4 min read
Independent protocol due diligence for DeFi & RWA allocators
We provide the structured due diligence investment teams need to evaluate DeFi and RWA protocols before committing capital.
Reports from $5,000 · Monitoring retainer from $3,000/mo
50+protocols analyzed
15+ yearsin software engineering & DeFi
Protocols we monitor
Ondo
Maple Finance
Centrifuge
Superstate
Securitize
Aave
Sky
Lido
Morpho
Pendle
Ethena
EigenLayer
FraxOndoMaple FinanceCentrifugeSuperstateSecuritizeAaveSkyLidoMorphoPendleEthenaEigenLayerFrax
The problem
The challenge isn't technical. It's analytical.
Your IC meets Thursday. You've read the audits, the docs, the threads — and you still don't have an answer.
Most allocator mistakes in DeFi don't come from technical risk — they come from analytical blind spots.
audit_v3_final.pdfDocs · 214 pagesX thread · 1/47Governance forumDiscord #announcementsDune dashboardTelegram · 2,431 unreadTokenomics sheet
What you have
Protocol Risk Memo6 pages
Verdict
Clear, defensible answerKey exposures
Counterparty & liquidity
Recommendation
What your IC needs
01
Your IC wants a structured answer — not a tweet thread.
02
DeFi just entered the mandate. Your analysts aren't crypto-native.
03
Docs read, audits read — still no structured risk view.
04
You need analysis sized to the decision, not a 200-page report.
That's the gap a structured framework fills.
How it works
From first call to clear decision
A straightforward process designed around your timeline and your decision.
01
Discovery call
A 30-minute conversation to understand your context, your decision, and what's at stake. No pitch, just clarity on whether we can help.
02
Scoped engagement
We define the exact scope, timeline, and deliverable together. No ambiguity, no scope creep. You know what you're getting before we start.
03
Analysis-ready deliverable
You receive a structured protocol analysis covering market positioning, risk mapping, and scenario framing. Then we debrief live.
Services
One report. Then ongoing coverage.
Most engagements start with a single Due Diligence Report. Once a protocol is on your radar, the retainer keeps the analysis current.
One-shot · Most popular
Protocol Due Diligence Report
A focused analysis that maps the risks, dynamics, and competitive landscape of a single DeFi or RWA protocol.
$5,000/ report
15–25 pages · 2–3 weeks · Live debrief included
- Market positioning & competitive landscape
- Business model & tokenomics sustainability
- Team, governance & operational risk
- Regulatory risk mapping
- Scenario framing & risk matrix
Ongoing
Protocol Monitoring Retainer
Continuous coverage of analyzed protocols as they evolve — governance, tokenomics, risk re-rating.
$3,000/ month
Available after a first Due Diligence Report
- Monthly briefing call (30 min) with developments analysis
- Alert memos on material protocol changes
- Priority access for time-sensitive analysis requests
- Updated risk assessment when warranted
Why Hedgen
We operate where analysis meets decision-making.
Not a generalist consultancy
Not a development shop
Not a legal firm
Proprietary Protocol Intelligence
Powered by Hedgen Analytics
Every Hedgen analysis is powered by Hedgen Analytics, our proprietary protocol monitoring infrastructure. Covering on-chain metrics, tokenomics dynamics, governance activity, and custom risk indicators across 50+ protocols, it gives our research a depth and precision that public data sources alone cannot provide.
We built this infrastructure because rigorous protocol analysis requires more than public dashboards; it requires purpose-built tools, maintained by analysts who understand what the data means.
Insights
Research & Insights
Public report · Free
Ondo Finance: Leading position, unproven economics
A public sample of the Hedgen framework applied to the largest tokenized US Treasuries protocol. Dominant market position weighed against a tokenomics design that hasn't been tested through a full cycle.
RWATokenized TreasuriesDeFi
What's covered
- Full five-dimension framework applied to the leading tokenized treasuries protocol
- On-chain & market structure view from Hedgen Analytics
- Risk matrix sized for IC-level decisions
From the blog
FAQ
View all questionsCommon Questions
Everything you need to know about working with Hedgen.
Hedgen provides independent protocol due diligence for DeFi and Real-World Assets.
We give investment teams the structured analysis they need to evaluate DeFi and RWA protocols before committing capital.
Neither. Hedgen is a focused protocol analysis firm.
We do not build products, audit code, or provide legal services. Our role is to provide rigorous, independent due diligence for high-stakes protocol evaluations.
Typically when you are:
- Exploring a DeFi or RWA initiative
- Preparing a board or investment decision
- Moving from thesis to allocation
- Lacking senior in-house expertise
If the evaluation requires depth and independence, Hedgen is relevant.
No.
Hedgen does not provide legal, regulatory, or investment advice, and nothing in our deliverables should be construed as such.
We provide independent analytical research on DeFi protocols, tokenomics, market structures, and competitive dynamics. Our clients use this analysis as one input among many in their own decision-making processes.
Most engagements start with a Protocol Due Diligence Report ($5,000, 2-3 weeks).
For teams that need ongoing support, we offer a Protocol Monitoring Retainer ($3,000/month) with regular briefings and alert memos on material protocol changes.
Everything is scoped, transparent, and intentional.
- Protocol Due Diligence Report: $5,000
- Protocol Monitoring Retainer: $3,000/month (3-month minimum, available to report clients)
Final pricing is always confirmed after an initial call.
Start with a 30-minute discovery call.
We'll assess your context, clarify your needs, and determine the right next step, with no obligation.
Ready to evaluate a DeFi or RWA initiative?
Let's discuss your context: 30 minutes, no commitment. We'll determine whether Hedgen's analysis can add value.
Book a Discovery CallOr reach out directly at contact@hedgen.xyz
Protocol Briefing
Weekly DeFi & RWA protocol and market analysis. No noise, just structured insights.