Cipher

2025 was a big year for Cipher Research. From research and videos to working directly with some of the biggest teams in crypto, we expanded both our scope and impact. Super excited to continue building and scaling in 2026.

@thelearningpill u covered this really well and pointed out the main things read through the original report too

@0xCheeezzyyyy @keyrock @dl_research @gnosis_ yea went through very detailed

Treasury dynamics and management have always been a deep rabbit hole, given the wide spectrum of structures + allocation strategies across different DAOs. This report dives deep into DAO treasury management, with strong historical context across these varying dynamics. The amount of depth and insight here is honestly off the charts. Not all treasuries are built the same, and it’s important to recognise the underlying nuances behind each approach. @thelearningpill has done a great job summarising the key takeaways from the full report, highly recommend a read 👇

@crypto_linn haha le transition was v smooth

Linn been using AI in DeFi research since 2022...here is what actually works: - AI can't alfalfa for you...but it can compress days of searching into an hour - Le Prompt is everything... "find me the best yield" and "make me money" isn't going to get you there - Mantle's mucho low fees make it one of ze few L2s where onchain AI agent activity is economically viable at scale (and mucho opportunities) - Might want to pay attention to AI POWERED yield on Mantle Not only that, but there's a Mantle Bounty of 10,000 $MNT to sweeten the pot...you'll not just make money with your strat but also by tagging le @Mantle_Official tasty dc: Linn is an ambassador for le Mantle

@GlowFND oh i bet with the pa + idaho and lebanon regions

@CipherResearchx They're monthly, and March is full of exciting updates.

Newsletter: March 2026 Later today, our March newsletter goes out, and it's crammed with: 🔸 Regional updates 🔸 Protocol insights 🔸 Ops opportunity 🔸 Content roundup SUBSCRIBE below now to catch today’s newsletter ⤵️ #newsletter" target="_blank" rel="nofollow noopener">glow.org/#newsletter

@0x002timmy wow insaneeeeeee down 40% in a day tech seems solid tho

It’s very obvious Kaito was -EV for a lot of project’s tokens. Lombard’s BARD vested today and the chart absolutely nuked.

@chowtato @OpenZeppelin @tread_fi @AftermathFi @DeepBookonSui @_StudioMirai nice to see what sui has been up to through this update tweet!

news on sui rah: 🏁@OpenZeppelin releases their first smart contracts - move defi maths library 🏁@tread_fi integrated @AftermathFi and @DeepBookonSui into their institutional grade trading terminal 🏁@_StudioMirai teases the Coda music platform launch in spring and is looking for beta testers 🏁@7k_ag_ launches onlyfence - ai wallet guardrails 🏁@PhoenixTrade makes Sui markets live on their platform 🏁@SuiNetwork kicks off new VM bounties 🏁@CurrentSUI announced their completed fundraise round

@DeFi_Andree we want more yield

Yield bearing dollars are becoming the new default. $sUSDS leads supply growth, $sUSDe is next, then $USYC, $BUIDL, and $syrupUSDC. This is not a niche anymore. Capital is choosing dollars that earn, not idle cash but productive cash. The winner will not just be the one with the highest yield. It will be the one that becomes the default money rail for onchain capital. Because in the end, the biggest market is not yield. It is where capital chooses to stay. Source: @stablewatchHQ

@AngieMKTmom happy bd angie

today is my birthday and I think it’s a perfect day to introduce myself give Angie a follow and I promise you won’t regret it 🤍

@Rightsideonly There is ai generated content and then there is my content

"AI-generated marketing content has flooded crypto feeds. If you have spent any time in CT over the past six months, you already feel it. Post after post of polished, frictionless, well-formatted content that says absolutely nothing" Lesson in here

@RubiksWeb3 Everyone hates it

The cost of WAR is too high. I hate it!

