Common elements of a scholarly article:
What is pop-sci?
A guide to primary and secondary sources.
Spider Martin. Two Minute Warning . 1965. Photo from the IIP Photo Archive , licensed under CC BY 2.0
A primary source is an original document that contains firsthand information about a topic or an event. Primary sources exist on a spectrum and different fields of study may use different types of primary source documents. For example, the field of History may use diary entries and letters as primary source evidence, while the Sciences may use a publication of original research as a primary source. Being an interdisciplinary program, ISS courses and topics will require a range of understandings and approaches to primary sources. Here are some common examples of primary source documents:
Primary sources can be found in a plethora of databases and through search engines such as Google. Here are some starting points to searching for historical and primary source documents. When deciding where to look for primary sources, first think about the type of information you are seeking, and from what time period. This will help to narrow down your choices.
A secondary source is an interpretation, analysis, discussion or evaluation of an event or issue that is based on primary source evidence. Secondary sources list, summarize, compare, and evaluate information and studies so as to draw conclusions or present on the current state of knowledge on a topic. Secondary sources are often in the form of scholarly discourse or reviews. Secondary sources are useful to introducing a topic and providing historical or broader context. Common examples of secondary sources are:
Like primary sources, secondary sources can be found in a plethora of databases and through search engines such as Google Scholar. Because secondary sources are commentary on other works, they tend to be easier to find through library databases. To make a general search in article databases or the UW Libraries search, make sure to use the filters to choose publication type (peer-review article, newspaper, etc). Below are some starting points to help you begin your search for secondary sources:
The differences between a primary and a secondary source can be ambiguous. A source may be primary in one context and secondary in another. What determines whether it's a primary source is both the discipline and the research question. For example this article, South Persia and the Great War , was published in 1921 and provides a history of the war (a secondary source). But it is written by Percy Sykes who led a British military force there (a primary source). Here are a set of questions that may help you to determine and evaluate the nature of the source being used:
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Table of Contents
In the search for knowledge and data to inform decisions, researchers and analysts rely on a blend of research sources. These sources are broadly categorized into primary and secondary research, each serving unique purposes and offering different insights into the subject matter at hand. But what exactly sets them apart?
Primary research is the process of gathering fresh data directly from its source. This approach offers real-time insights and specific information tailored to specific objectives set by stakeholders. Examples include surveys , interviews, and observational studies.
Secondary research , on the other hand, involves the analysis of existing data, most often collected and presented by others. This type of research is invaluable for understanding broader trends, providing context, or validating hypotheses. Common sources include scholarly articles, industry reports, and data compilations.
The crux of the difference lies in the origin of the information: primary research yields firsthand data which can be tailored to a specific business question, whilst secondary research synthesizes what's already out there. In essence, primary research listens directly to the voice of the subject, whereas secondary research hears it secondhand .
Selecting the appropriate research method is pivotal and should be aligned with your research objectives. The choice between primary and secondary research is not merely procedural but strategic, influencing the depth and breadth of insights you can uncover.
Primary research shines when you need up-to-date, specific information directly relevant to your study. It's the go-to for fresh insights, understanding consumer behavior, or testing new theories. Its bespoke nature makes it indispensable for tailoring questions to get the exact answers you need.
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Secondary research is your first step into the research world. It helps set the stage by offering a broad understanding of the topic. Before diving into costly primary research, secondary research can validate the need for further investigation or provide a solid background to build upon. It's especially useful for identifying trends, benchmarking, and situating your research within the existing body of knowledge.
Combining both methods can significantly enhance your research. Starting with secondary research lays the groundwork and narrows the focus, whilst subsequent primary research delves deep into specific areas of interest, providing a well-rounded, comprehensive understanding of the topic.
In the landscape of market research , the methodologies employed can significantly influence the insights and conclusions drawn. Let's delve deeper into the various methods underpinning both primary and secondary research, shedding light on their unique applications and the distinct insights they offer.
Each of these methods, whether primary or secondary, plays a crucial role in the mosaic of market research, offering distinct pathways to uncovering the insights necessary to drive informed decisions and strategies.
