A comprehensive framework measuring crypto adoption across five critical dimensions: institutional capital flows, commercial usage, network growth, developer activity, and economic productivity. Each pillar provides unique insights into the health and maturity of the digital asset ecosystem.
The TradFi Bridge - Measures capital flow from traditional finance
The Stablecoin Economy - Measures on-chain dollar usage for commerce
The User Base - Measures organic growth of DApp users
The Innovation Engine - Measures human capital and development activity
The Bottom Line - Measures economic productivity and capital efficiency
Market-neutral strategy exploiting the mispricing of Coinbase's stable USDC revenue stream
The market incorrectly values Coinbase's (COIN) 50% share of USDC interest revenue as if it were low-quality, volatile trading-fee revenue. In reality, this is a stable, transparent revenue stream directly tied to US Treasury yields - essentially a financial services business disguised as a crypto exchange line item.