Blockchain Decoded
Sector-by-sector fundamental research across 10 crypto sectors. Premium unlocks deep-dive reports, risk scores, and Menno's rotation signals.
Layer 1 Blockchains
Most Layer 1 blockchains are losing money — but the picture is shifting
19 projects analyzedAI & DePIN
9 projects. Billions in market cap. Almost none of them make money.
15 projects analyzedDeFi Protocols
DeFi made $2B+ in 2025. Most token holders saw $0.
24 projects analyzedLayer 2s
Layer 2s fixed Ethereum's speed. They didn't fix the profitability problem.
13 projects analyzedInfrastructure
Billions in market cap. Millions in fees. The picks and shovels myth.
14 projects analyzedStaking & Restaking
Staking earns yield. But do staking tokens earn anything?
9 projects analyzedReal World Assets
Real assets. Real yield. Tokens that capture none of it.
8 projects analyzedGaming & Metaverse
8 projects. $1.2B in market cap. Almost nothing in revenue.
14 projects analyzedPayments & Settlement
$112 billion in market cap. Less than $2 million in annual fees.
12 projects analyzedSocial & Consumer
100M Brave users. Millions of World IDs. $2.5M in combined protocol fees.
9 projects analyzed