https://www.modularcapital.xyz/writing daily 0.75 2026-01-15 https://www.modularcapital.xyz/writing/pendle monthly 0.5 2025-05-21 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f7c1c1cf-28a6-43b3-82d1-49add37baf24/pendle+spartan+modular+cover.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/468f46e8-a370-44ff-9ee7-5368d30d2553/circle_transparency.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Circle Transparency Report https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/22c44d5e-16ff-4d52-87de-b65099f3f13a/Circle+Tether+Supply.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Coingecko (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/62543cca-599c-4f83-b6ad-24bfff75904d/pendle+yt+pt+docs.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/990f4b13-ea41-46ef-802d-585254fcaeb3/pendle+market+sUSDe+July+2025.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle Website, sUSDe PT fixed yield market with July 30, 2025 expiry https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/41f5661b-f570-438b-a377-511d681e0479/eigen+yield+pendle.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: State of Defi Blog Post https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/8d563fe1-a66f-4757-b8d8-3f2f0e77d943/pendle+eigen+tvl.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/1ac6a09d-c092-4aba-9467-13df0527d649/pendle+eigen+volume.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle Analytics (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e8698a23-7129-4a58-82ef-0a53008a7c63/pendle+TVL+asset+mix.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/8969b30c-b62e-48cc-8a39-3558b39c8454/pendle+stablecoin+tvl.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/d67a83ac-b0eb-4eca-81ff-7b2c066e8613/stablewatch+supply.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: stablewatch.io (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/602aecb0-1889-434e-b323-d385deff17a7/stablecoin+list.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Coingecko (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f3a605eb-828c-4d4e-a01c-505c1fb1719a/yield+bearing+stable+market.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle Analytics, Stablewatch (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/3bfbb480-b4de-4c0e-8dd1-ef0830c483eb/pendle+share+yield+bearing.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle Analytics, Stablewatch (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f8a8be51-1ee8-4327-859e-bc5f67d1513d/pendle+share+capture+by+segment.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama, Coingecko (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/6d35c9bb-65d2-4a6b-a65f-3096436358d6/pendle+non+ena+sky+stable+share.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama, Coingecko (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e70273a5-10a7-495c-be38-878a5ec3e48f/pendle+TVL+ex+USDe.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Coingecko, Defi Llama (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/17b8dc88-c68d-43b7-a86a-4f7d5d3e6329/pendle+stable+ethena+vs+all+other.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Coingecko, Defi Llama (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5e01727c-abfc-4b2c-b0ab-2c5166281592/pendle+nonUSDe+stable+mix+cohorts.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/a7bcc035-1d74-42d3-bf67-46ace39622d7/pendle+stable+count+over+10M.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle Analytics, Defi Llama (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/d9aa64c5-5ad3-4261-8418-3a7f53eab5bc/pendle+share+by+issuer+supply.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama, Coingecko (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/6198bdd4-f184-48e9-803a-a8ab904071cb/usde+historical+growth.jpg Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Twitter Post https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/ac1c5cc5-284f-48c1-a6db-933b83af9a52/Ethena+yield+during+airdrop+farm.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Redstone Blog Post https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/88fe3ee1-173d-49f6-8631-9ac6c934effb/pende+share+of+ethena+issuance+-+historical.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama, Coingecko (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/764ee2b2-3d74-434a-acfe-018564883342/pendle+core+TVL+breakdown.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2d5da624-b86b-45ce-a344-0af9f2263c80/pendle+core+trading+volume.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2f931b61-c187-4c5c-8cf3-9988ffa531da/pendle+core+trading+volume+mix.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Defi Llama, Pendle Analytics (as of May 19, 2025) [1] “New Cohort” covers deposits that are still in their boot-strapping / airdrop-incentive phase. A pool keeps this tag until (i) its first PT maturity passes and the fixed yield (PT APR) falls to ≤ 10 %, or (ii) the protocol completes its Token Generation Event (TGE). Any balances left after either trigger are re-classified as “Core.” [2] As such: EigenLayer LRTs were New Cohort until 30 Sep 2024 (Eigen TGE 1 Oct 2024); Ethena Seasons 1-3, Usual, Reserve and Berachain became Core after 31 Mar 2025; the newest issuers—USD0, LVLUSD, USDC.e, USDA, USDF and USDL—remain New Cohort, as they are still in the high-APR liquidity-mining stage. