January 2026
Fixes
Current State → Transformation → Target State
01
Data Quality Revolution
"Clients paying five figures per report are receiving screenshots of pre-made illustrations instead of data that was gathered, cleaned, analyzed, and presented uniquely for them."
Current Flow (Broken)
Client Request
↓ Email
Find Screenshots
↓ Manual Copy/Paste
Deliver Static PDF
Transformation
What We Add
Multiple API Data Sources
Analysis Pipeline
Custom Visualizations
Quality Checklist
Target Flow (Optimized)
Aggregate (APIs)
↓
Analyze
↓
Bespoke Deliverable at Each Phase
Tools
02
Client Experience Transformation
"With recent churn, we have capacity to be more accommodating. Current clients should feel valued—flexibility in output leaves lasting impressions."
Current Flow (Rigid)
Fixed deliverables
↓
Transactional
↓
Defensive posture
Transformation
What We Change
Cherish existing clients
Say "yes" more—we have capacity
Leave great impressions
Target Flow (Valued)
Flexible output
↓
Relationship-first
↓
Accommodating
03
End-to-End Ownership
"Person 1 takes the kickoff call, Person 2 does all the work, Person 1 uploads. Causes possible context loss and harder to build personable relationship with client"
Current Flow (Fragmented)
Person 1: Kickoff
↓ Handoff
Person 2: All Work
↓ Handoff
Person 1: Upload & Communicate
Transformation
What We Change
End-to-End Ownership
Researcher = Relationship Lead
No Handoffs
Target Flow (Ownership)
Researcher: Kickoff & Strategy
↓ Direct Work
Researcher: Research & Execution
↓ Direct Delivery
Researcher: Ongoing Relationship
Approach
04
Systematic Growth Engine
"No systematic outbound to well-capitalized teams. Pre-TGE, well-funded projects are the ones with the most free cash flow and strongest incentive to lock in distribution partners."
Current Flow (Reactive)
Wait for Inbound
↓ Passive
React to Opportunities
↓ Ad-hoc Tracking
No Pipeline Visibility
Transformation
What We Build
Proprietary Lead Pipeline
Crypto-Native Data Source
Automated Alerts
Built-in CRM
Target Flow (Proprietary Pipeline)
DefiLlama Raises API (Source)
↓ Auto-Detect
New Raise Detected > $5M
↓ Notification
Telegram Alert + CRM Entry
↓ Action
Outbound within 24hrs
Stack
Build time ~4 weeks
External Data Source
DefiLlama Raises API
Free, real-time raise data
GET /api/raises
↓
Server (Express.js)
Scheduled Sync
Every 60 min
ID Generator
SHA-1 hash
Batch Upsert
Deduplication
Telegram Alerts
New Lead Detector
Telegram Bot
Team Channel
INSERT/UPDATE
↓
PostgreSQL
leads
Raise data
meta
Sync state
→
React Client
Dashboard
Filters
CRM Drawer
CRM Data Model
Status
new → queued → contacted → replied → closed
Contact
name, role, email, linkedin
Notes
Strategy & conversation history
Market Position
Competitive Landscape
HIGH TOUCH
LOW TOUCH
LOW DISTRIBUTION
HIGH DISTRIBUTION
Advisory Partners
Target Position
Niche Research
Media Platforms
Blockworks
Blockworks
Media + Research
✓ 500K+ newsletter subscribers
✓ Permissionless events franchise
✓ 0xResearch brand recognition
✕ Research bolted on, not core
✕ Media economics squeeze margins
How we win: Research-first with distribution, not vice versa
Four Pillars
Four Pillars
Pure Research
✓ Exceptional research quality
✓ Deep technical credibility
✓ Strong Asia/Korea expertise
✕ Limited US/EU distribution
✕ Small team limits scale
How we win: Match quality + DeFi Tech ecosystem distribution
Entropy
Entropy Advisors
Premium Advisory
✓ Tokenomics expertise
✓ Strong founder reputation
✓ High margins
✕ Doesn't scale (people-intensive)
✕ No distribution platform
How we win: Research + advisory + distribution bundle
Kairos
Kairos Research
Bespoke Research
✓ Lean and profitable (1-2 people)
✓ High quality output
✓ Flexible, client-focused
✕ Can't scale beyond capacity
✕ Limited brand awareness
How we win: Scale their model with resources and distribution
Delphi
Delphi Digital
Research + Ventures
✓ Strong brand recognition
✓ Venture arm provides deal flow
✓ Multi-product offering
✕ Significant layoffs 2023-24
✕ Capacity and focus reduced
How we win: Stable parent, focused execution
ASXN
ASXN
Infra + Research
✓ Solana ecosystem depth
✓ Validator revenue stability
✓ Technical credibility from infra
✕ Research is marketing for infra
✕ Ecosystem concentration risk
How we win: Ecosystem-agnostic, pure intelligence
Messari
Messari
Data Platform
✓ Comprehensive data coverage
✓ $35M+ raised, well resourced
✓ Strong institutional brand
✕ Research quality inconsistent
✕ High burn rate
How we win: Go deeper with select clients, lower burn
The Block
The Block
Media + Research
✓ Strong institutional brand
✓ Daily news coverage
✓ The Block Pro product
✕ Media-first, research secondary
✕ Generic coverage
How we win: Bespoke over generic
Galaxy
Galaxy Research
Trading Desk Intel
✓ Galaxy Digital resources
✓ Institutional credibility
✓ Market access
✕ Research is siloed from trading
✕ Not primary business focus
How we win: Research as the intelligence layer, not a siloed division
Glassnode
Glassnode
On-Chain Analytics
✓ Deep on-chain data
✓ Dashboards and alerts
✓ Real-time metrics
✕ Data only, no custom analysis
✕ No narrative layer
How we win: Insights layer on top of data
Reflexivity
Reflexivity (Target)
Intelligence Partner
✓ Bespoke, proprietary research
✓ DeFi Tech ecosystem distribution
✓ Bloomberg + 50K newsletter
✓ Nasdaq-listed parent credibility
The only firm combining high-touch quality with institutional distribution
★
USP: Institutional + High Touch + High Distribution
The meta has shifted — projects increasingly need access to institutional capital to succeed. Reflexivity is uniquely positioned:
- NASDAQ-listed parent company — DeFi Technologies (CBOE: DEFI) provides institutional credibility
- Institutional reach + retail distribution — Bloomberg Terminal + 50K newsletter subscribers
- High-touch research quality — Bespoke, proprietary analysis with broad distribution channels
Discussion Point
Revenue Model Evolution: From Projects to Partnerships
Exploring a shift from project-based pricing to predictable monthly partnerships with continuous value delivery through "Market Pulse" updates.
