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.
5,922 documents
This market commentary surveys the effects of the FTX collapse across crypto credit, spot and derivatives liquidity, perpetual funding, and DeFi. It reports that lending activity contracted as firms halted withdrawals or entered bankruptcy, borrowing rates…
This case study traces SushiSwap’s launch as a community-owned fork of Uniswap and examines how it attracted liquidity, survived a founder-led treasury withdrawal, and sought to build a lasting exchange. It argues that early traction came from being the…
This analysis explains EIP-2593, an Ethereum blockspace proposal that lets a transaction specify a starting bid, a maximum bid, and a block window over which its offer rises. The authors compare this time-based bidding approach with EIP-1559, which aims to…
This article explains why collecting the bid-ask spread does not guarantee that liquidity providers will profit. Takers can wait for favorable conditions, while makers continuously expose quotes; informed takers may therefore trade just before prices move…
This article explains Ethereum Beacon Chain finality and describes two incidents in which blocks remained unfinalized for several epochs. Finality requires votes from a supermajority of validators, yet transaction submission and processing continued during…
This analysis estimates how EIP-1559 could change miner revenue by separating block subsidies, transaction fees, and miner-extractable value. Under the described fee mechanism, base fees are burned, while miners continue to receive subsidies and MEV;…
This overview compares two early decentralized options platforms, focusing on how contracts are created, collateralized, traded, and priced. Opyn issues transferable, fully collateralized American options in specified series. Its tokens can trade on…
This article examines how depositing assets into DeFi protocols can create receipt tokens that represent claims on underlying funds or pool positions. Its example traces stablecoins through lending markets, a Curve liquidity pool, and a yield vault, where…
This article explains how on-chain governance formalizes protocol proposals, token-weighted voting, and upgrades, then contrasts that model with rough consensus among maintainers. It uses contentious hard forks in Bitcoin and Ethereum, as well as recurring…
This episode summary previews a discussion of Bitcoin’s place in a shifting macro environment, alongside tariff uncertainty, rising US yields, and market de-risking. The guests also discuss Lido’s liquid staking model, institutional custody and risk…
This market commentary considers how Bitcoin’s approach to a previous all-time high could affect crypto assets. It cites four earlier occasions when Bitcoin came within 10% of that high; in each, price later moved above it, and three reached the prior level…
This article explains how borrowing against crypto collateral in DeFi can expose users to liquidation as asset prices fall. It illustrates collateral ratios with an ETH vault example and argues that large amounts of locked collateral could face forced…
This essay applies aggregation theory to decentralized finance, distinguishing protocols that provide infrastructure from interfaces that connect users to multiple services. It argues that a user-focused platform could simplify onboarding and capture…
This case study recounts the 2018 Oyster Pearl token exploit and uses it to examine the limits of trust minimization in crypto projects. A privileged director function remained able to reopen the crowdsale after launch, mint new tokens, and withdraw funds.…
This market commentary describes a relatively quiet crypto weekend, with Bitcoin and Ether little changed while some altcoin sectors softened. It observes that crypto volatility had declined even as trading volume increased, interpreting that combination as…
The article explains how impermanent loss can affect liquidity providers in automated market makers. In constant-function pools, prices do not automatically track external markets; arbitrageurs can trade against stale pool prices after a token moves,…
This essay examines the 2022 crypto downturn through market stress, macroeconomic conditions, and signs of continued activity across blockchain ecosystems. It connects institutional failures and falling asset prices with volatility spikes, reduced spot…
This article argues that crypto market stress can create temporary dislocations because many venues lack the trading halts common in traditional markets. It uses the 1987 US market crash and Bitcoin’s May 2021 decline as context, then describes several…
This overview describes how decentralized finance protocols use token rewards, interest, staking, and fee sharing to attract users and liquidity. It presents total value locked as a commonly used measure of DeFi activity, then discusses how COMP rewards…
This market commentary considers why crypto prices held up amid US enforcement actions, then looks for relative-strength and catch-up opportunities across layer-one tokens and decentralized finance. It argues that regulatory actions were broadly anticipated,…
The commentary examines TUSD trading away from its dollar peg and describes how traders used Aave borrowing to establish short positions. They borrowed TUSD, sold it on centralized or decentralized exchanges, and could later buy it back at a lower price to…
The article presents blockchain security as an interaction among several defensive layers rather than a property supplied by any single mechanism. Its onion model moves from cryptographic protections, such as signatures and hash-linked blocks, through…
This article explains the single-vault model used by SushiSwap’s BentoBox and Balancer V2. A shared vault holds tokens and manages balances, while separate pools or applications provide functions such as automated market making, lending, and trading. The…
This article compares optimistic and zero-knowledge rollups as ways to scale Ethereum. Both batch off-chain transactions and rely on Ethereum for settlement and data review, but they validate batches differently. Optimistic rollups accept batches unless…