Alea Research

10/ In the full Pulse, we break down: Macro pressure, AI capex and enterprise spend, Tokenized equities and pre-IPO markets, Miners, AI Equities, and a lot more. Read the full edition here: alearesearch.substack.com/p/pulse-may-23…

9/ Own what gets paid. Rent what only gets mentioned. The best trades have visible flows, liquid exits, and a clear counterparty on the other side. The weakest trades are theme-adjacent assets with no control over the actual flow.

1/ Everything Trades, Nothing Settles People want exposure before they care about ownership. That showed up across tokenized equities, pre-IPO markets, AI infrastructure, and crypto beta. This week’s Pulse follows how markets are becoming more liquid, more synthetic, and less tied to traditional ownership.

Season 1 of the Neutrl Origin Program is coming to an end. Season 2 begins on June 4 and will be the final season ahead of Neutrl’s TGE. This next phase is designed around one core idea: committed capital unlocks access.

We are having initial conversations with Prediction Markets and you'd be surprised about their sophistication and similarities with exchanges when it comes to order routing and transaction matching. I think Prediction Markets will become a big vertical for @TheHUB.

5/ Full digest with key takeaways and timestamps on Alea: alearesearch.io/podcast-digest…

4/ The proposed rail: X42, a cross-industry revival of HTTP 402. Started at Coinbase, now in the Linux Foundation. Stable coins settle agent reads at internet scale from day one.

1/ Matthew Prince (@eastdakota), CEO of Cloudflare, on @Bankless with @TrustlessState. The AI internet will need 5M to 50M micropayment tx/sec from day one. The fastest blockchains Cloudflare has seen peak at ~2M.

@EnsoBuild Actual quotes, nothing less.

Hidden costs, misleading quotes, failed execution. For 2+ years, Enso has simulated every transaction before execution. Today, we’re opening that infrastructure to everyone. Introducing Enso Quote Simulator. A blazing-fast API with automatic balance override to simulate transactions, validate quotes, and prevent failed execution before signing. ↓