Current vs Proposed Model
graph LR
subgraph current [Current Model]
C1[Project-Based]
C2[Lumpy Revenue]
C3[Re-sell Annually]
end
subgraph proposed [Monthly Partnership]
P1[Predictable MRR]
P2[Auto-Renewal]
P3[Continuous Value]
end
current -->|Evolution| proposed
Deliverables Comparison
| Deliverable | Lite ($10K) | Partner ($15K) | Studio ($19K) |
|---|---|---|---|
| Market Pulse Updates | Bi-weekly | Weekly | Weekly |
| Short Form Reports/Month | 1 | 2 | 4 |
| Deep Dive Reports/Quarter | — | 1 | 2 |
| Quarterly Review | ✓ | ✓ | ✓ |
| Annual Year in Review Report | — | — | ✓ |
| Newsletter Placements | 2 | 4 | 8 |
| Bloomberg Distribution | — | ✓ | ✓ |
| CoinMarketCap Newsletter | ✓ | ✓ | ✓ |
| Analyst Calls | Monthly | Bi-weekly | Weekly |
| Priority Queue | 3 | 2 | 1 |
| Dedicated Analyst | — | — | ✓ |
6-Client Revenue Example
flowchart LR
subgraph portfolio [Client Portfolio]
A[Sonic Labs
Studio $19K] B[Seismic
Partner $15K] C[THORChain
Partner $15K] D[Core Protocol
Partner $15K] E[Dinero
Lite $10K] F[Berachain
Lite $10K] end subgraph output [Monthly Output] Updates[20 Market Pulse updates] Reports[5 Reports/Quarter] end subgraph revenue [Revenue] MRR[$84K MRR] ARR[$1.01M ARR] end portfolio --> output --> revenue
Studio $19K] B[Seismic
Partner $15K] C[THORChain
Partner $15K] D[Core Protocol
Partner $15K] E[Dinero
Lite $10K] F[Berachain
Lite $10K] end subgraph output [Monthly Output] Updates[20 Market Pulse updates] Reports[5 Reports/Quarter] end subgraph revenue [Revenue] MRR[$84K MRR] ARR[$1.01M ARR] end portfolio --> output --> revenue
$84K
Monthly Recurring
$1.01M
Annual Revenue
$168K
Avg Client Value
6
Active Clients
Priority Queue + Market Pulse Cadence
flowchart LR
subgraph queue [Priority Queue]
direction TB
Q1[1. Studio]
Q2[2. Partner]
Q3[3. Lite]
end
subgraph response [Response Time]
R1[24-48 hrs]
R2[48-72 hrs]
R3[5 days]
end
subgraph cadence [Market Pulse]
U1[Weekly]
U2[Weekly]
U3[Bi-weekly]
end
Q1 --> R1
Q1 --> U1
Q2 --> R2
Q2 --> U2
Q3 --> R3
Q3 --> U3
The Bigger Vision
Beyond fixes: Multiple Revenue Streams
Pure Research
Current Foundation
- Bespoke reports & deep analysis
- Data-driven, API-sourced insights
- Four Pillars / Delphi model
↓
Data Products
Blockworks model
- Real-time dashboards & APIs
- Token analytics, market intel
- Recurring subscription revenue
Advisory Services
Entropy / Kairos model
- Pre-TGE strategy & tokenomics
- Go-to-market support
- High-margin, relationship-driven
Run Infra
ASXN model
- Validator operations
- Node infrastructure
- Protocol services
Events
Blockworks model
- Conferences & summits
- Sponsor-driven revenue
- Brand & network building
The world's our oyster
e.g. Hyperion DeFi model
- HIP-3 perpetual markets
- Institutional HYPE plays
- Emerging protocol opportunities
Discussion Point
Strategic Alignment
"
Research and analytics expansion through Reflexivity—Scale research, data, and market intelligence that supports product development, distribution, and institutional engagement.
— Johan Wattenström, Year-End Letter to Shareholders
ETPs
OTC trading, market making, liquidity
Trading/Arb
Product Dev
Distribution
Market Intel
research · data · intelligence
Where do you see Reflexivity fitting into this ecosystem?