Both primary and secondary sources of research form the backbone of the insight generation process, when both are utilized in tandem it can provide the perfect steppingstone for the generation of real insights. Let’s explore how each category serves its unique purpose in the research ecosystem.
Primary research data sources are the lifeblood of firsthand research, providing raw, unfiltered insights directly from the source. These include:
These primary data sources are characterized by their immediacy and specificity, offering a direct line to the subject of study. They enable researchers to gather data that is specifically tailored to their research objectives, providing a solid foundation for insightful data analysis and strategic decision-making.
In contrast, secondary research data sources offer a broader perspective, compiling and synthesizing information from various origins. These sources include:
Secondary data sources serve as a compass, guiding researchers through the vast landscape of information to identify relevant trends, benchmark against existing data, and build upon the foundation of existing knowledge. They can significantly expedite the research process by leveraging the collective wisdom and research efforts of others.
By adeptly navigating both primary and secondary sources, researchers can construct a well-rounded research project that combines the depth of firsthand data with the breadth of existing knowledge. This holistic approach ensures a comprehensive understanding of the research topic, fostering informed decisions and strategic insights.
In the realm of marketing, both primary and secondary research methods play critical roles in understanding market dynamics, consumer behavior, and competitive landscapes. By comparing examples across both methodologies, we can appreciate their unique contributions to strategic decision-making.
Primary Research: Direct Consumer Feedback through Surveys and Focus Groups
Secondary Research: Market Analysis Reports
Primary Research: Brand Perception Analysis through Surveys
Secondary Research: Social Media Sentiment Analysis
Primary Research: Consumer Demand Studies in New Markets
Secondary Research: Economic and Demographic Analysis
By leveraging both primary and secondary research, marketers can form a comprehensive understanding of their market, consumers, and competitors, facilitating informed decision-making and strategic planning. Each method brings its strengths to the table, with primary research offering direct consumer insights and secondary research providing a broader context within which to interpret those insights.
When it comes to market research, both primary and secondary research offer unique advantages and face certain limitations. Understanding these can help researchers and businesses make informed decisions on which approach to utilize for their specific needs. Below is a comparative table highlighting the pros and cons of each research type.
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|
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| - Tailored to specific research needs | - Cost-effective as it utilizes existing data |
- Offers recent and relevant data | - Provides a broad overview, ideal for initial understanding | |
- Allows for direct engagement with respondents, offering deeper insights | - Quick access to data, saving time on collection | |
- Greater control over data quality and methodology | - Can cover a wide range of topics and historical data | |
| - Time-consuming and often more expensive due to data collection and analysis | - May not be entirely relevant or specific to current research needs |
- Requires significant resources for design, implementation, and analysis | - Quality and accuracy of data can vary, depending on the source | |
- Risk of biased data if not properly designed and executed | - Limited control over data quality and collection methodology | |
- May be challenging to reach a for niche markets | - Existing data may not be as current, impacting its applicability |
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Advertisement for fugitive slave from July 1837 issue of unidentified anti-slavery publication
Schomburg Center for Research in Black Culture, New York Public Library Digital Collections
Contemporary accounts created by people who were present or intimately involved in historical events – known as primary sources – are the bedrock of historical research and writing. In order to complete the research process, historians also rely on secondary sources: well-researched scholarship written after the historical event in question.
In this lesson plan, students will learn how to distinguish between primary and secondary sources and how to use them for historical research. The central type of primary sources used in this lesson plan are fugitive slave advertisements: short, concise, detailed, and engaging primary sources that convey the history of slavery and freedom seeking in striking terms. Once completed, students will have cultivated valuable research skills with which further historical questions can be investigated and answered.
Guiding questions.
Why do historians use both primary and secondary sources to understand the past?
How are we creators of primary sources for historians 100 years from now?
Differentiate between a primary and secondary source.
Analyze a primary source by using a graphic organizer.
A familiarity with the historical research method sparks curiosity in students and teaches them to be critical clickers as they combat misinformation on the Internet.
Historians are scrupulous researchers and detailed investigators. Traditionally, historians employ what is called the historical method in three general phases.
