Quarterly outlooks, research, and letters from the partnership at EUDAICA — written for clients, and shared in full. We publish when there is something to say, and seldom otherwise.
A mid-year reset on the dossiers that have moved meaningfully since our January outlook. Three positions we hold more firmly than we did six months ago, and two that warrant fresh humility.
Read in fullAfter a year of compression, Ethereum issuance and validator dynamics are pointing to a more stable yield environment. We unpack what it means for client portfolios.
A price drawdown is not, in itself, a problem statement. The question is whether the income profile of held positions still justifies the duration risk.
EigenLayer-era restaking moved from thesis to deployed capital with extraordinary speed. We revisit what we got right, what we got wrong, and where we stand.
As yield surfaces multiply, the discipline of holding meaningful ETH outside of any contract has become quietly contrarian. We make the case.
Our outlook for the first half of 2026 reflects a single posture: do less, and do it more carefully. The signal-to-noise ratio across crypto allocations is the worst it has been in three years.
Two years after the MiCA framework began applying to stablecoins, the qualitative gap between regulated and crypto-native designs has widened. We map the implications.
The founding mandate of EUDAICA was not to compete with private banks on product breadth. It was to compete with them on time horizon.
The greater part of advisory work is declining opportunities — not selecting them. We explain how we decide.
Each additional layer of yield enhancement compounds technical, smart contract, and tail risk. We propose a simple decision framework.