Research & Advisory

Risk intelligence for the tokenized economy

Analytics, insights and advisory at the intersection of onchain and traditional capital markets.

Onchain Analytics

Transaction flow analysis, market structure assessment, and participant behavior across stablecoin ecosystems, decentralized lending protocols, and spot trading venues. Measurement of liquidity concentration, capital efficiency, user composition, and cross-protocol dynamics.

Liquidity & Risk Monitoring

Continuous tracking of liquidity depth, collateralization levels, and exposure concentrations across protocols and asset pools. Real-time monitoring of counterparty dependencies, structural vulnerabilities, and liquidity under stress scenarios.

Quantitative Modeling

Risk models and portfolio frameworks that account for automated liquidations, governance-driven parameters, yield incentive structures, and multi-asset collateral dynamics. Stress testing calibrated to protocol mechanics and market behavior.

Tokenized Structuring & Solution Advisory

Strategic guidance on legal wrapper selection, technical architecture, liquidity design, distribution strategy, and regulatory positioning for tokenized asset issuance and infrastructure development.

Asset Assessments & Due Diligence

Independent evaluation of tokenized assets, protocols, and onchain investment opportunities. Assessment of smart contract implementations, economic design, governance structures, liquidity sustainability, and operational dependencies.

Technical Solution Design

Protocol architecture, smart contract design, and technical infrastructure for onchain financial products. Custody solutions, tokenization platforms, risk management systems, and integration between traditional and blockchain-based infrastructure.

Tokenized Assets

Tokenization has moved past proof-of-concept. Issuance is scaling, infrastructure is consolidating, and the market structure question is no longer whether but how assets move onchain.

The challenge is implementation quality. Most tokenization efforts prioritize speed to market over structural soundness. Legal wrappers don't always map cleanly to technical architecture. Transfer restrictions create liquidity fragmentation. Custody solutions vary widely in security assumptions. Integration with existing rails is often brittle.

Standards are emerging unevenly—some asset classes have repeatable patterns, others are still improvising. The difference between well-structured and poorly-structured tokenization shows up in liquidity, operational friction, and how assets behave under stress.

Understanding what separates functional tokenization from technical debt matters for anyone deploying capital or building in this space.

Onchain Capital Markets

Decentralized lending and stablecoin markets operate at institutional scale. Settlement volumes are material, infrastructure is transparent and composable, and these systems have proven durability through multiple stress cycles.

Traditional risk frameworks don't translate. Automated liquidations, concentrated liquidity positions, cross-protocol dependencies, and algorithmic collateral management create dynamics that conventional models miss. Most institutional participants are applying intermediated-market frameworks to systems that operate on fundamentally different mechanics.

Understanding where liquidity actually sits, how protocols behave under stress, and what dependencies matter requires analysis purpose-built for onchain systems.

Insights

Deep dives, analysis, and commentary on onchain capital markets.

November 26, 2025

Kinetika to supports Keel's Tokenization Regatta RFP

Kinetika to supports Keel’s Tokenization Regatta RFP

November 26, 2025

Kinetika launches Solana Defi Dashboard

November 26, 2025

Tokenization's breakout moment

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