Research Summary

The research report discusses the evolution of crypto business models. The authors argue that application protocols have found a revenue-generating and defensive platform architecture using hooks. Uniswap is presented as a prime example of this trend. The report suggests that these developments should prompt investors to reconsider the valuation gaps between chains.

Actionable Insights

  • Understanding the Platform Moment: Crypto business models are evolving, with application protocols finding new ways to generate revenue and defend their platforms using hooks.
  • Uniswap as a Case Study: Uniswap is highlighted as a successful example of this new trend, demonstrating how hooks can be effectively utilized in a crypto business model.
  • Implications for Investors: These developments should lead investors to reassess the valuation gaps between chains, potentially leading to new investment strategies and opportunities.

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