Independent crypto research
Reviews, breakdowns, and analysis of what crypto projects say versus what they've actually shipped.
Research lanes
01 / Reviews
3 pieces
Read one before you put money in. The pitch, the numbers, and where the two disagree.
Latest: Robinhood Put Finance Onchain. Did It Put Users Back in Control?
Open reviews02 / Breakdowns
3 pieces
Read when something launches and the timeline is all noise.
Latest: The Drawdown Playbook: Build Like an Infrastructure Company
Open breakdowns03 / Analysis
6 pieces
Read when the market moves and you want to know what shifted underneath it.
Latest: Apps Eat the Stack: Why L2 Tokens Keep Underperforming
Open analysisNew work
FMV Verdict
24/35
Speculative
Xeet has a strong post-InfoFi thesis, visible campaign activity, and a sharper product surface, but its verified-outcome claim still needs public proof.
Latest breakdown
Bitcoin is down 44%. Optimism is cutting staff. Treasuries are bleeding. The projects that survive this drawdown will be the ones that stopped running like startups and started running like infrastructure companies.
Latest analysis
Layer 2 networks process five times Ethereum's transaction volume. Their tokens have lost 80-90% of their value. The value is migrating to applications, and the market is only just starting to price it.
The editor
I've been inside crypto since 2017 — investing in projects and running growth for web3 teams. FMV is where I write down what I actually think, under my own name, and correct it in public when I'm wrong.
Naeem Shabir
Founder & editor
Disclosure
Commercial work runs through Encanta Digital. It never buys coverage here, or a softer read.
Takes