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Kunal Doshi

Kunal Doshi

@Kunallegendd

Research @blockworksres | prev @thespartangroup | Views are my own

1,072 followers on X

Tickers covered

$AERO1$CARDS1$CC1$KALSHI1$POLYMARKET1$UNI1

Topics covered

Prediction Markets2Infrastructure1Consumer1DeFi1Perp Trading1
Takes (all time)
6
Takes (30d)
1
Tickers covered
6

Takes

Filtered: last 90d

5 takes
Kunal Doshi
Kunal Doshi@Kunallegendd·2d

Polymarket Might Be Outgrowing Polygon

Kunal argues Polymarket's shift into perpetual futures exposes limitations in its reliance on Polygon's architecture. Perps demand low-latency, deterministic execution and cancel priority that Polygon's hybrid offchain-onchain model cannot reliably guarantee, forcing market makers to widen spreads and reducing liquidity. To compete with systems like Hyperliquid's HyperCore, Polymarket would likely need to launch its own chain—capturing transaction and sequencing fees currently worth low single digits in revenue uplift, but increasingly valuable as perps unlock new revenue streams like liquidations.

FundamentalPrediction Markets
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Kunal Doshi
Kunal Doshi@Kunallegendd·45d

Canton Network: Wall Street's Blockchain

Kunal argues Canton converges major crypto narratives—RWA tokenization, institutional adoption, privacy, stablecoins—with DTCC, Nasdaq, Broadridge, and global banks deploying real workflows across treasury tokenization, repo financing, and collateral management. Canton's purpose-built architecture enables granular transaction privacy and validator-level control; weekly burns up 216% since launch with burn-to-mint ratio at 0.90 approaching deflation, yet the network generates highest revenue among major L1s ($74.7M in February, 2.8x Solana) while trading at lower multiples because markets view it as financial infrastructure rather than general-purpose blockspace.

$CCFundamentalInfrastructure
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Kunal Doshi
Kunal Doshi@Kunallegendd·66d

The Liquid Bet on the TCG Trade

Kunal observes that secondary marketplace volumes for trading cards and collectibles are up 87.8% YoY while the broader crypto market weakens, with Collector Crypt positioned as the Web3 TCG leader. Pokemon cards appreciate 65.8% since September 2025 amid mainstream coverage and the One Piece index surges 95% over six months as the most-watched Netflix anime in 2025. Collector Crypt's gacha volumes hit $50.1M in January, with market share consolidating from 30% to 50% since September, though February tracking softer at $35.3M.

$CARDSPitchConsumer
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Kunal Doshi
Kunal Doshi@Kunallegendd·72d

Polymarket's Edge, Kalshi's Opportunity

Kalshi and Polymarket have comparable weekly volumes, but their compositions diverge sharply. Kalshi relies on sports (80-90% of volume) with crypto just 3-5%, creating vulnerability through its 50% dependence on Robinhood distribution as prediction market revenue hits 8.5% of Robinhood's total. Polymarket's crypto volume has surged from 5% at start of 2025 to 30% today, driven by 15-minute Up/Down markets that grew from 5% to 60% of crypto volume, where one address accounts for 52% of volume through systematic mint-and-distribute liquidity seeding that enables arbitrage at scale. Kalshi's newly launched 15-minute crypto contracts show demand signals at $40M weekly volume, but Polymarket's edge may be structural liquidity design rather than product format alone.

PolymarketKalshiMarket StructurePrediction Markets
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Kunal Doshi
Kunal Doshi@Kunallegendd·75d

The Stress Test: Aero vs Uni

Kunal compares Aerodrome and Uniswap pool performance on Base's ETH/USDC and cbBTC/USDC pairs year-to-date. Aerodrome incurs roughly 3x higher loss-versus-rebalancing (LVR) on ETH/USDC ($6M vs $2.2M) and 5.3x higher on cbBTC/USDC ($4.7M vs $0.8M), likely due to lower fees attracting larger arbitrage flow. Despite higher LVR, Aerodrome's vote-escrow model generates $1.3M net protocol profit versus Uniswap's potential $289K, and a 2x AERO price would bring LP economics closer to parity.

$UNI$AEROFundamentalDeFi
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