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The FMV research desk.
Everything FMV has published — 12 pieces across reviews, breakdowns, and analysis, newest first.
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Robinhood Put Finance Onchain. Did It Put Users Back in Control?
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01 / Reviews
3 pieces
Should I believe this project's pitch?
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
How does this mechanism actually work?
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
What changed, and what does the evidence say it means?
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 analysisThe archive
Every piece, newest first.
Robinhood Put Finance Onchain. Did It Put Users Back in Control?
Robinhood Chain has exceptional distribution and a credible onchain-finance thesis, but early activity and concentrated control leave adoption unproven.
Xeet: The Thesis Has Receipts. The Receipts Need Auditing.
Xeet has a strong post-InfoFi thesis, visible campaign activity, and a sharper product surface, but its verified-outcome claim still needs public proof.
Ethos Network and the Trust Paradox, Revisited
Ethos is a serious reputation infrastructure experiment with real product progress, but it is still trapped inside the incentive problems it wants to solve.
Apps Eat the Stack: Why L2 Tokens Keep Underperforming
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.
Bitcoin's Four-Year Cycle Is Dead. Here's What Replaced It.
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 GENIUS Act Changed the Game. Here's Who Actually Wins.
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.
RWA Tokenisation's Real Bottleneck Isn't the Blockchain
Tokenised Treasuries hit $11 billion. Goldman Sachs is using them as derivatives collateral. But the assets the market actually wants to tokenise (real estate, private credit, equities) are stuck behind legal plumbing, not smart contracts.
The Drawdown Playbook: Build Like an Infrastructure Company
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.
Token Unlocks Are Now a Trust Story
Unlock headlines are no longer just a supply event. They are a credibility event that tells the market how a project thinks about insiders, communication, and pressure.
Launch Week Is a Liquidity Test, Not a Victory Lap
A launch is not proof that demand exists; it is a stress test for incentives, liquidity quality, and whether the story can survive first contact with the market.
"Another L2" and the Cost of Sounding Generic
A structured review of the claims, proof gaps, and narrative problems behind the endless stream of identical Layer 2 pitches.
Three Narratives That Survive Bear Markets
Most web3 stories implode when number-go-up pauses. These three patterns hold even when price doesn't.