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DeFi
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Liquid Staking

Narrative Games: Part 1

Kinji Steimetz
Kunal Goel

Jun 18, 2024 ⋅  14 min read

Messari Research hosts quarterly ‘Narrative Games’ meetings to evaluate emerging crypto narratives based on token supply overhang, impact, probability, and market consensus. In this report, we discuss several DeFi-related narratives. Real World Assets (RWAs) have high potential to bridge TradFi and crypto markets but face low demand and regulatory challenges, scoring 3 out of 5. A new Yield Meta, offering high APYs, is likely but already priced in, with minimal innovation space, scoring 3.5 out of 5. Restaking and shared security protocols promise higher yields and cheap security but need greater adoption, also scoring 3.5 out of 5.

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Kinji Steimetz
SteimetzKinji

Kinji is a former research analyst covering crypto at Morgan Stanley. His primary interests are DeFi, Infra, and unstable stablecoins.

Kunal Goel
kunalgoel

Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.

Mentioned in this report

About the authors

Kinji Steimetz

Kinji is a former research analyst covering crypto at Morgan Stanley. His primary interests are DeFi, Infra, and unstable stablecoins.

Kunal Goel

Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.

Mentioned in this report