First, historians scour physical and digital archives in search of sources like diary entries, artifacts of clothing, first-hand interviews, or fugitive slave advertisements to obtain a solid idea of what the past was really like. These are primary sources: contemporary accounts created by people who were present or intimately involved in historical events.
In the second phase of the historical method, historians critically read scholarly articles and books to stay up to date on how their peers have interpreted the same subject. Books and articles are two prime examples of secondary sources. They offer valuable context and fresh insight into historical events after those historical events have ended.
Thirdly and finally, historians place it all in conversation with each other. The sources they discovered in the archive inform and are informed by the secondary source reading they have completed. The result is a more accurate and inclusive telling of the past.
The same analytical habit of critically reading one’s sources can also be used by students to navigate the digital landscape—the ever evolving and full scope of information accessible through media, online, via applications and social media. Indeed, the historical method can be usefully translated by educators to help students become critical clickers . That is, students who are responsible online researchers and who are adept at distinguishing reliable information from misinformation .
Many archives in the United States are free and publicly accessible, scholarly books are widely published, and an increasing amount of information is openly available online. But, ironically, because nearly anyone in the world can publish information on the Internet, the digital landscape can be a dangerous place to conduct historical research. With misinformation around every corner, how do historians navigate the digital landscape?
“The very nature of information on the Internet requires a shift in the way we evaluate the credibility and worthiness of the information we encounter.” ~ Christy Coleman , on Reframing History
Unlike the materials one finds in the archive, the Internet is an unregulated space. Not every website found online is subject to a vetting process. So, in addition to critiquing the validity of a single document online, deciphering the veracity of online databases and repositories can be extremely tricky. But how studying historical research methods aid educators in helping students to alternate between critical reading and critical clicking ?
Some sites are clearly trustworthy. The National Archives and Records Administration or the Library of Congress are two great examples. Just as some digitally accessible academic and government organizations are certainly reliable: articles published in the American Historical Review and the Journal of African American History, or content from the National Park Service .
But other websites and resources trigger more skepticism. And they must be questioned on a case-by-case basis. Some questions can be answered before the researcher even clicks on a link. Upon launching a question in a search engine, historians can begin to gauge the reliability of a website. What is the ending of the URL? Is it a “.com,” “.org,” “.gov,” or a “.edu” site? But sometimes these inquiries are too superficial to separate an unreliable website from a reliable one . In our current digital age, merely confirming the author of an article or the publisher of a website is not enough to combat misinformation.
Just like with a physical primary source, the researcher must cross-examine the website. When faced with an unknown resource, online researchers (who are also critical clickers) investigate other websites to determine whether a source is reliable. This method is known as “lateral reading.” Similarly, historians of the Underground Railroad search for plantation records or correspondence to see how a fugitive slave advertisement fits into a history of freedom seeking. The practice of cross-examination is honed through the historical research method becomes invaluable in combatting online misinformation.
Students are sure to find other examples of how the historical research method can aid in combatting online misinformation as they work their way through this lesson plan. Indeed, one of the main goals of this lesson plan is to foster a curiosity equipped with critical clicking.
D1.5.9-12. Determine the kinds of sources that will be helpful in answering compelling and supporting questions, taking into consideration multiple points of view represented in the sources, the types of sources available, and the potential uses of the sources.
D2.His.11.9-12. Critique the usefulness of historical sources for a specific historical inquiry based on their maker, date, place of origin, intended audience, and purpose.
D2.His.12.9-12. Use questions generated about multiple historical sources to pursue further inquiry and investigate additional sources.
This lesson is designed to introduce students to primary source analysis. There are no prior concepts that students need to review before implementing this lesson plan.
However, it may be useful for teachers to review the modeling key for activity three (below) and to read / listen to: “The Case of the Misunderstood Historical Method,” from Reframing History, produced by the American Association of State and Local History.
Begin by reading the Understanding Primary and Secondary Sources handout independently, in small groups, or with the entire class. This brief document uses engaging language to articulate the key differences between primary and secondary sources. It also poses some common questions that historians ask of primary and secondary sources in order to fully comprehend their value and context. A group discussion is encouraged.
