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Buyside Crypto Research | In-depth independent analysis | Contributing @maplefinance | Research: https://t.co/JMrXVmc7JB TG and Newsletter below👇
Joined May 2024
Hyperliquid Proposed Valuation || @HyperliquidX Hyperliquid is in a league of its own, with no real comparables in crypto. As the fastest-growing company in the industry, $HYPE presents a compelling R/R, backed by strong fundamentals and massive growth potential. What sets
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Maple's Q3 Performance Thread || @maplefinance Maple’s revenue performance in 2025 has been exceptional, driven primarily by the strong adoption of syrupUSDC and, more recently, syrupUSDT. In Q3, revenue increased by 41.5%, continuing the protocol’s impressive upward trend.
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4/ $SYRUP: Price Performance Q3 was SYRUP’s weakest quarter in terms of price performance, declining 27.98% over the three-month period and underperforming relative to peers. However, this short-term correction should be viewed in context rather than in isolation. $SYRUP has
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3/ $SYRUP Token: Investor Adoption $SYRUP continued to expand its investor base during the third quarter, with the number of holders increasing by 28.9%, reaching approximately 13,400 addresses by the end of Q3. This represents an impressive 378.6% year-to-date growth, up from
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2/ Active Loans Performance As an onchain asset manager focused on institutional credit markets, Maple’s revenue model is primarily driven by interest payments from institutional borrowers. The performance of active loans therefore remains a key indicator alongside AUM. In Q3,
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1/ Assets Under Management (TVL) Maple delivered another quarter of exceptional growth, reinforcing its position as the leading onchain asset manager. AUM increased by 66.4% in Q3, rising from $2.52 billion to $4.19 billion, bringing year-to-date growth to 1,015%, or roughly
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Maple's Q3 Performance Thread || @maplefinance Maple’s revenue performance in 2025 has been exceptional, driven primarily by the strong adoption of syrupUSDC and, more recently, syrupUSDT. In Q3, revenue increased by 41.5%, continuing the protocol’s impressive upward trend.
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$SYRUP & @maplefinance all over the timeline đź‘€ GLC is the research hub for Maple, we probably are the most reliable source of information for $SYRUP If you want to learn more, check out our website. https://t.co/5WuVWRJm8X
glcresearch.xyz
GLC Research is a buyside crypto research firm focused on delivering clear, independent insights.
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Maple just hit $5B in TVL || @maplefinance At the start of the year, their internal target was $4B by EOY, and with Q3 just wrapped up, they’ve already surpassed it. Now it’s time to aim for $6–7B TVL by EOY. The team keeps executing flawlessly, and the upcoming syrupUSDC(T)
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@GLC_Research It’s pretty amazing how we’re going from HL native straight to wall street skipping the crooked CEXes
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And now, $HYPE will most likely get its own ETFs before being listed on Binance and Coinbase... Strangely aligning with Hyperliquid Strategies most likely launching before the end of November. All of a sudden, the biggest pain point -- $HYPE distribution -- is getting fixed: a
For those who still don’t understand why improving distribution is a net positive for $HYPE, check out the summary of the excellent Space hosted by @defi_monk and @Keisan_Crypto a few months ago. What we’re seeing with @RobinhoodApp users buying $HYPE is just a glimpse of what
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https://t.co/9bn8Rpmc9U is quietly approaching $100M in annual recurring revenue || @ether_fi Despite flying under the radar for most, https://t.co/9bn8Rpmc9U’s growth has been remarkable, surpassing $8M in monthly revenue this October: +180% YTD They’re absolutely crushing it
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1) If liquidity is sufficient, market participants themselves will make the market efficient. A market isn’t efficient by design, it becomes efficient because traders act on arbitrage opportunities. If funding rates are at 20%, you can be sure a lot of participants will go short
Perps on equities doesn't work btw. 1) Paying 20% funding for an asset that goes up 10% per year on average is just dumb. 2) No dividends yielding that should be an extra 2-3% per year (while it sounds small, it still compounds up).
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Euler’s Q3 performance has shown impressive growth across all key metrics: ▫️Total Value Locked: +40% ▫️Active Loans: +44% ▫️Revenue: +160% $EUL heads into Q4 with strong momentum, an incredible growth story for the team.
1/ TVL and Active Loans With Q3 2025 behind us, Euler’s key lending metrics showed strong momentum: ▫️Total Value Locked (TVL) surged by 40%, climbing from $2.27B to over $3.15B, largely fueled by the launch of Plasma. ▫️Active loans mirrored this trend, up 44% to more than
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7/ Closing thoughts Euler is heading to Q4 in a position of strength. Over the past year, the protocol has evolved from a technical recovery to a structural leader in modular lending, proving the strength of a rigorous, composable, and DAO-governed model. Key indicators
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