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/189fe6d3-efd8-4a40-8b3f-b8da52e25e54/historical+funding+rate+USDe.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Ethena Dashboard https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/feb737c8-f1ba-4efc-9f7d-f97f3dfb7e31/Boros+opportunity+TAM.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle 2025 Roadmap Post https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/87c6c57f-ac8c-4b58-b47d-67b842448540/pendle+2025+volume.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle Analytics (as of May 19, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4d7fedea-96a3-498d-a71d-dfa5b451522a/Pendle+model+projection.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out [1] Disclaimer: all forecasts and assumptions above are hypothetical [2] For perspective, 100bp monetization of active assets (e.g. loan book, issuance) as protocol revenue is in-line with comps including Aave, Maple, Ethena, Euler, etc. This is also the current monetization Pendle has across yield and trading volume related fees https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e78ba494-3616-4060-a1e9-0989e696c4ab/vePENDLE+APY+in+2024++year.png Our Writing - Pendle: The Era of Stablecoin Expansion - Make it stand out Source: Pendle 2025 Roadmap Post https://www.modularcapital.xyz/writing/maple monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/30935b26-97d5-4c21-8f97-911070ca1979/Maple+Finance+Logo.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/0f41c1dd-f9bd-4e71-a257-29e3c89ea745/cefi+loan+market.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Galaxy Lending Report https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/853cedf4-972c-4ccb-a844-32d0b7bbe303/maple-website.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Maple website https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/08ca562d-73bd-48d5-9b95-aac7f817aa49/maple+bitwise.png Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/d725cd20-34d5-4270-869a-b60250c3fe88/loan-page.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Syrup Loan Page (as of April 21, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/28efa71c-3c01-4a3e-ba9c-b5df4e5a055d/spark-deposit.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/6bb4b821-b9d1-4411-93c1-79588eefe2c3/morpho+syrup.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Morpho syrupUSDC pool (as of April 21, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4a62272d-391c-475c-b926-5892a67e99b5/maple+dune.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Maple Dune Dashboard (as of April 21, 2025) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/fc628be2-f1be-494e-b827-e3193beab780/maple+2024+recap.png Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Maple 2024 Year Recap Blog https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b1b28f16-0b75-4c21-ace0-2445262bc596/maple+withdrawal+time.png Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/297f8467-bd7a-47ab-b73e-b793912cbf4a/maple+2025+growth+target.jpg Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Maple Q1’25 Update Call https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e3f71368-7588-4c8f-a24b-b1c8df764f9b/maple+operating+budget.png Our Writing - Maple: On-Chain Lending Powerhouse - Make it stand out Source: Maple Treasury Report Q4’24 https://www.modularcapital.xyz/writing/dtravel monthly 0.5 2025-04-22 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5cd94f3b-0449-495b-b14d-3e19fa7f58c6/Dtravel.png Our Writing - Our Dtravel Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/1566fdf3-b0a7-49a9-aafc-7f3aef888d5a/loyalty-occupancy.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Public Company Filings https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/d4d48896-af42-4b78-9d67-e185419da2d7/avg-stay-metrics.png Our Writing - Our Dtravel Thesis - Make it stand out Source: VR Mintel https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/3e17f363-da17-40c5-bb61-dbe273359db3/take-rate-change.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Public company filings https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/1338e066-7c18-4289-9b89-2aacc5ec197d/dtravel-website.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Dtravel website https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b1526971-e059-4d5e-915a-03fa531ec0a6/website-booking-flow.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Dtravel Website. User experience for booking direct with hosts https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e7fc4d5e-4606-46a3-8750-11049e688cda/supply-listing.