“Understanding Primary and Secondary Sources” ends with a prompt: If a historian in 2075 wanted to study classrooms in 2023, what objects around us would serve as excellent primary sources in their research? Answers may range, although some common responses might include: desks, chairs, pens, pencils, markers, projectors, lockers, worksheets, textbooks, and school uniforms. Educators then end by reiterating and emphasizing what primary sources add to an individual’s historical research.
In groups of 3-4, students test their understanding of primary and secondary sources by completing the Matching Primary and Secondary Sources worksheet. In this exercise, they are tasked with correctly labeling 10 sources as either primary or secondary sources. Students will identify the specific information that helped them arrive at their answers. A key with explanations for each of the sources included in the lesson plan materials. After work time, review answers as a class and invite students to share their reasoning.
The educator is supplied with two fugitive slave advertisements and is tasked with modeling for the entire class the critical thinking that goes into analyzing a primary source using a graphic organizer. The intellectual life for analyzing the first advertisement and filling in the graphic organizer should be on the educator. The educator should guide students through the second advertisement; however, students should supply the majority of the analysis. An exemplar graphic organizer with key words & phrases to model the thinking is supplied for the educator in the lesson plan materials.
After the full-class discussion and analysis, students then transition to small groups to analyze different fugitive slave advertisements together. They will be given two to three fugitive slave advertisements observe and analyze, while also putting their thoughts into the graphic organizer.
Prompt: You are explaining the Underground Railroad and the stories of freedom seekers to a friend. Choose three (3) primary and three (3) secondary sources from the lists below that you think would be most effective at explaining what it was. Write a three-paragraph response that explains your reasoning for choosing your primary and secondary sources.
Understanding primary and secondary sources, matching primary and secondary sources, primary source analysis, primary source analysis graphic organizer, related on edsitement, unveiling the past: analyzing primary documents on harry washington's life, lesson 2. “read all about it”: primary source reading in “chronicling america”, ask an neh expert: validating sources, visual records of a changing nation.
Secondary sources are works that are not based on direct observation of or evidence directly associated with the subject. They rely on other sources of information. They may also be works that comment on another work, such as a review, criticism, or commentary.
In refining a research topic, we often begin with secondary sources. They help to identify gaps or conflicts in the existing scholarly literature that might prove to be promising topics.
Primary (historical) sources are documents, images, objects, or other records that provide firsthand accounts or direct evidence about a historical topic or event. These records were created at the time of an event or were later recalled by an eyewitness; or they were created by someone with a direct connection to the topic.
Primary sources in the sciences can be different from primary sources in the humanities and social sciences. In the sciences, the term "primary sources" often applies to original research or the first (i.e., primary) article to report on new research or data. However, many archives do not retain journal articles as they are readily available from libraries and other digital sources. Review this guide from Michigan State University for more on the topic.
Primary sources emphasize the lack of voices and interpretations between the thing or events being studied and reports of those things or events. There is a belief that firsthand accounts are more accurate, but that is not always true.
Primary sources can be digital. Many archives digitize some of their holdings – both for preservation and for access. You don't have to physically handle sources to use them, though that is part of the fun.
Primary sources:
For more, check out this guide to primary sources from Princeton University.
Law: a guide to penn state resources.
Encyclopedias, handbooks and dictionaries.
Using a good law review article, legal treatise, or legal encyclopedia can jump start your research. These sources, written by legal experts, will provide an overview of the legal issues you are exploring and cite the most important statutes and court cases you need to explore.
Weekly Hot Take
The secondary OTC market is a space where people can buy and sell various assets, including locked tokens, equity, or SAFTs, which are hard to trade on public exchanges. Today, the term "secondary OTC market" primarily refers to the buying and selling of locked tokens.
The main sellers in the secondary OTC market include VCs, project teams, and foundations, who are often motivated by the need to secure early profits or manage selling pressure. Buyers typically fall into two categories: "hodlers" who believe in the long-term potential of the tokens and are attracted by the discounts, and hedgers who seek to profit from price differences through strategic financial maneuvers.
The secondary OTC market is gaining prominence as it navigates a more bearish sentiment, with tokens often selling at significant discounts due to limited buyer interest. Despite this, the market plays a critical role in managing liquidity and reducing the immediate sell-pressure on public exchanges, thereby contributing to a more stable and resilient crypto ecosystem.
