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340 dokumentů
This analysis models the economics of a Bitcoin BitVM bridge withdrawal. An operator pays a user BTC before receiving reimbursement from the bridge multisig, which is delayed by a challenge and proving period. The user’s discounted payout compensates the…
This brief market note links a rewards campaign to a burst of activity on Phoenix Trade, a Solana perpetuals venue. After announcing a program offering traders $420,000 in USDC over the coming month, the exchange recorded consecutive daily highs in trading…
The report examines the theft of rsETH through KelpDAO’s LayerZero bridge and the resulting stress across lending markets. It explains how a single-verifier setup relied on RPC data that attackers manipulated, prompting the bridge to release tokens without a…
This report explains Avalanche’s architecture and consensus approach, emphasizing repeated random sub-sampled voting. Validators poll stake-weighted samples of other validators, update their preferences over successive rounds, and finalize transactions once…
The report reviews 2021 venture investment in crypto and blockchain startups, comparing funding totals, deal stages, company categories, fund formation, and valuations with the broader venture market. It reports $33.8 billion invested across 2,018 deals,…
Ethereum developers agreed to prioritize staked ETH withdrawals for the Shanghai upgrade and pursue proto-danksharding separately, because EIP 4844 was considered less ready and combining the work could delay withdrawals. The call covered progress on…
This analysis explains how the Financial Action Task Force’s finalized guidance may shape anti-money-laundering and counter-terrorist-financing obligations for virtual asset service providers. The travel rule requires covered firms to collect and retain…
The article uses the launch and rapid price collapse of the $LAPTOP token to argue that celebrity association alone may no longer attract durable demand. It describes a launch shaped by thin liquidity, alleged sniper activity, negative community reaction,…
This venture-investment perspective outlines themes the authors expect to support broader use of public blockchains: on-chain finance, institutional tools, embedded crypto experiences, and succinct zero-knowledge proofs. It argues that transparent settlement…
The report examines whether Bitcoin mining sites can help meet rising demand for AI and high-performance computing data centers. It argues that some miners already have valuable inputs—large sites, power access, cooling resources, fiber connections,…
This market update tracks stablecoin trading, supply, exchange balances, and network flows during the November 2022 FTX-Alameda crisis. It compares trading volume and turnover across USDT, BUSD, and USDC, describing how exchange quote-currency use differs…
This essay explains why electricity availability may constrain the expansion of AI computing. It connects digital workloads to physical generation, transmission, cooling, and backup requirements, then compares approximate power needs for enterprise…
This outlook examines how crypto acquisitions may support institutional strategy through three themes: moving financial distribution onchain, acquiring liquidity and scarce market access, and establishing economic control over protocols. Examples include…
This research describes how low-cost token launchpads, especially Pump.fun on Solana, expanded memecoin issuance and reshaped trading. It frames memecoins as cultural assets traded on attention cycles rather than cash flows, and discusses their role as an…
This report sets out a process for managing risks that arise when crypto firms rely on counterparties, trading venues, custodians, and vendors. It connects failures and contagion in digital asset markets with weak or inconsistent oversight, and highlights…
This market commentary explains how perpetual futures funding rates and the Bitcoin futures basis can indicate the cost of leverage and short-term capital in crypto markets. It describes the basis trade as buying spot Bitcoin while selling a nearby futures…
The article examines maximal extractable value (MEV) as a source of demand for blockchain transaction space. It distinguishes transactions driven by users’ need to access applications from MEV transactions generated by opportunities within the system.…
The report reviews crypto startup venture activity in Q3 2021, comparing invested capital, deal counts, stage mix, deal sizes, and valuations with earlier periods and the broader venture market. It describes a record quarter for crypto funding even though…
The report broadens a review of crypto lending into a wider estimate of leverage across crypto-collateralized borrowing, debt issued by public Bitcoin treasury companies, and futures open interest. It compares centralized lenders, decentralized lending…
The report examines Hyperliquid’s HIP-4 outcome markets and compares their position with Polymarket and Kalshi. It describes fully collateralized binary contracts that settle to zero or one, a launch auction followed by continuous order-book trading, and a…
The report explains restaking as reusing a blockchain’s stake and validator resources to secure additional services. It introduces key concepts such as slashing, liquid restaking tokens, actively validated services, and the distinction between economic and…
This report studies how ETH supply has been distributed since Ethereum’s launch and how consensus changes could affect that distribution. It considers the initial allocation, subsequent proof-of-work issuance, exchange flows, account balances, and onchain…
This analysis examines Bitcoin’s fee market, OP_RETURN transactions, and balances by address script type using data from an in-house full node. It measures block fee rates across percentiles, the proportion of low-fee blocks, blocks below a specified weight…
This essay argues that money with constrained supply can preserve purchasing power and encourage saving, investment, and long-term production, while easily expanded money can dilute holders’ wealth and shift resources toward early recipients of new issuance.…