@0xCheeezzyyyy @Neutrl @redstone_defi gNeutrl @redstone_defi is now powering so much of defi now

$NUSD has been scaling rapidly lately (now sitting at ~$210M TVL), and from a fundamental perspective that trajectory makes a lot of sense. @Neutrl introduces an institutional-grade synthetic architecture backed by a combination of delta-neutral strategies + crypto assets designed to generate sustainable, market-agnostic yield. Rather than relying on directional exposure, the model extracts returns from structural inefficiencies across different market layers: 1⃣ OTC arbitrage → Discounted entries on secondary market w/ systematic hedging for DN exposure 2⃣ Delta-neutral Hedging → Classic funding rate based yield w/o directional exposure 3⃣ Basis and Funding Arbitrage → Spot vs. futures market arbitrage opportunities while maintaining market-neutral exposure Together, these mechanisms currently produce roughly ~8.3% APY, which is highly competitive for a yield source that is both scalable and structurally sustainable. That attractiveness is reflected in user behaviour as well where ~81% of the circ. supply is staked into $sNUSD indicating strong confidence in the system’s long-term yield profile. What makes this particularly interesting is that these opportunities traditionally sit behind institutional OTC desks. By packaging them into a structured onchain asset, the protocol effectively democratises access to OTC market strategies that were historically inaccessible to most DeFi participants. And since $NUSD ’s peg is maintained through unconventional dynamics rather than deep spot liquidity, monitoring the asset’s fair value requires a much more sophisticated oracle design. Pricing is derived directly from the protocol’s NAV meaning the oracle must track the real-time value of Neutrl’s underlying collateral rather than relying solely on exchange prices. Given these requirements, it’s not surprising that @redstone_defi was chosen as the oracle provider since it has built a strong reputation for supporting niche + institutionally oriented assets where traditional price-feed models fall short: 🔸 (Custom) Multi-source aggregation from specific avenues/dynamics unlike the typical CEX-based depth 🔸Low-latency delivery during volatility via push/pull model flexibility (thanks to modular architecture) Taken together, the combination of structured OTC yield with DN design alongside with reliable specialised oracle infrastructure positions $NUSD as a compelling example of how institutional market strategies can be translated into scalable DeFi primitives. This is how we're slowly opening the door for a new generation of YBS that are both sophisticated & broadly accessible imo.

@0xCheeezzyyyy @defiapp Wow a 5 mil pot

With current market conditions offering fewer opportunities, this might be one to explore esp. with the amount of incentives involved. @defiapp just announced an OVERTIME trading competition with a $5M prize pool, distributed across up to 1000 traders over 75 days. The structure caters to both PnL-based rewards (70%) and volume-based rewards (30%). On top of that: 🔸Trading fees will be rebated in $HOME 🔸5% cashback on margin used 🔸43.75% revenue share on referrals Feel free to check it out and register asap if interested since eligibility spots are limited👇

@DePINConnection @wintonARK @GlowFND absolutely! @GlowFND killing it

@wintonARK Everyone should check out what @GlowFND is doing.

a barrel of oil can provide as much electricity as a 400W solar panel does annually. a barrel of oil runs $92 and comes with a few minor logistical complications. this year the solar panel should run less than $90; you can order online, ships in a week.

By borrowing $USDH on ur $hype you basically create DEBT that will buy $hype on the open market with its treasury yield NATIVE CODED

@lordjorx @ethena @SkyEcosystem Largely agree here. Doesn't seem worth it

Why activating ENA fees now is a mistake. The core idea is to divert USDe yield toward ENA stakers, but the math is a bit complicated for long-term survival. @ethena must maintain an APY factor of x1.075 compared to competitors (mainly @SkyEcosystem). If this threshold, set by the risk committee, is breached, the product would lose its competitive edge. Here is the breakdown of why this is not the best option (at least for now): > If 100% of excess yield was used for buybacks, it could represent over $90M. However, sacrificing the core product’s yield to pump the token would eventually collapse the TVL. > And the worst part... With 300M tokens set to enter the market in 2026, a weak or intermittent buyback program won’t be enough to defend the price. The most logical path is a counter-cyclical model: accumulating reserves during bull markets and deploying them when fundings are lower. Proper backtesting shows that with this method, you could commit close to $40M to buybacks while keeping the switch active 95% of the time and maintaining an average yield above 7%. In the cited @OAK_Res post (a true masterpiece) six different backtests are presented, and the ones that follow clear market-aligned rules stand out as the best by a wide margin. The problem is that this will likely be implemented when prices are even lower. You may be doing things “the right way” technically, but the timing will make it feel insignificant for those already underwater. Strategic discipline is better than a desperate move that satisfies no one and weakens the protocol’s foundation.