Figure 1 : Current state of the market Source: imgflip
The secondary OTC market, though largely inaccessible to most crypto retail investors, is rapidly gaining importance among industry insiders such as VCs, project teams, and foundations. As the dynamics of the crypto market evolve, the secondary OTC market is emerging as a vital space for managing liquidity and securing profits, particularly in a landscape characterized by high valuations and limited liquidity. With that, this report will discuss: 1) what the secondary OTC market is, 2) who the participants are and their motivations, 3) thoughts on the current market status, and 4) insights from Taran, the founder of STIX, an OTC trading platform for private crypto transactions.
The secondary OTC (over-the-counter) market is a private trading space where buyers and sellers directly negotiate and execute transactions for assets like tokens, equity, or investment contracts such as SAFTs (Simple Agreement for Future Tokens), outside of public exchanges. Most of the assets listed on secondary OTC markets can't be traded on regular exchanges like Binance or OKX for a variety of reasons. Since many crypto projects have tokens that are locked up for a certain period, the secondary OTC market provides investors and teams with a way to sell these assets before they become tradable (unlocked). Today, the term "secondary OTC market" mostly refers to the buying and selling of locked tokens for TGE or even pre-TGE projects, and this essay will focus on the buying and selling of locked tokens for TGE projects.
Figure 2 : What the secondary OTC market looks like Source: STIX
The primary driver behind the boom within the secondary OTC market is the strong incentive for stakeholders to sell their holdings. Currently, many top 20 tokens are being traded at nearly a 50% discount with a one-year lock-up, while some tokens from projects outside the top 100 are trading at discounts as steep as 70%. For example, a token priced at $1 on an exchange like Binance may be available for just $0.30 on platforms like STIX, with a lock-up period of one year and an additional two years of monthly vesting.
This trend is consistent with the recent market environment characterized by high FDV-low float, and increasing hate on VC coins. As discussed in the essay " Is FDV a Meme? ," there has been an overwhelming number of new projects entering the market, but without a corresponding influx of participants or liquidity to support this vast supply. Consequently, token prices naturally fall as more tokens are unlocked. Moreover, many of these tokens provide minimal value to the market and are often overvalued in relation to their actual user base and utility. Acknowledging this, project teams and VCs who initially invested in these projects are choosing to sell at a discount now, rather than risk selling at potentially lower prices in the future.
Figure 3 : Current deals available in the market Source: Presto Research
Sellers and why.
Even with discount rates of 50~70%, project teams often find themselves in a profitable position. Many of these teams consist of small groups, typically 20-30 people, who have built projects over just 2-3 years. Despite the relatively short development period and limited initial investment, these projects are frequently valued at $3 billion or more in FDV. In the Web2 world, it is almost unheard of to create a company valued at $1.5 billion with such a small team in such a short time frame. Given these circumstances, many projects are tempted to sell their tokens at a discount, recognizing the opportunity to secure profits now rather than risking a potential decline in value later.
VCs are in a similar situation. The recent market conditions have led to rapid and significant increases in valuations, often with seed rounds occurring just six months after pre-seed rounds at three times the valuation. In some cases, VCs have even raised multiple rounds simultaneously, offering different valuations for investments made at the same time. As a result, unless they invested at the latest stage, just before the TGE, many VCs find themselves still significantly in profit even after accounting for a 50% discount in the secondary market. This environment has encouraged VCs to sell, capitalizing on the opportunity to lock in their gains. Moreover, with the current market environment, Limited Partners (LPs) in VC funds have started to focus more on DPI (Distributions to Paid-In Capital) metrics, which further motivates VCs to realize returns, reinforcing the trend of selling in the secondary OTC market.
Foundations
Foundations may have slightly different motivations for participating in the secondary OTC market. While some may recognize the overvaluation of their tokens and seek to sell quickly, others might approach the market strategically. A common strategy involves selling unlocked tokens to investors at a discount, paired with a year-long lock-up. This approach reduces immediate selling pressure in the public market while still allowing the foundation to raise necessary funds for operations. In many cases, this type of transaction can be seen as one of the more positive or "bullish" uses of the secondary OTC market, as it balances the need for operational funding with the goal of maintaining market stability.
