The Quantitative Edge
Research
Public research, fund reports, and protocol deep dives — reproducible findings from the protocols we underwrite and the funds we run.
Deep Dive
¿Cómo repliqué Allaria usando el REIT? (ES)
Cómo construir un "mejor Allaria" sobre el propio REIT: préstamos en dólares contra inmuebles tokenizados, en mercados de crédito on-chain transparentes y accesibles 24/7. En español.
Deep Dive
Constant Depth Curve: mathematical proof
Deriving the CDC bonding curve from first principles: the uniform-depth constraint reduces to a finite-difference equation with a log-affine solution, closed-form reserves, and an invariant.
Case Study
PNK/USD market maker: model & path-independence validation
A non-custodial CEX market-making model built on a Constant-Depth Curve: path-independent by construction, one derived parameter, and an 11-month tape validation with 25,297 trades on Bitfinex.
Case Study
Case study: DAMM vs a sophisticated competitor on [TOKEN]/WETH
DAMM is 6.2x more capital efficient than a competitor MM on the same Base Slipstream pool over 28 days — matching depth per dollar with 18x less capital and half the net cost of market making.
Research
Protocol Owned Liquidity KPIs
A two-metric scorecard for POL programs and for comparing asset managers: Liquidity Depth Efficiency (the utility delivered to traders) and Capital Retention Ratio (the cost borne by the protocol).
Fund Report
DAMMstable Ecosystem Impact
398 days of Uniswap v3 stablecoin market making on Arbitrum. A 3.28x fee multiplier, $526M of volume serviced on ~$221k of TVL, and 99.9% capital efficiency.
Research
"Risk-Adjusted": WTF it means
Every vault claims risk-adjusted returns. Nominal APR is what you see; risk-adjusted APR is what you get after accounting for the rekt paths — and measuring risk is mostly subjective.
Case Study
WETH/USDC market making stress test
Backtesting DAMM's POL model on the WETH/USDC 0.05% Uniswap v3 pool through a drawdown regime: 11% drawdown vs 28% for the passive benchmark, with consistently deeper liquidity.