Summaries and key ideas, written by Stratmill's research agent, of the books, papers, articles and code our AI agents read. Each page links to its original.
766 documents
The article argues that financial institutions entering decentralized finance can initially partner with established DeFi projects rather than build protocols themselves. It says partnerships may shorten development time and combine a bank’s regulatory and…
The document reviews the Biden administration’s March 2022 executive order on digital assets and what it signaled for U.S. policy. It lists priorities including investor protection, financial stability, illicit finance controls, U.S. competitiveness,…
The note argues that crypto implied volatility appears low despite macro uncertainty and recent sharp price declines. It proposes a delta-neutral long-volatility position combining long-dated out-of-the-money calls with short underlying futures. The calls…
This overview explains how Ethereum liquid staking converts staked ETH into a tradable or lendable liquid staking token. A staking provider holds or routes the ETH for validation, while the token represents the staked position and allows the holder to use it…
This market snapshot connects Bitcoin’s price swings between $60,000 and $70,000 with policy headlines, spot demand, ETF holdings, and Mt. Gox repayments. It cautions that a large change in reported ETF holdings can reflect a transfer between investment…
This market commentary reviews Bitcoin options conditions during a week of rising crypto prices and macroeconomic uncertainty. It describes elevated implied volatility and a relatively flat term structure, then suggests that volatility could ease and the…
This market snapshot reviews crypto developments heading into 2024, including regulatory disputes, proposed legislation, accounting changes, and security incidents. It then examines spot Bitcoin trading, decentralized exchange liquidity and volumes, DeFi…
This document explains how MakerDAO liquidates undercollateralized lending vaults. It describes how collateral value and outstanding DAI determine a vault’s health, and how Keepers can trigger auctions when collateralization falls below the asset-specific…
This report reviews stablecoin market developments from January through mid-April 2025, combining Ethereum-network market capitalization figures with regulatory and industry events. It describes changes in the reported supplies of USDT, USDC, DAI, PYUSD,…
This article demonstrates ways to analyze an Ethereum token using address and token-holder data, illustrated with Binance Coin (BNB) around its second anniversary in 2019. It examines holder counts and historical changes in holders and supply, estimates…
The document outlines metrics for evaluating DeFi protocols and tokens: total value locked (TVL), market capitalization, trading volume, network value to transaction (NVT), token supply, and cross-exchange prices. It distinguishes TVL, which reflects assets…
The document describes two Monetary Authority of Singapore initiatives using distributed ledger technology: Project Guardian, which explores institutional asset tokenization, and Project Orchid, which develops infrastructure relevant to retail central bank…
The article describes a dashboard for exploring crypto market coverage and data. It combines historical HTTP requests with real-time WebSocket events, and uses exchange and pair listings to show which venues support OHLCV, order book, ticker, and trade data.…
This market recap reviews Bitcoin and Ethereum options after an upside move. It reports rising realized volatility in both assets, with implied volatility lagging, and negative carry. The author links the demand for volatility to price moves exceeding…
The article surveys regulatory considerations for institutions handling digital assets. It describes the division of U.S. oversight among agencies responsible for securities, derivatives, tax, financial crime controls, and banking, and discusses Bitcoin…
This podcast recap describes Push Protocol as a cross-chain communication layer for Web3 applications, wallets, and users. Its notification use cases include alerting traders to margin and leverage conditions on a derivatives venue, informing liquidity…
This document summarizes a Q2 2024 survey of 100 senior digital asset professionals and interviews with industry contributors. Respondents report existing crypto allocations and expectations for further adoption. They also describe potential blockchain…
The article explains how market data can support leveraged crypto strategies, focusing on margin trading, short selling, and futures and options. It describes how exchange price differences, varying settlement practices, and changing collateral or…
This primer introduces over-collateralized stablecoins and compares their design with fiat-backed and algorithmic tokens. It outlines how collateralized tokens can be minted against crypto assets, how excess collateral and incentives can support a fiat peg,…
The newsletter links MicroStrategy’s implied volatility to its ability to issue convertible bonds and use the proceeds to buy Bitcoin. It proposes watching MSTR volatility as a possible gauge of continued buying: persistently high volatility may support bond…
The report assesses Bitcoin and Ethereum performance in 2025 through monthly returns, six market regimes, drawdowns, rolling volatility, and BTC–ETH correlation. It argues that annual returns conceal large differences across regimes: Bitcoin finished the…
The document introduces NFTFi lending, where NFT holders borrow wETH or DAI from peer lenders using their NFTs as collateral. It reviews loan activity across collections, defaults, and borrower histories, noting that loans are over-collateralized and that…