The first type of buyer in the secondary OTC market consists of those who believe in the long-term potential of the token. These individuals, often referred to as "hodlers," are committed to the project's success and are willing to buy tokens at a 50% discount, fully intending to hold them for several years. For these buyers, the opportunity to purchase tokens at a significant discount is attractive because they plan to maintain their exposure to the project over the long term, anticipating that the token's value will increase as the project matures. The high discount rate provides them with an advantageous entry point, allowing them to accumulate more tokens at a lower cost.
The second type of buyer is driven by the opportunity to profit from the discount through strategic financial maneuvers. These buyers, known as hedgers, use perpetual swaps and other financial instruments to lock in profits from the discounted tokens. By purchasing tokens at a 50% discount and simultaneously shorting them, they can secure a return equivalent to the discount. Additionally, they can earn funding fees, which can further increase their returns if the fees are positive. This approach allows hedgers to capitalize on the price difference between the secondary OTC market and the public market, making it a lucrative strategy for those skilled in managing financial risks.
While it might seem logical for sellers, such as VCs and project teams, to hedge their positions like buyers instead of selling at huge discounts, several factors make this approach impractical, such as regulatory hurdles and liquidity constraints.
When it comes to regulatory challenges, VCs often face strict rules that limit their ability to engage in certain financial activities, such as shorting tokens—an essential component of an effective hedging strategy. Beyond these regulatory constraints, hedging itself requires a substantial amount of capital to avoid the risk of liquidation. Sellers would need to post significant collateral, often exceeding the value of the tokens they are trying to hedge, because, while the downside of a token’s price is limited, the upside is potentially unlimited. This creates a scenario where the financial requirements for hedging are prohibitively high, especially considering that most of the wealth of VCs and project teams is tied up in the tokens themselves rather than in liquid cash. Moreover, hedging is not as straightforward as it might seem. There are numerous complexities to consider, such as counterparty risks—like the potential for platform failures or bankruptcies, as seen with FTX—and the risk associated with funding fees, which could suddenly turn negative, further complicating the strategy and potentially leading to unexpected losses.
What does the current market situation imply.
The secondary OTC market is currently exhibiting a more bearish sentiment compared to public exchanges, where it struggles to find buyers even when tokens are offered at steep discounts—sometimes as much as 70%. This stands in stark contrast to public exchanges, where investors are often paid to short tokens through positive funding fees. While understanding the intentions of participants in the secondary market is crucial, this trend may reflect a cautious approach by market insiders as they navigate the current conditions.
Figure 4 : Most of the tokens have a positive 1-year accumulated funding rate Source: Coinglass
Despite the bearish sentiment, it’s important to recognize that the activity in the secondary market is not solely negative. In fact, the presence of a vibrant secondary market plays a crucial role in the overall health of the broader crypto ecosystem. By facilitating the transfer of tokens between sellers and buyers, the secondary market allows for profit-taking outside of traditional exchange venues. This process can help mitigate the impact of large token unlocks, which have historically been seen as bearish events due to the increased selling pressure they introduce to the market. By enabling these transactions to occur off-exchange, the secondary market reduces the immediate sell-pressure on retail investors when tokens are unlocked. This shift contributes to a more stable and resilient market, where token unlocks no longer necessarily lead to sharp price declines but instead support a healthier, more balanced market environment.
Who are you, and what is stix.
I’m Taran, Founder of STIX, an OTC trading platform for private crypto transactions. It was founded in early 2023 to build a structured solution for those who want to trade secondaries in crypto. Our primary sellers are team members, early investors and treasuries wanting to sell concentrated, locked token positions. Primary buyers are whales, family offices and hedge funds, amongst others.
Recent drawdowns in new alts have shown that the protocols skyrocketed in price in early 2024 primarily due to their low floats (demand outweighed supply). However, once the markets turned risk-off in Q2, those same alts took a massive hit and a majority have fallen 75+%. Many of these have been seeing massive continuous unlocks, which have almost immediately been sold off on the market, causing further price impact. Examples include Arbitrum, Starknet, Worldcoin, Wormhole, amongst others.
