A Tale of Two Markets - The Cryptoeconomy in 2025
Critics often cite financial nihilism within the cryptoeconomy as evidence that it will eventually implode under the weight of its excesses.
However, beneath all the speculative activity that fuels this skepticism, we see emerging winners that are beginning to compound over time.
In this essay we explore the tension between futility and utility and show how in truth, they're two sides of the same coin.
Solana Thesis Part II: The Data-Driven Case for SOL
Today, Solana rivals Ethereum across nearly every key metric.
Yet, SOL trades at 33% the valuation of ETH.
In our Solana Thesis Part II we present the data-driven case for this valuation gap to narrow and reach parity, reflecting a more peer-like relationship.
The Speed Trap - A Meditation on Markets
As global liquidity expands and the asset class institutionalizes, crypto is once again at inflection point.
Where do we go from here?
An essay on speculation, memes, valuations, and rising short-termism in the cryptoeconomy.
Applications Capture Fees, Blockchains Store Value
Applications on Ethereum and Solana are on the verge of surpassing their underlying infrastructure in revenue
The trend will likely only accelerate as applications push to capture a greater share of their economics and verticalize in an effort to better control their user experiences.
What does it mean for the future of value capture in the cryptoeconomy?
Maker Thesis - The Leviathan of DeFi
Syncracy launched in 2022 with a key thesis that the next “FAANGs'' were emerging in the cryptoeconomy.
As we surveyed the DeFi universe throughout the bear market, one project towered above the rest as the leviathan amongst the leaders.
Below we share our thesis.
Solana Thesis - The Fastest Horse Rises From the Ashes
In Q2 2023, Syncracy built a large position in SOL.
The opportunity Solana offers is rare – a truly differentiated technical architecture that has the potential to become foundational alongside Bitcoin and Ethereum.
Our thesis on Solana and the future of the cryptoeconomy.
Meditations on Mayhem
In 2022 a nuclear bomb hit the cryptoeconomy — where do we go from here?
A year’s worth of thoughts and reflections on the past, present, and future of crypto.