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Dune dashboard https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/ef08f786-ff43-4d4d-ad5a-b2788246cf31/TRVL-bookings.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Dune dashboard https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/ee79e358-883b-4be9-9fb4-bda77d26b001/s%26m-revenue.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Koyfin https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c312b62d-9c9b-4e35-aff4-e64c577fb6f2/data-network.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Dtravel Docs https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c069b814-fa86-4680-92bd-b6f196339383/paid-search.png Our Writing - Our Dtravel Thesis - Make it stand out Source: Koyfin https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c4a601ba-2587-4f09-9247-451136ca943d/trvl-projections.png Our Writing - Our Dtravel Thesis - Make it stand out Dislcaimer: all forecasts and assumptions are hypothetical https://www.modularcapital.xyz/writing/bob monthly 0.5 2024-05-01 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/eff8b98e-b806-453c-ba86-98ab9f779fda/logo.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/759ef691-b517-46ef-864c-eb57e2721396/fundraise.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/77df6c70-df52-4d30-845f-937502acfca4/bitcoin+tvl.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Source: DefiLlama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/d740042f-0803-4a6e-aa53-13b1c7ffb20f/ordinals.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/487f5766-622e-46fa-9d3b-c4ead2117ea6/blockfi.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Source: Decrypt https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/50521552-9bd1-4371-a39c-98e3610601d7/phase+1.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Phase 1: Optimistic rollup to Ethereum (built on OP Stack) with a Bitcoin light client built into the sequencer This enables a trustless bridge with Ethereum to bring stablecoins and ERC20 assets and some trustless communication with Bitcoin to enable cross-chain swaps, auctions, and contract executions. In terms of native BTC asset support, BOB plans to launch with the tBTC bridge, which provides a good trade-off of trust and liquidity. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/a20c807c-b410-4dcf-a11d-7a736b5f60f7/phase+2.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4fa9c891-c7a8-494e-bae7-eed901a54b60/phase+3.png Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2576885e-1c2e-4bda-888b-c835267a71fb/bobfusion.JPG Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Source: Dune Analytics https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f25dea7a-5903-4ac8-a86a-df83bbac2703/GMB-yWiWEAA_FtC.jpg Our Writing - Investing in BOB (Build on Bitcoin) - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.modularcapital.xyz/writing/mythical monthly 0.5 2025-01-26 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b731416b-fae2-4306-ad3e-4a064ef343b6/mythos_logo.JPG Our Writing - Our Mythos Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f6c83415-3502-4949-a56b-cb90475694be/game_tam.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: Newzoo https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/a723ada1-1e75-4a1f-b272-5905e61e7b5e/50-years-of-gaming-revenue.png Our Writing - Our Mythos Thesis - Make it stand out Source: Visual Capitalist https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/006ea818-4b48-4177-8407-884baafd82a2/CDK_projekt.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: Public filings https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/569da614-af36-474c-b492-eea8cfeffc8d/AXS+Price.png Our Writing - Our Mythos Thesis - Make it stand out Source: ActivePlayer.io https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/66b88ba2-5f96-4bd5-a9d7-79be88886620/Monetization+Per+Hour.png Our Writing - Our Mythos Thesis - Make it stand out Source: Internal estimates https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/309c0b8c-fe23-48f1-b051-f273f34c7d1c/Gaming+Infra.png Our Writing - Our Mythos Thesis - Make it stand out Source: Artemis Analytics (as of Apr 24, 2024) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/02c9888f-8fe2-4cc7-95d8-22fc5ebd22ba/myth_investors.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: Mythos https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/9ec37c68-fc26-48ff-ac7f-7e98f213ed8f/myth_committee.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: Mythical Games https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5455f4b5-8549-4b83-b2a7-ad5b9967a7f2/myth_rev_uplift.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: Modular estimates https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/334fbcb1-0830-4c3a-a91a-99fc4ded4e92/Myth+2.0.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: Mythos Foundation Proposal https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/1f6946ce-f1d1-4e21-9301-495558adc1d1/Sales_Compare.