In Q1 and Q2, the same assets were being block traded OTC, predominantly by early investors to de-risk and allocate into more liquid assets (BTC, ETH etc), at 70-80% discounts to the highs. This data made it apparent that most alts were over-valued by at least 5x, with further downside upon introduction of new floating supply.
Our motivation to bring transparency to OTC prices in 2024 (see here ) has brought attention to how important the OTC markets actually are. There are also multiple opportunities for buyers to buy distressed positions as well as for sellers to sell OTC without causing market impact.
There’s a third party to these trades: the project team. Teams could decide to block OTC trades for a variety of reasons (see here ).
Secondaries are important for:
Removing motivated sellers from your cap table, preventing them from selling on the orderbook
Introducing new, motivated holders with a higher cost basis
Increasing the average cost basis of private holders
Future supply control (introducing new vesting periods, etc)
Ensuring no under-the-table deals, and having complete visibility over OTC trades
Two major trends: 1) Treasuries for protocols that haven’t excessively raised are now looking to build up their cash positions. We have supported multiple protocol treasuries to structure OTC raises, where buyers are buying in at a lucrative price (vested over a certain period), and treasuries are building up their cash reserves. This allows diversification, de-risk and ensures the team has enough runway to outlast their competition. 2) There exists a clear arbitrage for smart trading firms: buy at a lucrative price OTC and manage hedges on exchanges, usually also eating funding rate. This funding rate / OTC arbitrage exists across 100s of alts, and is a very lucrative market-neutral trade for sophisticated trading firms.
I do not see the funding rate / OTC arbitrage closing anytime soon for most alts, as they all have 2-3y left in their vesting period and a majority have positive funding rates.
Secondaries are very cyclical: in 2023 the vast majority of OTC volume was for pre-launch assets, primarily due to heavily venture-funded protocols not launching yet. Now that they’ve all mostly launched, the market has shifted to trading locked token blocks, which are overall less riskier as the spot/perp markets are all mostly established for them and there’s a lot of data to analyse.
Because of continuous monthly unlocks, sellers also have an opportunity to continue de-risking on exchanges, and aren’t necessarily pushed to trade OTC. However, the assets which are still in their cliff period (Ethena, Layerzero, IO.net, Aethir, etc), there’s still an opportunity for buyers to hunt for the best deals.
If alts see a run in September and October, lots of sellers will reach out to us at STIX to want to exit as they’ve already realised that de-risking is always smart. Lots of sellers who didn’t want to sell OTC in Q1 would now look to exit at better prices than Q2/Q3. However, I do not see buyers massively optimistic about these premiums, and that’s why I think that the buyers’ market will continue into 2025.
IMAGES
VIDEO
COMMENTS
Primary sources provide raw information and first-hand evidence. Examples include interview transcripts, statistical data, and works of art. Primary research gives you direct access to the subject of your research. Secondary sources provide second-hand information and commentary from other researchers. Examples include journal articles, reviews ...
Secondary sources will help you save time as you begin research on a topic by providing analysis, explanation, and leads to key primary sources.
Reviewing secondary source material can be of value in improving your overall research paper because secondary sources facilitate the communication of what is known about a topic. This literature also helps you understand the level of uncertainty about what is currently known and what additional information is needed from further research.
Recognizing secondary sources Secondary sources were created by someone who did not experience first-hand or participate in the events or conditions you're researching. For a historical research project, secondary sources are generally scholarly books and articles. A secondary source interprets and analyzes primary sources.
Discover the essentials of secondary research, including its definition, methods, sources, and examples. Learn how to effectively conduct secondary research, understand its advantages and disadvantages, and compare it with primary research to make informed decisions for your projects.
Types of secondary research Secondary research can take many forms, but the most common types are: Statistical analysis Literature reviews Case studies Content analysis Statistical analysis There is ample data available online from a variety of sources, often in the form of datasets. These datasets are often open-source or downloadable at a low cost, and are ideal for conducting statistical ...
Learn how to distinguish primary and secondary sources for your research. Find out where to locate and evaluate them in this guide.
