About & methodology
Who writes this, and why.
lyonzzzz
Scotland-based researcher and adviser working on digital assets since 2021. Adviser to crypto perpetual futures and DeFi platforms since December 2024.
Author of multiple investment theses on perpetual futures DEXs. The work here is built the same way as the advisory work: start with the primary data, separate what is measured from what is modelled, and price the distribution — not just the product.
Background in delivering large regulated programmes, which is where the focus on licences, market structure and incentives comes from.
Previously
Growth Lead at Umbrella Network, a decentralised oracle network (2021–2024), where he owned partnerships worth more than $1M and scaled a $15M ecosystem programme across 500+ applications.
- 2024 — present: Adviser to crypto perp / DeFi platforms
- 2021 — 2024: Growth Lead, Umbrella Network
- Before that: Large regulated programmes
Methodology
How every piece on this site is built, so you can judge the work rather than the writer.
Primary data first. Exchange and protocol APIs, DefiLlama, and company filings (for example eToro's 6-K reports) come before commentary. Figures taken from sources are labelled measured; anything projected is labelled modelled. The two are never blended.
Scenario valuation. Token theses run bear, base and bull revenue scenarios through a single forward multiple, stated up front, so the argument is about the revenue and the multiple, not about hidden assumptions. Equity work uses discounted cash flow cross-checked against multiples, with the model's own reconciliation checks passing before anything is published.
Disclosed interests. Positions and advisory relationships are declared on every piece. If I advise it or hold it, the piece says so. See Disclosures.
Accountability. Every thesis carries an update log, and closed calls get post-mortems covering what was right and what was wrong. The running scoreboard is the Track Record page.