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
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…
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…
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 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 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…
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…
The paper analyzes how U.S. securities laws might apply to DeFi vaults, lending markets, and the parties that operate or curate them. It distinguishes three legal frameworks: the Reves family-resemblance test for loan notes, the Investment Company Act for…
This market commentary reviews June 2025 developments in crypto lending, on-chain credit, regulation, and tokenized investing. It reports that DeFi lending balances reached a new high as rates on stablecoin borrowing declined, and describes Sky Protocol’s…
The document explains how governance design affects whether DeFi applications are meaningfully decentralized and how they respond to change. It describes governance tokens and their distribution through fair launches or pre-mines, followed by informal…
The report maps how non-crypto companies and financial institutions are building crypto-specific products on Ethereum and its Layer 2 networks. It highlights tokenized real-world assets, including money market funds and bonds, as well as corporate…
This report surveys cryptocurrency lending across centralized providers and onchain applications. It distinguishes bilateral institutional loans, prime brokerage financing, and onchain private credit from smart-contract lending apps, collateralized…
This quarterly report analyzes investment into crypto startups and fundraising by crypto venture funds in Q3 2024. It draws on public filings, external data providers, and the publisher’s fund database to examine deal volume, capital invested, stage,…
This report explains SIMD-0411, a proposal to accelerate Solana’s existing disinflation schedule while keeping its terminal inflation target unchanged. It compares the proposal with the rejected SIMD-0228, which would have made inflation depend on the share…
This report surveys U.S. digital asset policy changes during the first half of 2025, describing executive actions, congressional measures, and a shift in the SEC’s approach. It covers the creation of a federal working group, plans for a Strategic Bitcoin…
This report examines DeFi activity during the FTX collapse and compares on-chain lending and trading with centralized finance. It describes Alameda’s outstanding DeFi loans and wallet activity, noting that smart-contract enforcement and public collateral…
The report presents Ethereum’s Strawmap as a strategic shift toward scaling the base layer while continuing to use rollups. It contrasts Ethereum’s strong position in assets held on-chain, such as stablecoins and tokenized real-world assets, with weaker…
This article explains the tension between the U.S. Custody Rule and registered investment advisers’ use of DeFi assets and protocols. The rule generally expects client funds and securities to be held by a qualified custodian and independently verified, while…
The article describes Zcash’s Ironwood upgrade, which opens a new shielded pool and prevents new deposits or internal transfers into the older Orchard pool. The change follows discovery of a vulnerability in Orchard’s proof circuit that could theoretically…
The document explains futarchy as a DAO governance model that separates choosing goals from assessing how proposed actions may achieve them. Instead of relying solely on token-weighted ballots, participants trade conditional positions in pass and fail…
The document summarizes debates at Ethereum’s 2024 Devcon about the network’s identity and long-term direction. It contrasts technical roadmaps, including a proposed overhaul of the consensus protocol, with a broader shared purpose centered on permissionless…