Subscription
Firm-wide research subscription.
Independent protocol research, licensed per firm. A new report every six weeks. Never paid by protocols.
Founding rate
First ten firms, locked for life. Licensed per firm, never per seat.
Independent by policy
No protocol we cover pays us. No sell-side.
Firm-wide licence
One annual subscription covers the whole firm. Never per seat.
What you get
A firm-wide library, not a one-off report.
Full library + a new report every six weeks + quarterly updates from 2027. Per firm, never per seat.
The full report library
A new report every six weeks: Ondo Finance in September, then Maple, then Ethena.
Executive summaries
A two-page overview of each report, shareable with stakeholders who won't read the full analysis.
Quarterly updates
From 2027, every published report is refreshed each quarter: governance, treasury, unlocks, and regulatory developments tracked across the entire stock.
A firm-wide license
One annual subscription covers your whole firm, every seat, every desk. Licensed per firm, never per seat.
Sample
Ondo Finance
Leading position, unproven economics.
Public two-pager · Available now on request
Ondo is the first report in the library. The two-page executive summary applies the full Hedgen framework to the largest tokenized US Treasuries protocol. Request it to see the depth and structure of the research your firm gets on subscription.
Available now. Full report ships in September.
Framework
Five dimensions. Every protocol, every report.
01
Market
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.
02
Tokenomics
Business model & tokenomics sustainability
How the protocol generates revenue. Whether the token economics hold under realistic conditions. Emission schedules, unlock impacts, incentive alignment.
03
Governance
Team, governance & operational risk
Who runs the protocol. How decisions get made. Key-person dependencies. Decentralization reality vs. claims.
04
Regulatory
Regulatory risk mapping
Which jurisdictions matter. Where the regulatory exposure sits. Structural constraints and assumptions. This is analytical risk mapping, not legal advice.
05
Scenarios
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.
Founding
By application
First ten firms, locked for life. Licensed per firm, never per seat.
The Founding rate is open to the first ten firms only. Other pricing is shared on the intro call. One annual licence covers the whole firm.
What it is not
Independent analytical research. Not a protocol audit.
Hedgen reports are independent analytical research. Independence is the point: no protocol we cover pays us, and we do no sell-side or advisory work for protocols. The research informs your team's evaluation; it doesn't replace independent judgment or professional advice. Hedgen never gives a buy, hold, or pass. Not investment advice.
- 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
- Sell-side, advisory, or consulting work for the protocols we cover
Protocol Briefing
Research updates and report releases. Executive summaries, new coverage, occasional analysis. No fixed cadence, no noise.