Crypto Infrastructure
Every TraderMagz research note on Crypto Infrastructure — thesis, what is priced in, and the live terminal state.
Midnight: The Privacy Chain Regulators Might Actually Allow
Midnight is Cardano's privacy chain: apps can prove facts without exposing the data behind them, and fees are paid in a private, non-tradeable resource that NIGHT generates. The design is the most regulator-friendly in privacy crypto, but NIGHT has nearly tripled in six weeks, captures no fees, and half its supply sits with two Midnight entities. We would buy weakness, not this spike.
Pyth: Why We Are Holding the Oracle That Prices Tokenization
Pyth has turned a free DeFi oracle into a paid market-data business, with ARR up about 11x in nine months to $11.5M and every DAO revenue dollar now buying PYTH. We hold it for the tokenization cycle and add on weakness, but the price already assumes strong growth and a 27% float increase lands in May 2027.