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: CryptoSlam https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f88d38d2-3299-4715-b66c-23d9eee32412/NFT+Sales+Annualized.png Our Writing - Our Mythos Thesis - Make it stand out Source: CryptoSlam https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2e49c26b-bb2c-4c3c-abc4-0b3fd54d07c5/Myth_team.JPG Our Writing - Our Mythos Thesis - Make it stand out Source: Mythical Games https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/442e30cc-f886-4512-9262-626c318f3143/Hypothetical+Projections.png Our Writing - Our Mythos Thesis - Make it stand out Dislcaimer: all forecasts and assumptions are hypothetical https://www.modularcapital.xyz/writing/akash monthly 0.5 2024-04-24 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/fc874d4e-7527-43f5-8daa-ce6d5ed3bf81/AKT+Logo.png Our Writing - Our Akash Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/014c77a2-7597-4375-9ef8-3795543b3ee8/A100+GPU+Count.JPG Our Writing - Our Akash Thesis - Make it stand out Source: State of AI. Public Cloud = capacity rented from hyperscalers; Private Cloud = owned and run by the company; National HPC = government owned and run https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/bdef5ac4-cfea-4a93-9d04-7b245fc0ef3d/NVDA+Data+Center+Revenue.JPG Our Writing - Our Akash Thesis - Make it stand out Source: Public filings and analyst estimates https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/9ab6aa6b-d37e-4203-99c9-4e37e2a45e49/Cloud+Capex.JPG Our Writing - Our Akash Thesis - Make it stand out Source: Public filings and analyst estimates https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b4118054-0c87-42a5-b59f-45ef2e479566/Hyperscale+IaaS+Spend.JPG Our Writing - Our Akash Thesis - Make it stand out Source: Public filings and analyst estimates https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e6ee5070-dd1d-430a-9c80-f618fe48a876/A100+Pricing+Table.JPG Our Writing - Our Akash Thesis - Make it stand out Source: Amazon Pricing. Azure Pricing https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/46d0f986-4d10-4a99-89db-d620676cac6c/Akash+vs+Cloud+Giants.JPG Our Writing - Our Akash Thesis - Make it stand out Source: https://deploy.cloudmos.io/price-compare https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/9e9c3dc5-32e4-434c-8a8c-85cd1477afba/AKT+Daily+CPU+Leased.JPG Our Writing - Our Akash Thesis - Make it stand out Source: https://deploy.cloudmos.io/analytics https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/cd54ce8a-a251-4187-98f7-6d2e9164c9b4/AKT+GPU+Supply+Utilization.JPG Our Writing - Our Akash Thesis - Make it stand out Source: https://deploy.cloudmos.io/analytics https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/28a93df1-46d8-4b1d-86e8-d972770caff2/AKT+Discount+to+Hyperscalers.JPG Our Writing - Our Akash Thesis - Make it stand out Source: CoreWeave Pricing. Akash Pricing https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/bca54eec-964c-4b68-bdc7-4a908c40e314/Akash+GPU+Type.JPG Our Writing - Our Akash Thesis - Make it stand out Source: https://deploy.cloudmos.io/providers (as of January 17, 2024) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c2680e2c-dd85-4093-a1fe-01a9a585f3bd/Llamda+Chip+Performance.JPG Our Writing - Our Akash Thesis - Make it stand out Source: Lambda Labs GPU Benchmarks. Highlighted chips are available on Akash’s platform https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/36684374-7e9c-4a7f-a216-9d26cf1c537a/Akash+Revenue+Annualized.JPG Our Writing - Our Akash Thesis - Make it stand out Source: https://deploy.cloudmos.io/graph/daily-usd-spent https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f7e62f79-5248-4f34-930e-c8d3133448fd/Akash+Deploy+GPU+Website.JPG Our Writing - Our Akash Thesis - Make it stand out Source: https://deploy.cloudmos.io/rent-gpu https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/3e9f82eb-b109-496c-946b-615165283f1c/AKT+Incentive+Distribution.JPG Our Writing - Our Akash Thesis - Make it stand out Source: Akash Github https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2ccc6f8e-cb50-4492-8dd1-a92c6d08b860/AKT+Forecast+Model_2.JPG Our Writing - Our Akash Thesis - Make it stand out Disclaimer: All forecasts, assumptions, and performance metrics are hypothetical https://www.modularcapital.xyz/writing/stride monthly 0.5 2024-04-05 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b0db5fab-6169-4a76-9016-355bc6c1b615/stride-box-logo.JPG Our Writing - Our Stride Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/7bddff37-2fc8-4b33-b90f-c02a648a8859/l1-blockchain-metrics.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Coinbase Earn Website as of December 3, 2023. Prices pulled from Artemis Sheets plugin around 20:43 UTC on December 3, 2023 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/40e1f4dd-71c4-4f50-9f9e-55271a84955d/defillama-top-tvl.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama Home Page (screenshot from December 3, 2023 around 20:43 UTC) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/caf63cce-088b-4900-bcc9-0edf542054c0/stETH-sale-slippage.