Hedgents Research
Blog
Market-structure notes on on-chain metals, structured products, and hedged carry. Written by the people building hgMETAL.
The On-Chain Commodity-Yield Mirage: What Is Real and What Is Theater
Sorting on-chain metals yield into four buckets: emissions theater, lending and LP, T-bill dollar yield, and the one real metals carry.
Read →What a Delta-Neutral Metals Position Actually Earns
How shorting a metals perp against tokenized bullion turns price direction into harvestable funding carry, and the gold-plus-silver capacity ceiling that caps it.
Read →Tokenized Silver Is Far Behind Tokenized Gold. Here Is Why, and Why It Matters
On-chain gold is a multi-billion-dollar market and tokenized silver is a rounding error next to it. The gap is structural, not permanent.
Read →The Tokenized-Metals Shelf Is Crowded. The Index On Top Of It Is Empty.
Why on-chain gold fragmented into four tokens, what two decades of gold ETFs tell us comes next, and the one layer nobody has built: an actively-managed, hedged, multi-metal index.
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