@rowanduston
Just dropped a new research piece:
DeFi Primitive Investment Framework (2026 edition)
Which protocols are true financial primitives — structurally necessary, mechanically value-accruing, with minimal governance and endogenous safety?
Quick takeaways:
• Aave → B+ (strong cashflow post-GHO + buybacks)
• Uniswap → B (fee switch + Unichain revenue)
• Maker → A (still heavy governance)
• Perpetual DEXs (Hyperliquid etc.) → closest to pure C
Prioritizing low-governance, endogenous systems for core allocations in the next cycle.
2-minute read here 👇
https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/defi-primitive-investment-research-report
Feedback welcome. What’s your highest-conviction primitive right now?
/crypto /degen /web3
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