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
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.
Where the protocol sits in its market. Who the real competitors are. What defensible advantages exist, and which ones are narratives.
How the protocol generates revenue. Whether the token economics hold under realistic conditions. Emission schedules, unlock impacts, incentive alignment.
Who runs the protocol. How decisions get made. Key-person dependencies. Decentralization reality vs. claims.
Which jurisdictions matter. Where the regulatory exposure sits. Structural constraints and assumptions. This is analytical risk mapping, not legal advice.
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.
Ondo Finance: Leading position, unproven economics. Our public sample applies the full Hedgen framework to the largest tokenized US Treasuries protocol. Download the executive summary to see the depth and structure before you commission your own.
Full report available to prospective clients upon request.
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.
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.
You receive the full report, executive summary, and data appendix. Then we debrief live: 45 minutes to walk through findings and discuss implications.
Hedgen reports are independent analytical research. They inform your team's evaluation; they don't replace independent judgment or professional advice.
Once a protocol is on your radar, the Protocol Monitoring Retainer ($3,000/month, 3-month minimum) keeps your team informed of material changes — governance votes, treasury moves, token unlocks, regulatory developments — without your team having to track everything.
Discuss the retainerBook 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 CallWeekly DeFi & RWA protocol and market analysis. No noise, just structured insights.