Deelabs Debuts First Public Research Report: 'An Asymmetric Bet On Solana'
Deelabs, a crypto-native advisory firm specializing in ecosystem development with active public contributions to the governance of major protocols including Arbitrum, Optimism and Ethena has published a research report titled 'An Asymmetric Bet On Solana: The Case For Marinade.' The comprehensive analysis identifies Marinade Finance as potentially the most compelling asymmetric opportunity within the Solana ecosystem, highlighting the protocol's unique positioning to capture institutional capital flows through its non-custodial native staking solution.
Prior to this publication, Deelabs had already established its reputation in the blockchain space, having been recognized and referenced by prominent industry figures including Arthur Cheong (Founder & CIO of DeFiance Capital), Andre Cronje (Co-Founder & Architect at Sonic Labs and Founder of Yearn Finance) and Zion Thomas (Ansem).
The report has gained additional traction after being shared by Marinade Finance itself, further validating the firm's analytical approach.
'Our research approach and thesis formulation have been solidified through private research initiatives and analyses that delivered meaningful outcomes,' said a Deelabs spokesperson. 'While continuing our private research efforts, we're now expanding to share select insights with the broader community.'
Deelabs' research arm has previously identified several notable early opportunities, including Virtuals at $100M fully diluted valuation (FDV), Aerodrome at $20M FDV, and Coinbase at a market capitalization of $17.5B—all of which reportedly validated the firm's analytical framework.
The newly released report on Marinade Finance represents what Deelabs considers an asymmetric opportunity within the Solana ecosystem, offering detailed analysis of the protocol's technology, functionality, and market positioning.
The research highlights several key findings:
Despite controlling 14% of Solana's liquid staked tokens through mSOL and an additional 65% (267 million SOL) through its native staking solution, Marinade's low market capitalization and fully diluted valuation reflects a significant undervaluation compared to its competitors such as Jito
* Marinade's non-custodial native staking solution uniquely positions it to capture institutional and government Solana holdings, offering enhanced security without sacrificing yield
* The protocol delivers consistently higher APY (10.12%) compared to cits ompetitors while maintaining superior security and validator distribution
* Strategic moves including joining the Solana Incubator in New York and hiring former Fidelity Digital Assets executive Hadley Stern signal an institutional focus that aligns with growing interest in Solana
The report also examines imminent catalysts including potential Solana ETF approvals, the protocol's existing partnership with Bitwise for European staking products, ongoing governance proposals to enhance token utility, and the strategic positioning within the broader Solana DeFi ecosystem.
As a result of its successful private research initiatives, Deelabs has received significant interest from institutional capital allocators, which has partially motivated the shift toward publishing select research pieces in a more public capacity.
As an end-to-end service provider in the crypto space, Deelabs offers ecosystem development, growth marketing, research, operations support, software development and other services to enterprises, foundations, and DAOs building in the blockchain space.
The firm emphasizes that while its research aims to highlight interesting initiatives and showcase analytical frameworks, all published materials should not be considered financial advice.
About Deelabs: Deelabs is a crypto-native agency that helps large-scale enterprises, foundations, and DAOs scale, grow, and cultivate decentralized, onchain ecosystems. With expertise spanning governance, marketing, research, operations, and development, Deelabs has demonstrated success in increasing on-chain activity, governance participation, and developing effective funding initiatives across various ecosystems.
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