4 min read
Founding membership, first 10 firms
Independent protocol research for DeFi & RWA allocators
A research library on the DeFi and RWA protocols institutional allocators actually hold. Written by a practitioner, not a TradFi analyst, and independent by policy: no protocol we cover pays us. Available as a firm-wide annual subscription.
50+protocols analyzed
15+ yearsin software engineering · in crypto since 2016
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.
RWA and DeFi are now in your mandate. You've read the audits, the docs, the threads, and you still don't have a view you can defend to your IC.
Most allocators have the exposure or the thesis, but no in-house capacity to technically diligence protocols to institutional standard.
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
RWA and DeFi entered the mandate. Your analysts aren't crypto-native.
03
Docs read, audits read, still no structured risk view.
04
You hold the exposure, or the thesis, but no in-house team to diligence protocols.
That's the gap a firm-wide research subscription fills.
How it works
How the subscription works
One annual licence: the full research library today, new reports on a steady cadence, and quarterly updates from 2027.
01
Subscribe
One firm-wide annual licence, never per seat. Founding firms lock $9,000/year for life, capped at the first ten.
02
Full library, new reports on cadence
Immediate access to every published report, plus each new protocol as it ships (Ondo now, Maple and Ethena next) on a six-to-seven-week cadence.
03
Quarterly updates
From 2027, every published report is refreshed each quarter as protocols evolve. That is what renewals buy.
Subscription
Institutional protocol research, on annual subscription.
Reports are written once and read firm-wide: the DeFi and RWA protocols institutional allocators actually hold. Independent by policy: no protocol we cover pays us, and we do no sell-side work.
The research subscription
Full access to the Hedgen library: every published report on the protocols allocators hold. Starting with Ondo Finance; Maple and Ethena next.
Every report covers
- Market positioning & competitive landscape
- Business model & tokenomics sustainability
- Team, governance & operational risk
- Regulatory risk mapping
- Scenario framing & risk matrix
Founding membership
First 10 firms$9,000 / year, locked for life. The founding rate for the first ten firms, before it moves to standard pricing.
- Full report library: every published report, firm-wide
- Quarterly updates on the entire published stock
- Founding rate locked for life
- Licensed per firm, never per seat
Why Hedgen
Independent by policy, written by a practitioner.
No covered protocol pays us
No sell-side work for protocols
No TradFi analyst who arrived last cycle
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 produces independent due diligence on DeFi and RWA protocols, licensed as a firm-wide annual subscription.
Each report is written once and made available to every subscriber: the structured analysis institutional allocators need to evaluate the protocols the market is actually holding.
One annual licence gives your firm the full report library and every new report as it ships.
From 2027, each published report is refreshed with quarterly updates as protocols evolve. That is what renewals buy.
The licence is per firm, never per seat: your whole team reads the same research under one subscription.
- Founding: $9,000/year, price locked for life. First ten firms only.
- Standard: $15,000/year.
- Premium: $30,000/year, adding a quarterly call, limited Q&A, and one commissioned report on a protocol of your choice.
Every tier is priced per firm, a fraction of a crypto-native analyst's fully-loaded cost ($150-250k/year), and less than two standalone reports.
Independence is the core of the offer. No protocol we cover pays us, and we do no sell-side or advisory work for protocols under this brand.
Research is written by a practitioner, active in crypto since 2016 and hands-on in DeFi since 2019-2020, not a TradFi analyst who arrived last cycle. Any relevant personal holdings are disclosed in the report itself.
Ondo Finance is the first report, now in production, followed by Maple and Ethena, on a six-to-seven-week cadence.
Coverage is demand-weighted, not on individual request: a protocol enters the roadmap once it recurs across the portfolios of the institutional allocators we track, typically two to three before it ships. The library converges on what allocators broadly hold, rather than any single firm's list.
Founding and Standard subscribers get the full library and quarterly updates. A commissioned report on a protocol of your choice is available only at Premium.
A two-page executive summary of the Ondo report is available now as a sample of the Hedgen framework. The full report is in final production.
Request the executive summary, or book an intro call to discuss a founding subscription.
See the research before you subscribe.
Start with the Ondo Finance executive summary, the standard of the full library. Then a 20-minute call to see whether a Founding membership fits your firm. No commitment.
Book an intro callOr reach out directly at contact@hedgen.xyz
Protocol Briefing
Weekly DeFi & RWA protocol and market analysis. No noise, just structured insights.