Crypto claims, tested in public
Independent crypto research that tests what projects claim against what the evidence actually shows.
Research lanes
01 / Reviews
3 pieces
Read before you commit capital. If the pitch doesn't survive public evidence, neither will the trade.
Latest: Robinhood Put Finance Onchain. Did It Put Users Back in Control?
Open reviews02 / Breakdowns
3 pieces
Read when something launches. The first 48 hours of commentary are noise; the mechanics are the signal.
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 actually changed 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.
More research
Ethos is a serious reputation infrastructure experiment with real product progress, but it is still trapped inside the incentive problems it wants to solve.
Bitcoin peaked at $126,000 in October 2025 and has drawn down 44%. The halving narrative didn't drive this cycle. ETFs, sovereign buyers, and macro correlation did. The old model is gone.
The first federal stablecoin law is now being implemented. The OCC is writing the rules, banks are fighting over yield, and the market structure is shifting faster than the debate.
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
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