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama Swap screenshot as of December 3, 2023 around 20:43 UTC https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4ef2ad32-555d-46e4-8a31-6b623731ab20/defillama-LST-market-share.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama Liquid Staking Dashboard (screenshot as of December 3, 2023 around 20:43 UTC) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/0dac79c0-c806-493e-93bc-4e2faa0f3e63/messari-lido-LST-share.jpg Our Writing - Our Stride Thesis - Make it stand out Source: Messari Report “Overdone Stake” by Kunal Goel https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/45a3e8fa-7017-4192-ab66-17858799fd66/LST-penetration-by-chain.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama, Coinbase Earn, Staking Rewards Websites https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4b46a219-1d8d-448c-88ab-f18976d1ee86/ibcoverview.png Our Writing - Our Stride Thesis - Make it stand out Source: IBC Documentation https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/7088a513-346b-4bf3-a1dc-d220d83c32d3/cosmos-unbonding.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Coinbase Earn, Staking Rewards Websites https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e41b1393-bd34-46bb-b0c4-94fa632eb210/stride-staking-page.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Stride Website (https://app.stride.zone/). Screenshot as of December 3, 2023 around 20:43 UTC. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b04ae26a-5ad0-4a15-a043-07b25de75c4c/cosmos-LST-TVL.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/18349171-86ff-40fa-8e24-6e1dfc840def/cosmos-LST-share-percentage.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e2188767-7798-4ec6-94c7-470f24d07287/token-comparison-atom-osmo.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/02be24ca-5e30-4a18-86e0-527408f7fad1/stATOM-liquidity-pool.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Osmosis Zone website, screenshot as of December 3, 2023 around 20:43 UTC https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/67c802ef-49ee-4dce-906c-572cd468d593/stride-tvl.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/9355975d-c885-4650-bb27-82b2873cd4ed/stride-LST-TAM-by-FDV.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Artemis Sheets. Prices and FDV as of December 3, 2023 around 20:43 UTC. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4d1429f0-95cf-4fcd-8087-184bf4ad3f5b/stride-forecast.JPG Our Writing - Our Stride Thesis - Make it stand out Disclaimer: All forecasts, assumptions, and performance metrics are hypothetical https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/6f69ebe5-6441-4208-8c76-fae60e1b5783/stride-tvl-percent-by-chain.JPG Our Writing - Our Stride Thesis - Make it stand out Source: Defi Llama https://www.modularcapital.xyz/writing/across monthly 0.5 2023-11-26 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/7c6fd41d-33fa-4a05-bab5-0e3aaf5be00a/Across-green-darkbg.png Our Writing - Our Across Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/56d4dec4-a1aa-40ae-8534-931bbb1efd64/daily-txns-eth-l2s.JPG Our Writing - Our Across Thesis - Make it stand out Source: Artemis Analytics; Major L2’s include Arbitrum, Optimism, Polygon zkEVM, Starknet, zkSync, Base [**] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/94c71b35-bacf-4f23-bd51-b0d142110592/l2-beat-fees.JPG Our Writing - Our Across Thesis - Make it stand out Source: https://l2fees.info/ (screenshot on November 19, 2023 around 16:30 UTC) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/26ffb976-9bc0-47e8-8c59-3f43865c492b/bridge-volume-spot-dex.JPG Our Writing - Our Across Thesis - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/dded4b0d-ecd0-4e36-984b-f3dbe6d55343/across-architecture.JPG Our Writing - Our Across Thesis - Make it stand out Source: Across Docs (as of November 18, 2023) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/79b573ac-1fec-4d8f-aabe-93e81cfb659f/UMA-oracle.png Our Writing - Our Across Thesis - Make it stand out Source: UMA Docs https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/33803e2f-9c0d-47a9-a72b-c3343d72cecf/across-bridge-fee-comparison.JPG Our Writing - Our Across Thesis - Make it stand out Source: Median bridge fees in Q2 2023, from Across Protocol Medium Article https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/77e0dcb8-0aa2-4322-94ba-b0404f307e5f/across-gas-comparison.JPG Our Writing - Our Across Thesis - Make it stand out Source: Origin and Destination Gas Fees in August 2023, from Across Protocol Medium Article https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/cbcb5b2e-b452-4b4f-a9ef-d4622b586744/acx-gas-score.jpg Our Writing - Our Across Thesis - Make it stand out Source: Across Twitter. Minimal Theoretical Gas (MTG) score represents the amount bridges spend on transfers against the minimum expenditure for a transfer to get an idea of their gas efficiency. