Service

Protocol Due Diligence Report

Independent, structured protocol analysis for investment teams evaluating DeFi and Real-World Asset initiatives before committing capital.

$5,000 · 2-3 weeks · 15-25 pages · Live debrief included

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The gap

Between the hype and the code, there's a missing layer.

Your fund has a thesis on RWA or on-chain credit. You read the whitepaper, check Messari, talk to the founders, maybe commission a smart contract audit.

But who analyzes the protocol as a business?

Revenue sustainability. Tokenomics under stress. Governance concentration risk. Competitive dynamics. Regulatory exposure. The kind of structured analysis that would be standard for any equity investment, but barely exists for DeFi protocols.

That's the gap Hedgen fills.

Who this is for

Built for teams making allocation decisions.

VCs with DeFi/RWA portfolio exposureYou need independent analysis on protocols you're evaluating or already hold. Your team is lean and doesn't have a dedicated protocol research function.
Family offices exploring on-chain allocationYou understand financial analysis but need someone who translates DeFi into the structured format you're used to working with.
Investment teams preparing committee decisionsYou need a deliverable that's rigorous enough for internal stakeholders who aren't crypto-native.

Not a fit

If you're looking for a code audit, legal opinion, investment recommendation, or general blockchain education, Hedgen is not the right service.

What's inside

Five dimensions. One structured deliverable.

Market positioning & competitive landscape

Where the protocol sits in its market. Who the real competitors are. What defensible advantages exist, and which ones are narratives.

Business model & tokenomics sustainability

How the protocol generates revenue. Whether the token economics hold under realistic conditions. Emission schedules, unlock impacts, incentive alignment.

Team, governance & operational risk

Who runs the protocol. How decisions get made. Key-person dependencies. Decentralization reality vs. claims.

Regulatory risk mapping

Which jurisdictions matter. Where the regulatory exposure sits. Structural constraints and assumptions. This is analytical risk mapping, not legal advice.

Scenario framing & risk matrix

Two to three plausible scenarios with key variables identified. Trade-offs mapped. What would need to be true for each outcome. 90-day and 180-day considerations.

What you receive

Report. 15-25 page PDF. Structured, sourced, built for leadership-level consumption.
Executive summary. 1-page overview. Shareable with stakeholders who won't read the full report.
Live debrief. 45-minute call to walk through findings, answer questions, and discuss implications. Recorded.
Data appendix. Supporting on-chain data, charts, and source references.

Methodology

Powered by Hedgen Analytics

Every analysis draws on Hedgen Analytics, our proprietary protocol monitoring infrastructure. On-chain metrics, tokenomics tracking, governance activity, and custom risk indicators, continuously updated across the protocols we cover.

We built this because rigorous due diligence requires more than public dashboards. It requires purpose-built tools maintained by an analyst who understands what the data means.

How it works

From first call to clear deliverable.

Discovery call (30 min)

We understand your context: which protocol, what decision you're facing, what's at stake. No pitch, just clarity on whether this engagement makes sense.

Scoping & kickoff

We define the exact scope together. Protocol confirmed, specific questions identified, timeline locked. You know what you're getting before we start. Payment: 50% upfront.

Analysis & delivery (2-3 weeks)

You receive the full report, executive summary, and data appendix. Then we debrief live: 45 minutes to walk through findings and discuss implications.

Transparency

What this report does NOT include

Code audits or smart contract security reviews
Legal opinions or regulatory validation
Certified financial models or valuations
Investment recommendations, buy/sell signals, or portfolio guidance

Hedgen reports are independent analytical research. They inform your team's evaluation; they don't replace independent judgment or professional advice.

Ongoing support

Protocol Monitoring Retainer

$3,000/month · 3-month minimum · Available to report clients

After the initial report, protocols keep evolving. Governance votes, treasury moves, token unlocks, TVL shifts, regulatory developments. The Monitoring Retainer keeps you informed on material changes, without your team having to track everything.

What's included

Monthly briefing call (30 min) with analysis of developments since last report
Alert memos on material changes (ad hoc, as they happen)
Priority access for time-sensitive analysis requests
Updated risk assessment when warranted

Who qualifies

Available exclusively to clients who have purchased at least one Protocol Due Diligence Report. This ensures we have the analytical foundation to monitor effectively.

See our work

Ondo Finance: Protocol Due Diligence Report

Our analysis of Ondo Finance (the largest tokenized US Treasuries protocol) covers all five dimensions of our standard framework. Download the executive summary to see our methodology in action.

Full report available to prospective clients upon request.

Evaluating a DeFi or RWA protocol?

Book a 30-minute discovery call. We'll discuss your context, identify whether a Protocol Due Diligence Report makes sense, and define the right scope. No commitment.

Book a Discovery Call

Or email directly: contact@hedgen.xyz

Protocol Briefing

Weekly DeFi & RWA protocol and market analysis. No noise, just structured insights.