Allium Research
Allium Team, Elton ShehdulaWeekly intelligence on digital assets, markets, and onchain finance for institutional decision-makers.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 8 | Founded | a year ago | Last Issue | 19 days ago |
| Active | |||||
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alliumresearch.substack.comLatest Issues
Crypto Buybacks Are 2.5% of Trading Volume, Too Small to Drive Prices
In the latest Financial Times report, I said that “buybacks are optics.”
Let me explain.
Crypto buybacks are really a burn mechanism
Tl;dr
- Crypto buybacks use protocol revenue to purchase tokens and remove them from supply.
*...
Hyperliquid was all crypto last year. Stocks and commodities now make up nearly half its volume.
The big picture: Trump says the CFTC is working to bring Hyperliquid to the U.S. legally.
Why it matters: Hyperliquid isn’t just crypto anymore. Equities, commodities, and pre-IPOs now drive more than half its volume.
What’s next:...
Hyperliquid traders think Unitree is worth 4x its IPO offer price. Are they right again?
Unitree, a prominent Chinese robotics company, priced its IPO at ¥150.80 ($22.37). Its expected to IPO between Aug 17 - 21 on Shanghai’s STAR market.
Current Unitree pre-IPO market:
Thanks for reading Allium Research! Subscribe for free t...
How Kalshi took the prediction market lead
Polymarket grew more than 4x and still lost most of its market share to Kalshi
At first, I was skeptical.
How could Polymarket, one of the most innovative companies in crypto and arguably the most promising consumer use case, lose its...
Circle’s earnings beat hides a shrinking USDC balance
Circle reserve income from USDC supply reached $667.7 million in Q2’26, accounting for 94% of total revenue.
That makes Circle’s earnings relatively straightforward to understand.
Two variables matter most:
- How much USDC is in circu...
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Authors
The writers behind this newsletter.
Onchain alpha for traditional finance
Head of Research at Allium
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