The decentralized stablecoin protocol Maker is undergoing a transition to rebrand as Sky, with its stablecoin shifting from Dai to USDS. This change is expected to significantly reduce Maker’s profitability, but we anticipate that it will drive substantial growth instead. Overall, we remain highly optimistic about this transition.
In our view, the crypto market is completely offside on the recently-launched U.S. Ethereum spot ETFs. We are taking advantage of this misalignment by allocating to a short-term trade in our crypto portfolio.
In our crypto portfolio, we are adding exposure to a token characterized by strong revenue generation, net profits comparable to technology equities, no inflation or token unlocks, and a prime position to benefit from the growing trend of Real-World Assets (RWAs). Additionally, its high correlation with and outperformance of Ethereum suggest positive impacts from the upcoming Ethereum ETFs.
Unlike many research firms, we are introducing a crypto portfolio designed to provide extensive exposure across the cryptocurrency market. Our goal is to identify and focus on the promising 1% of the crypto market, while actively avoiding the vast majority that do not show any potential for a bright future. The portfolio is based on four key fundamentals.