What is the role of secondary sources in research? Secondary sources represent the scholarly conversation that has taken place, or is currently taking place, on a given topic. Thus, it is imperative that researchers acquire a comprehensive knowledge of the secondary literature on their topic to be able to then engage with it and offer their own perspective through their writing. Scholars show ...
In contrast to primary sources in research activities, secondary sources consist of information that has been gathered and often interpreted by other researchers and recorded in books, articles, and other publications.
What are Secondary Sources? Secondary sources are the published work of scholars specializing in the topic. Secondary sources include scholarly books, articles, and essays (both analyses by contemporary scholars as well as older analyses), surveys, criticism, comparative studies, reference sources, and works on theory and methodology; this is also termed the secondary literature. Eventually ...
This guide walks you through the research process with sections on searching the library catalogs and databases as well as tips on crafting research topics and how to evaluate sources.
A secondary source might also synthesize the work of other historians in order to formulate a totally new interpretation. You will use secondary sources to identify the main currents of thought on your topic, and to answer questions, like:
Further along, you might look for primary and secondary sources that you can use to help formulate your position. How each source is categorized depends on the topic of research and how you use the source.
This white paper is an example of secondary research because it synthesizes and integrates information from multiple primary research sources, expert interviews, and input from an advisory committee of local and state transportation agencies. Example 15: White Paper Concerning Philosophy of Education and Environment.
What are secondary sources? In the sciences secondary sources analyze, interpret, summarize, or evaluate the findings of primary sources. Secondary sources can include any of the following publications: Journal review articles -- A review article summarizes past research on a given topic. Review articles can range from highly intensive systematic or integrative reviews or less rigorous ...
Secondary sources interpret historical events by examining primary sources and usually other secondary sources, such as books and journal articles.
Primary and secondary sources are the foundations of every research project. Learn about their differences and when to use them.
Searching Secondary Sources Full Text Several online collections of secondary sources are full text searchable. Records for articles in them are in HOLLIS, but if you have a specific topic, say a person's name or organization, these databases may give you online books or articles containing them.
Some examples of secondary sources include articles that interpret original scholarly research results and critiques of original creative works. Secondary sources are not evidence, but rather comment on and discuss previous evidence. Tertiary Sources: Tertiary sources of information provide broad overviews or condensed narratives of topics.
A primary source is an original material created during the time under study. Primary sources can be original documents, creative works, published materials of the times, institutional and government documents or relics and artifacts. Secondary sources put primary sources in context. They comment, summarize, interpret or analyze information ...
For example, the field of History may use diary entries and letters as primary source evidence, while the Sciences may use a publication of original research as a primary source. Being an interdisciplinary program, ISS courses and topics will require a range of understandings and approaches to primary sources.
Primary vs Secondary Research - What's the Difference? In the search for knowledge and data to inform decisions, researchers and analysts rely on a blend of research sources. These sources are broadly categorized into primary and secondary research, each serving unique purposes and offering different insights into the subject matter at hand.
In this lesson plan, students will learn how to distinguish between primary and secondary sources and how to use them for historical research. The central type of primary sources used in this lesson plan are fugitive slave advertisements: short, concise, detailed, and engaging primary sources that convey the history of slavery and freedom seeking in striking terms.
In the sciences, the term "primary sources" often applies to original research or the first (i.e., primary) article to report on new research or data. However, many archives do not retain journal articles as they are readily available from libraries and other digital sources. Review this guide from Michigan State University for more on the topic.
Using a good law review article, legal treatise, or legal encyclopedia can jump start your research. These sources, written by legal experts, will provide an overview of the legal issues you are exploring and cite the most important statutes and court cases you need to explore. Encyclopedias and Handbooks-- concise overviews of legal topics. An ...
A study from education saving specialist Embark and Leger showed 26 per cent of post-secondary students have considered dropping out of school because of financial strain.
Figure 3 : Current deals available in the market Source: Presto Research. Who are the Buyers and Sellers, and Why? Sellers and Why. Teams. Even with discount rates of 50~70%, project teams often find themselves in a profitable position. Many of these teams consist of small groups, typically 20-30 people, who have built projects over just 2-3 ...