Research Associate, Liquid Tokens

About the role

This role focuses on the entire lifecycle of liquid token investments, from initial sourcing and due diligence to the final execution. The Research Associate will be responsible for identifying promising investment opportunities across various crypto markets, including spot tokens, DeFi, and layer-1/layer-2 ecosystems. This involves leading the underwriting process, preparing investment committee materials, and coordinating with legal and compliance teams to ensure smooth execution.

A core part of the position involves producing high-quality written research, such as sector maps, protocol deep dives, and tokenomics analyses, to support internal decision-making. The associate will also need to stay current on market trends, regulatory developments, and on-chain data, with a specific focus on the US market. Building repeatable research frameworks and maintaining a structured coverage universe are key to anticipating and mapping new opportunities.

Success in this role requires building and maintaining a robust network within the liquid crypto markets, including relationships with token projects, protocol teams, exchanges, and other funds. The associate will also contribute to DCG's brand by participating in thought leadership initiatives and events. Collaboration with post-investment and platform teams is essential for monitoring portfolio performance and providing valuable insights to support ecosystem growth.

The salary for this role ranges from $100,000 to $200,000 USD.

Skills that matter here

• crypto research skillset: This role requires producing publication-quality writing, sector mapping, and protocol/token teardowns to own a coverage universe end-to-end.
• tokenomics: The associate will analyze tokenomics to understand liquidity dynamics and price drivers for liquid digital assets.
• on-chain data: This role involves interpreting on-chain data to identify market trends and anticipate new opportunities.
• analytical mindset: The position requires strong quantitative skills for on-chain analytics, data tooling, valuation frameworks, and financial modeling.
• communication skills: Excellent written communication is needed for research reports and investment memos, alongside strong verbal skills for presentations.
• network in liquid crypto markets: The associate will leverage an established network to source high-conviction ideas and build relationships with industry participants.

Who this role suits

• A person with 2-4 years of experience directly in liquid token investing, trading, or research.
• Someone who is self-directed and efficient, capable of operating independently while also being a collaborative team member.
• An individual with an analytical mindset and strong quantitative skills, comfortable with data tooling and financial modeling.
• A professional who is open-minded yet decisive, able to navigate high-uncertainty environments in a fast-paced market.

From the employer

What You'll Be Responsible For

• Identify and evaluate liquid token investment opportunities across crypto markets (spot tokens, protocols, DeFi, layer-1/layer-2 ecosystems, and emerging digital assets); lead the underwriting process from sourcing and initial research through diligence, investment committee materials (memos/teardowns), and coordination with legal/compliance on structuring and execution.
• Produce high-quality written research (sector maps, protocol deep dives, tokenomics analyses, and investment theses) that can be used internally for decision-making.
• Stay deeply current on key trends, market dynamics, tokenomics, on-chain data, macro/regulatory developments, and sentiment drivers in crypto (with a focus on the US market); build repeatable research frameworks (dashboards, watchlists, and KPI sets) to anticipate, investigate, and map opportunities in fast-evolving sectors.
• Manage, grow, and maintain a robust network of relationships with token projects, protocol teams, exchanges, market makers, liquidity providers, other liquid funds, and key industry participants to source high-conviction ideas and stay at the forefront of liquid crypto markets.
• Test, measure, and iterate on alternative, data-driven sourcing channels for liquid opportunities, including on-chain analysis, secondary markets, OTC desks, launchpads, and ecosystem partnerships; build and maintain a structured coverage universe and idea pipeline.
• Collaborate with DCG's post-investment and platform teams to monitor portfolio token performance, provide value-add insights (e.g., market positioning, liquidity strategies), and support ecosystem growth where applicable.
• Contribute to building DCG's brand in liquid crypto markets through thought leadership, PR initiatives, event participation, and raising our profile among traders, protocols, and institutional participants.

What You'll Bring

• Bachelor's degree (finance, economics, business, computer science, engineering, or related field); advanced degree or CFA/equivalent a plus.
• 2-4 years of relevant experience in crypto markets, ideally with direct involvement in liquid token investing, trading, or research (e.g., buy-side, prop trading, market-making, or a leading crypto research firm).
• Demonstrated crypto research skillset: publication-quality writing, sector mapping, protocol/token teardowns, narrative formation, and comfort owning a coverage universe end-to-end.
• Strong understanding of crypto market structures, tokenomics, on-chain metrics, liquidity dynamics, and price drivers; prior experience analyzing and investing in liquid digital assets required.
• Demonstrated passion for crypto; prior hands-on experience in DeFi, trading, fintech, or related blockchain ecosystems a plus.
• Established network in liquid crypto markets (e.g., with protocols, exchanges, funds, or builders) and proven ability to build and manage high-value relationships.
• Ability to quickly learn emerging trends, synthesize complex information, and stay ahead in a fast-paced, 24/7 market environment.
• Analytical mindset with strong quantitative skills; comfort with on-chain analytics and data tooling (e.g., dashboards/queries), tokenomics/valuation frameworks, financial modeling, and risk assessment.
• Self-directed, efficient, and able to operate independently while being collaborative and team-oriented.
• Open-minded yet decisive in high-uncertainty environments.
• Excellent communication skills, especially written: ability to author clear research reports, investment memos, and IC-ready materials; strong verbal skills for presentations and investment discussions.

What We Offer

• Inspiring colleagues and an invigorating start-up environment.
• Competitive base salary, bonus and incentive compensation.
• Company paid health insurance for employee, partner and dependents.
• Life insurance, short-term & long-term disability coverage.
• 401K plan.
• Pre-tax transit and parking program and flexible spending programs for medical and dependent care.
• Unlimited PTO / Flexible time off.
• Paid parental leave.
• New water-front office with world-class perks and amenities.