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/adf6bc24-02fb-4d0f-b33f-8c42d6470963/across-bridge-times.JPG Our Writing - Our Across Thesis - Make it stand out Source: Average bridge transfer times for Q2 2023, from Across Protocol Medium Article https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/fd507f18-a6e2-4ac4-91bf-bb5fc8686748/acx-monthly-bridge-volume.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal, Defi Llama [2] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c09e4677-a2e7-4998-863a-e5d07f740e6b/acx-volume-turnover-TVL.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal, Defi Llama [2] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/01d8c55f-8a0e-4d11-9cee-f013805d3e7b/bridge-capital-efficiency-volume-TVL.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal, Defi Llama, Synapse Explorer, Axelar Scan. Annualized volume is calculated based off November 2023 run-rate, and TVL using November 2023 average. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5d047dd6-2a3c-4783-a530-330eb1fdf919/bridge-1p-3p-market.JPG Our Writing - Our Across Thesis - Make it stand out Source: Defi Llama https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/fbfbb0e6-0daa-4af2-901a-5c711b55fc6a/3p-bridge-share.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal, Defi Llama, Synapse Explorer, Axelar Scan [4] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c29aa30e-cf75-4825-8fb5-417cfe088bd9/bridge-active-users.JPG Our Writing - Our Across Thesis - Make it stand out Source: Artemis Analytics Chart Builder https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/8d1716c3-7277-4eb6-9f41-66fca5b7637d/stg-monthly-volume.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal [2] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/8d6a61fe-a3be-477f-9edf-46fe50e912cc/3p-bridge-percent-spot-dex.JPG Our Writing - Our Across Thesis - Make it stand out Source: Defi Llama Bridge and Spot DEX Dashboards https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4c37e479-cba3-4866-8a5c-31fe6bfdd256/3p-bridge-share-ex-stg.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal, Defi Llama, Synapse Explorer, Axelar Scan [4] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/0e2455ae-6050-4d41-a4af-f5d5155bb35a/socket-aggregator-share.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal, Defi Llama, Socket API Data https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/434a11a6-62c4-4cfb-b45f-ace7919fcde1/acx-bridge-take-rate.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5623bea9-7021-4c98-a5fd-709be96ce050/q3-2023-comps-table-take-rate.JPG Our Writing - Our Across Thesis - Make it stand out Source: Token Terminal, Synapse Explorer https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c07445b9-4293-430c-9a83-e8ace76780b2/acx-forecast.JPG Our Writing - Our Across Thesis - Make it stand out Disclaimer: All forecasts, assumptions, and performance metrics are hypothetical https://www.modularcapital.xyz/writing/braintrust monthly 0.5 2023-11-13 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5ce3d3b5-67bf-418e-891b-af0a00137f4b/Braintrust_Logo_Lockup_4000x1000.jpg Our Writing - Our Braintrust Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2feab9ca-2b4c-483e-afaa-2f5640d11df3/gartner-btrst.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Gartner https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c773b5c3-6880-4967-b453-8019bd81955f/gig-economy-market.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Public Company Financials and Annual Filings, Koyfin https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/d02b3f43-5bf5-4367-8645-fd5296a588bf/braintrust-login.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Website as of October 29, 2023 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/fc290b97-8638-4660-8000-9499bf6da40f/btrst-talent-oct-2023.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Network Dashboard; based on Modular Capital’s tracking of website data at month-end for displayed number of talent profiles (“Community Members”) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/1c674bf3-7530-4121-b574-fb482fe7a383/braintrust-referral.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Talent All-Hands Video from August 2023 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/fdfc0ddf-0428-441f-841e-0be26fa1c047/btrst-hired-talent.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Jobs Portal [**] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/558512d1-0a90-4951-9ec0-39f52e6d2ced/braintrust-clients.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Talent All-Hands Video from August 2023 [**] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5c1a6272-2744-4180-b5b6-f489d54477a9/btrst-fivr-upwk.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Fiverr Q2 2023 Investor Letter, Upwork Q2 2023 Investor Letter, Braintrust Network Dashboard https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2eeb8139-c46f-40c8-b878-ef07daeacc31/rhi-btrst.