By Eliezer Ndinga and Nikhita Gupta

The regulatory treatment of cryptasset-focused exchanges has been an ongoing debate which is still unclear in most jurisdictions spreading uncertainty and doubt among exchanges worldwide. Especially in light of the SEC’s ruling against the founder of EtherDelta for running an unregistered securities exchange.

Exchanges are the main on-ramps into the cryptoasset ecosystem and play a critical role in raising awareness and fostering adoption into the space.The …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

The bear market of 2018 continues to linger on despite tremendous interest from large financial institutions and considerable progress made towards development activity in the cryptoasset ecosystem. Predictably, high volatility has and will continue to be a hallmark of the market on a quarter-by-quarter basis. For example, the third quarter of this year experienced several periods of above average volatility; however, Ethereum and the ERC20 token complex was hit extremely hard on the downside.

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Over the third quarter of 2018, Ethereum experienced a mass exodus from token holders and market participants. On July 1st, 2018 Ethereum was trading at $451.64 USD and finished the quarter on September 30th at $231.62 USD, marking a loss of 48 percent. Alternatively, while experiencing high periods of volatility over the third quarter, Bitcoin primarily traded range bound. On July 1st, Bitcoin was trading at $6,385.82 USD and finished the third quarter on September 30th at $6,625.56 …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

Smart contract platforms often use token sales to bootstrap their software development and early communities, as was the case with Ethereum (raising ≈ $18.4 million), Tezos (raising ≈ $232 million), & EOS (raising ≈ $4.2 billion).

The mechanisms of a given token sale can have a long-lasting impact on the socio-economics and governance processes of a given platform. As a matter of fact, the amounts held by token holders once the blockchain has launched can be argued to be a large determinant of its future success. This fact rings most true in platforms where blockchain proposal, validation, and governance processes are controlled (in a tightly-coupled manner) by those who possess the native token. …


By Eliézer Ndinga

In the midst of an intense year towards completing the next protocol upgrade called Sapling, Zcash (ZEC) has caught the attention of many market participants and has been listed on various exchanges. Most notably, Gemini in mid-May of this year became the first licensed custodian and exchange to trade Zcash in New York. Nonetheless, the road to greater brand awareness and mainstream adoption for Zcash has just started.

With the intention of listing most digital assets compliant with local laws, Coinbase announced on July 13, 2018, that it was investigating the addition of a range of new cryptoassets including Zcash. While promising, this announcement does not guarantee the listing of Zcash. …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

Cryptocurrencies have attracted a lot of attention from speculative investors because of the promise blockchain technology offers for revolutionizing a variety of industries. But for all crypto projects, the ultimate goal is adoption, and that’s particularly urgent for crypto assets — the crypto tokens that are designed primarily to be used for financial transactions and/or to store value.

So how will crypto assets fit into our daily lives, if they ever do? And how close are they to reaching important adoption benchmarks? This article will delve into publicly available adoption patterns that we name “Fundamental Adoption Drivers” for four cryptocurrencies: Bitcoin, Dash, Monero, and Zcash. …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

The global cryptoasset market has been nothing short of eventful in the past week. What was looking like an all-out Armageddon in the collapse Ethereum seems to have at least stabilized in the near term. ETH sharply rebounded off of the years lows of $167 to $226 in a matter of a few days and is currently trading range bound in the low 200’s. Although it is anyone’s guess what the future price of ETH will be, several factors point towards a potential base developing — pending Bitcoin maintains the current price level. …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

When reading daily crypto news coverage, it’s easy to get the impression that events in the United States and Europe are driving changes in cryptocurrency prices. In truth, headlines from Asia have a massive impact on the price of Bitcoin.

We analyzed the impact of key headline events from China, Korea, and Japan over the course of the last 9 years — going all the way back to January 3rd, 2009, the day of Bitcoin’s genesis block. Since 2013, there have been 11 major headline events from the Asian region that have been responsible for Bitcoin price movements. On average, these events have affected Bitcoin’s price by 18.61% (positively or negatively) within 10 calendar days of the headline release date: the largest move was a whopping -57.52% while the smallest was 0.51%. Given that the average daily volatility of Bitcoin over a 252-day period is 5.34%, …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

This article will look at treasury selling across some of the most popular Ethereum-based token sale projects in an attempt to understand the effect treasury selloffs have on a given project’s operations. Moreover, we develop a metric, the Treasury-to-Market ratio — inspired by negative enterprise value investing — to help uncover potential investment opportunities underpinned by the treasury dynamics of token sale projects.

There is a common narrative that currently permeates amongst many investors and traders in the cryptoasset ecosystem, particularly in the Ethereum community. They believe that the price of ETH receives excess selling pressure from ecosystem projects that have conducted a token sale in the last 12 to 24 months, because these projects must fund operational costs to cover daily expenses and, as the price of ETH falls, token projects rush to sell their treasury holdings to lock in purchasing power at higher rates. The price of Ethereum is currently down 80 percent from its all-time high of $1432 USD in January 2018, and many pontificate that the worst has yet to come. When diving into the treasury dynamics of some of the largest projects in the Ethereum ecosystem at these “distressed” levels, one quickly realizes that these projects are sitting on absolute warchests of capital today regardless of whether the price of Ethereum is at $282 USD or 50% lower at $141 USD. …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

If you’re a crypto investor, you might feel like the current bear market is never going to end. But history shows that is unlikely to be the case. Bitcoin has been declared dead more than 300 times over the course of its nine-year lifespan. To gain a little perspective, it’s worth analyzing the various bear markets since Bitcoin’s inception through 2018, and highlighting the different catalysts that drove prices and overall social sentiment into a tailspin.

We broke down cryptocurrencies into different bear-market periods. For our analysis, we define a bear market as a minimum of a 20 percent drop in price lasting for at least 2 months in time. Through this definition, we discovered four major bear market periods over the course of Bitcoin’s life, excluding the prolonged bear market of 2018 and onward. …


Every week the Mosaic research team will delve into important topics within the cryptoasset space.

Identifying and understanding the key components and drivers needed to evaluate the sustainability of both cities and cryptonetworks is no easy task. While cities have had their data analyzed and mulled over for more than 100 years, cryptonetworks such as Bitcoin are still in their early days. Nonetheless, cities and decentralized networks share common traits, both are complex systems and when observed with an outsider’s eye, they seem messy.

This article is divided into two parts:

  • the first addresses and highlights the key value drivers of real estate and how they could potentially relate to cryptoassets
  • the second takes a comprehensive look at a wide range of well-tested indicators used to assess cities and how they could potentially translate into a cryptoasset valuation. …

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Mosaic

Cryptoasset Data and Research Platform.

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