outperformed Bitcoin YTD up 50% versus BTC at 13.5%. We share a valuation model for Hyperliquid.

Kevin Li
Data & Research Analyst
June 21, 2025

Understanding the risk of Coinbase after Circle's successful IPO

The natural conclusion is to long Coinbase after Circle's ~10x since IPO. We help articulate the downside and risks associated with Coinbase at $77B.

Kevin Li
Data & Research Analyst
June 18, 2025

The Difficulty of Stablecoins

Blockchain data presents unique challenges that don’t exist outside of crypto.

Sebastian Melendez
Engineering
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