Hedgen Ltd is an independent research firm on the DeFi and Real-World Asset protocols institutional allocators actually hold, available as a firm-wide annual subscription.
2016
Entered crypto
2019
Hands-on in DeFi, deploying capital
2020-24
Stress-testing protocols through real cycles
Today
Hedgen: independent research
Thomas brings over 15 years in software engineering and technology leadership, including a current role as CTO of a PE-backed company scaling to nine figures in revenue.
He has been active in crypto since 2016 and hands-on in DeFi since 2019, deploying capital, stress-testing protocols, and analyzing on-chain risk across multiple market cycles. Not as a spectator, but as a practitioner managing real positions through real volatility.
Hedgen exists because the firms making high-stakes decisions about DeFi and RWA protocols rarely have the in-house capacity to technically diligence them. Most research is too academic, too surface-level, or produced by analysts who discovered blockchain last cycle.
Not a consulting firm, a development shop, or a legal advisor, and we do no sell-side work for the protocols we cover. We build a research library on the DeFi and RWA protocols institutional allocators actually hold, written once and licensed firm-wide through an annual subscription, with quarterly updates on the published stock. The library opens with Ondo Finance, followed by Maple and Ethena.
No protocol we cover pays us, and we do no sell-side work. We hold no positions in a covered protocol within 30 days of publication, and disclose any relevant holdings in the report itself.
Research from someone active in crypto since 2016 and hands-on in DeFi since 2019, not a TradFi analyst who discovered the space last cycle.
Reports are produced as independent research and licensed per firm through an annual subscription, not commissioned one-off engagements.
Structured findings sized for IC-level decisions, not recommendations dressed as analysis.
Book a 30-minute intro call to discuss the library and Founding membership. The first 10 firms lock $9,000/year for life. No pitch, no commitment.
Book an intro callWeekly DeFi & RWA protocol and market analysis. No noise, just structured insights.