@Nick_Researcher @HyperliquidX Looks really cool, I used to use Excali too but have since moved to figma. It allows for so much more than excali in terms of gradients and visual stuff. Works similar to excali in terms of user actions so not that hard to switch over

@CipherResearchx @HyperliquidX i use a mix of tool since i'm not expert in designing, best tool is Excaliver then i find those free element on internet to finish the illustration ngl

➥ Protocols Leveraging @HyperliquidX's Programmable Finance Primitives Hyperliquid is evolving into an onchain financial operating system where execution, liquidity, and pricing are unified into a single programmable layer ☒ The Primitive Layer At the core is HyperCore = native perp + spot order books + Vaults + Mark price oracles + Liquidation + auction mechanisms All running with Ultra-high throughput, one-block finality On top of that, HyperEVM makes everything programmable ☒ What Builders are actually doing Instead of building isolated DeFi apps, protocols are plugging directly into this execution layer ➊ Lending @hyperlendx → real-time collateral pricing + native liquidations into order books @HypurrFi → looping, yield, stablecoin USDXL on top of native liquidity @felixprotocol → CDP stablecoin feUSD with efficient hedging via perps ➋ Stablecoins & Delta-Neutral Yield @hyenatrade → Ethena on Hyperliquid - funding rate capture via native perps Others → synthetic / overcollateralized stables fully hedged onchain ➌ Derivatives & Advanced Trading @HyperdeltaX → high-leverage options using native liquidity @BasisFi → permissionless perps via HIP-3 ➍ Vaults & Strategy Layer Native vaults + wrappers such as @hyperdrivedefi, @GammaStrategies, etc. → automated strategies trading directly on HyperCore → Positions can be tokenized + reused as collateral elsewhere ➎ Aggregation & Liquidity Routing @HyperSwapX, @FibrousFinance, @HybraFinance... → route trades directly into HyperCore order books Tools like Copin, @BullpenFi → unify execution across the stack @liminalmoney → Demonstrates EVM/Hypercore interaction by automating delta-neutral farming ☒ Why This Actually Matters Because Hyperliquid removes 3 structural constraints of DeFi: - No external oracles → no pricing lag / manipulation - No bridges → no fragmentation - No siloed liquidity → everything shares one execution layer → This is why protocols achieve higher capital efficiency, better liquidation performance and fully onchain delta-neutral strategies ☒ The Bigger Picture $HYPE is becoming a unified financial layer with ~$1.8B+ TVL and 100+ dApps HIP-3 - permissionless perps HIP-4 - prediction/outcome markets If Ethereum gave us smart contracts, Hyperliquid is pushing toward fully programmable markets

Ever wondered how @Neutrl and its $NUSD works and how yield gets generated? We break down exactly what it is, how it works and where the yield comes from for stakers 👇 x.com/CipherResearch…

@thelearningpill @Neutrl haha thanks pill was so fun to cover neutrl! what do u think i should cover next?

@CipherResearchx @Neutrl bro is drawing ink in the air! hahah really good explainer and can sense your enthusiasm even from behind the screen

Neutrl is one of the fastest growing synthetic dollar protocols generating high yield. They introduce a completely new approach called OTC Arbitrage. We break down what @Neutrl is, how the OTC Arbitrage strategy works and why it's so different in the current market.

@CallumMelly @GlowFND have all the assets, will share the videos with you once done! would love your feedback, that'll be really helpful

@CipherResearchx @GlowFND Thanks, Cipher! That sounds great. Please let me know if you have any questions or need any assets.

If you're in crypto and NOT at the very least following @GlowFND, I don't know what to tell you other than you’re NGMI.