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Dewhales Research

Dewhales Capital, Simius

Insightful analysis and data-driven research.

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Latest Issues

Protocol-Owned Liquidity: How Alto Funds Its Own Growth

Table of Contents

Introduction
Understanding the liquidity dilemma
Market structure: borrowing vs minting
The ARO mechanism: options instead of emissions
How price dynamics work
Revenue beyond interest spreads
...

3 months ago

Ammalgam Explained: What If DeFi Never Needed Oracles?

Table of Contents

The Oracle Problem No One Talks About
Rethinking the Stack and Why Fragmentation Exists
One Deposit, Three Revenue Streams
How You Price Collateral Without an Oracle
One Deposit, Three Revenue Streams...

3 months ago

Crypto at its Best: 2025

Table of Contents

Introduction
SEC Transformation
ETF revolution
GENIUS Act - First federal crypto law
Stablecoin market explosion
Strategic Bitcoin reserve
401(k) crypto access
RWA & tokenization growth...

4 months ago

Major Exploits of 2025

Table of Contents

Introduction
Exchange & private key compromises
Smart contract exploits
Social engineering on the rise
The October 10 crash
Notable mentions of 2025
What we can learn
References


I...

4 months ago

Cypher Explained: What If L1 Wins?

Table of Contents

The L1 Thesis
Core Product Architecture
The AMM Layer
Capital Formation Stack
Tokenomics
Distribution and Ownership
Risks and Open Questions
Ecosystem Expansion
Current State and Futu...

5 months ago

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    Disruptive crypto-native fund focused on early-stage protocols and fueled by OGs, founders, and key investors.

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