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Robert Half Investor Presentation, Braintrust Network Dashboard, Bureau of Labor Statistics https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/2a4604eb-7a9b-4e2e-9a9c-16174ed0acc8/btrst-comps-public-EV.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Koyfin, as of October 27, 2023 [**] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b4b8a3b8-00b9-4a55-93b3-bb86eb126ee7/take-rate-comparison.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Koyfin, street estimates and company filings [7] https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/eb7834a6-7dbb-4082-897d-9d62d3b032c0/product-vision.jpg Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Talent All-Hands Video from August 2023 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/fa5c8807-0096-46d2-b959-e539d26f2e0e/linkedin-product.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: LinkedIn Website https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/505b23b5-0a3f-40b0-9b2a-0454feda5e72/social-comps.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Lens (Dune Analytics), Farcaster Website, Braintrust Network Dashboard, Semrush as of October 29, 2023 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/6d9b1749-140d-4065-90f2-5e5c54826e64/btrst-kpi.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Network Dashboard, Upwork and Fiverr public financials https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/dc1840e1-2caa-40a6-a028-353cc6346c6e/btrst-quarterly-layoff.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Network Dashboard, Layoffs.fyi https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/904dcd66-dd84-4223-bccc-a4ad415840ed/braintrust-quarterly-job-add.JPG Our Writing - Our Braintrust Thesis - Make it stand out Source: Braintrust Network Dashboard https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b02d602e-9a8c-4a73-b12a-06b74f7f76cb/btrst-forecast.JPG Our Writing - Our Braintrust Thesis - Make it stand out Disclaimer: All forecasts, assumptions, and performance metrics are hypothetical https://www.modularcapital.xyz/writing/metaplex monthly 0.5 2024-03-29 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/5ed48f9d-4368-47c6-9ede-6ddcae6ed167/Metaplex%2BLogo.jpg Our Writing - Our Metaplex Thesis - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/583e27bb-1fae-4d28-ad01-1b450a5ce666/block-nft.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: The Block Research https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/4a8f93b7-2d54-40ab-9749-e8bf94035a5f/metadata-flow.jpg Our Writing - Our Metaplex Thesis - Make it stand out Source: Metaplex Docs https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e3e7206c-dfd5-473a-91f3-637c3be6de22/mplx-main.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: Metaplex website as of 10/13/23 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/3d5975b4-f10f-453e-9024-5754b50c52de/candy-machine.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: Metaplex website as of 10/13/23 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/224cf45f-00bf-4556-aa69-d87f0d439412/mplx-dune.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: Dune Analytics https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/bf072bf2-90ec-4f1d-91c6-f13865b9563c/fee-table.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: Solana Labs https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/b384747d-8311-4b75-b2ea-ac998df1f26c/cnft-usecase.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: Twitter, Solana Labs, Tiplink / Dialect websites (as of 10/13/23) https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/c16df9d8-416b-4986-baa0-7c4a1b5e75b0/mplx-fees.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: Metaplex Documentation, fees as of May 24, 2023 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/7d7a0705-5d53-472f-8e93-859e378e2656/MPLX-TWTR.JPG Our Writing - Our Metaplex Thesis - Make it stand out Source: Twitter https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/9e9c14db-c4c1-4395-973a-9af06f4e0921/Capture.JPG Our Writing - Our Metaplex Thesis - Make it stand out Disclaimer: all forecasts and assumptions are hypothetical https://www.modularcapital.xyz/home daily 1.0 2026-01-08 https://www.modularcapital.xyz/team daily 0.75 2024-04-05 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/e130888a-d9f7-4d96-80a9-b4dc9d196090/James.png https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/f3e558df-172c-41a4-b2f6-ddc86ddd4b20/Vincent.png https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/99c63160-f095-4531-b202-99202727165d/Joseph.png https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/a7aaa9ce-7d4a-4644-9393-8fe89a29de27/DSC02844.jpg https://www.modularcapital.xyz/legal daily 0.75 2022-07-03 https://www.modularcapital.xyz/privacy daily 0.75 2023-10-11 https://www.modularcapital.xyz/venture daily 0.75 2025-04-10 https://images.squarespace-cdn.com/content/v1/61b68ef77853985ce515bb1a/eab2169e-9e0c-4b3d-b874-f91e93796236/5.jpg 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