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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.
Cipher Research 2025 Recap
Cipher retweeted
At $58K you wanted lower.
At $83K you want a pullback.
Above $89K you’ll want confirmation.
At $100K you’ll say it’s coming back to $85K.
At previous ATH's you'll start regretting.
You'll cry when it makes a new ATH.
Remember a bull market doesn’t need you to believe. It needs you to keep raising the price at which you’re finally willing to admit you were wrong.
Replying to @dawninternet
@dawninternet’s USD.infra Vault launches next week!
In about two minutes, you can understand exactly why it’s been built.
🎥 Video by @CipherResearchx
What Is The USD.infra Vault?
The Internet feels digital, but everything you do on it runs on physical infrastructure, and the funding models for it are outdated.
The Vault is designed to help address that gap, enabling eligible participants to fund and deploy real-world digital infrastructure, and access contracts and the yield from them.
DAWN is rewriting how the next generation of physical infrastructure is built, allowing individuals to participate.
For the first time, anyone can directly fund the Internet and AI economy and reap the benefits of the deployments.
Check out this video produced by yours truly on how this model works👇
What Is The USD.infra Vault?
The Internet feels digital, but everything you do on it runs on physical infrastructure, and the funding models for it are outdated.
The Vault is designed to help address that gap, enabling eligible participants to fund and deploy real-world digital infrastructure, and access contracts and the yield from them.
Every platform will eventually integrate DeFi and stablecoins to keep users inside their walled garden.
Whop just did it. 21M users. $3B in annual payouts.
Revenue that used to sit idle can be auto-deposited into @aave via @Plasma.
Users don't know they're using DeFi. They just see yield on their balance.
The next wave of DeFi adoption won't come from crypto natives. It'll come from platforms embedding it invisibly to stop users from leaving.
DeFi exploits in 2026 so far:
Step Finance → $27.3M
Truebit → $26.2M
Resolv → $25M+ (today)
SwapNet → $13.4M
YieldBlox → $10.97M
SagaEVM → $7M
Makina → $5M
IoTeX → $4.4M
Aperture Finance → $3.7M
Venus Protocol → $3.7M
CrossCurve → $2.8M
Solv Protocol → $2.7M
FOOMCASH → $2.3M
Moonwell → $1.8M
TMX → $1.4M
Total exploited since Jan 2026: ~$137M+
It's only March.
What if you could make the same profit whether the market goes up, down or sideways?
That's exactly what @Neutrl does through OTC Arbitrage.
In our example, Neutrl acquires locked tokens at a 50% discount, then immediately shorts at market price.
Here's how it plays out 👇
Watch the full video as we cover how neutrl works, the full otc arbitrage strategy and why its so uniquely placed among ybs today!
xitter.cf/CipherResearchx/status…
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.
Neutrl Explained
Stablecoin chains are the hottest narrative in crypto.
Here's how the four main contenders actually compare.
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 👇
xitter.cf/CipherResearchx/status…
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.
Neutrl Explained
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.
Neutrl Explained
That was a high level explainer, a few nuances to note:
- Funding rates factor into yield as either an additional boost or slight drawdown depending on market conditions
- Majority of deals are sourced directly from foundations with agreed vesting of 3-12 months. Tokens with deep enough perp liquidity to hedge properly
- Short positions are actively managed with minimal leverage to avoid liquidation risk
ERC-8183 dropped recently and if you missed it, we've got you covered.
We cover the problems with AI Agents today, what the standard solves and the future of commerce between agents!
ERC 8183 explained simply
tagging @virtuals_io core contributors to check this out:
@everythingempty @ethermage @0xTP91 @dolylupec @DonJohnsonSays @Ryhar8103 @hananyss @umeirzz @sal_hotpot666
How do yield-bearing stablecoins work today?
I broke down the current YBS flow: where your money goes and how your yield is generated.
Check out the full video around YB stablecoins and @capapp:
xitter.cf/CipherResearchx/status…
Excellent explainer from Cipher breaking down how Cap works and what makes Cap stand out 🧢
Cap is building a new YBS that is changing the way yield is generated.
We broke down everything around Cap, how it works and why its so exciting!
Timestamps:
0:28 Flow of YBS today
2:18 Issues with the current YBS
3:23 How Cap works
13:19 Why I like Cap
Best viewed at 1.25x!











