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.
340 documents
This weekly market review summarizes several stablecoin developments in June 2023. It describes a brief USDT price deviation, selling pressure that left Curve’s three-asset pool heavily weighted toward USDT, and increased USDT borrowing demand on Aave and…
This report surveys the expansion of non-stablecoin real-world assets represented on-chain in 2023, focusing on private credit, real estate, and Treasuries or other bonds. It attributes rising demand to higher traditional interest rates and weaker…
The document explains how Ethereum’s planned Merge would replace proof-of-work mining with proof-of-stake validators. It expects the transition to sharply reduce electricity use while leaving ordinary transaction and application experiences largely…
This summary describes the U.S. President’s Working Group report on digital asset policy, covering proposed approaches to market structure, banking, stablecoins, illicit finance, taxation, and decentralized finance. It presents the report as favoring rules…
The article considers why Bitcoin traded nearly flat despite several negative developments: a hardware wallet exploit, Bitcoin sales by Strategy, and reduced prospects for U.S. crypto market structure legislation. It argues that the wallet losses affected a…
The report examines a hardware wallet vulnerability that arose after a 2021 firmware change introduced a faulty random-number generator. Instead of producing sufficiently unpredictable keys, affected devices could generate keys with weak entropy, enabling…
This report describes the regulatory challenges facing digital asset firms, especially uncertainty about which authorities and rules apply across jurisdictions and asset types. It compares their obligations with those of traditional financial institutions,…
This report reviews crypto and blockchain venture activity in the first quarter of 2023 using PitchBook data, which may be revised because venture deal reporting is delayed. It tracks invested capital, deal counts, funding stages, company founding years,…
The document frames blockchain capacity as a commodity compute product that users purchase through transaction fees. It explains how gas meters operations, how pricing mechanisms respond to demand, and why network effects among users, applications,…
The report analyzes a summer 2025 campaign that sent tiny bitcoin transactions carrying OP_RETURN notices to dormant wallets. It describes the campaign’s scale and transaction structure, the messages’ claims that recipients’ wallets might be abandoned, and…
This market update links crypto lending activity to token events, derivatives basis changes, and the supply of available collateral. It describes increased USDe borrowing around ENA-related yield strategies and higher WLFI borrowing tied to anticipated token…
The document explains why public companies that hold bitcoin can trade at substantial premiums to the value of their BTC per share. It defines the NAV premium and mNAV, then describes how public market access lets these firms raise equity and debt to buy…
This investment perspective describes Karta, a U.S.-issued credit card aimed at affluent international customers who hold assets with U.S. financial institutions but may lack a U.S. credit history. Its central underwriting approach uses verified assets held…
This report examines HyperEVM, an EVM-compatible Layer-1 connected to Hyperliquid’s HyperCore trading platform. The two chains share consensus and validators, while HyperEVM is intended to add general-purpose smart contracts and DeFi composability around…
Galaxy Research presents 26 forecasts for crypto markets in 2026 and reviews the conditions shaping them. The visible predictions cover Bitcoin’s uncertain near-term path and longer-term outlook, Solana’s onchain economy, Layer-1 value capture, corporate…
This report explains how NFT royalties became a revenue source for creators and why their enforcement remains contested. It describes the technical difficulty of embedding royalties in token contracts: a transfer may be a sale or simply a move between an…
The article argues that autonomous agents and inexpensive synthetic content could overwhelm online spaces, making it harder to distinguish human activity from machine-generated material. It traces part of the problem to internet protocols that deliver data…
The article examines BIP-110, a proposed temporary Bitcoin soft fork that would restrict several forms of transaction data. It describes the proposal’s signaling threshold and mandatory activation window, then recounts how miners largely declined to signal,…
The article describes zero-human companies (ZHCs): autonomous agents that earn revenue from products and services, then use crypto infrastructure to manage and reinvest their funds. It presents early examples of agent-run businesses and explains why wallets…
The article compares proposals to alter Ethereum and Solana token supply and validator economics. Ethereum’s draft would progressively burn a larger share of validator rewards as the staked share of supply rises, reducing staking yield while leaving MEV and…
The report reviews crypto market and lending conditions in July, highlighting institutional ETH basis trades, a rise in borrowing demand, and stress in liquid staking. It explains how leveraged staking loops become uneconomic when borrowing costs exceed…
The article describes an exploit of Ostium, an Arbitrum-based platform for leveraged synthetic perpetual trading settled in USDC. An attacker used authorized oracle-signer and PriceUpKeep forwarder credentials to submit a future-dated signed price, then…
The article explains a proposed SEC framework for certain non-security tokens sold through investment contracts. It outlines two fundraising exemptions, tailored disclosures on token economics and project progress, and a safe harbor under which the…
This quarterly report tracks crypto leverage across centralized and decentralized lending, crypto-backed stablecoin issuance, publicly traded digital-asset treasury companies, and futures markets. It reports that on-chain crypto-collateralized loans rose…