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.
1,747 documents
The report reviews crypto-collateralized borrowing in Q3 2025 across centralized lenders, DeFi applications, and collateralized stablecoin systems. It finds lending reached a new high, with DeFi applications accounting for a larger share than in the prior…
This monthly market commentary links a sharp crypto price decline in January to liquidations, falling open interest, and weaker demand for leverage. It reports that BTC, ETH, and SOL funding rates moved from elevated December levels into negative territory,…
The article interprets leadership changes at Base and Coinbase as a retreat from creator coins and onchain social products, with renewed emphasis on trading, payments, and AI agents. It argues that turning posts into tradable tokens produced scattered…
The report describes Solana’s effort to develop into infrastructure for onchain financial markets. It reviews changes to validator software, transaction scheduling, block propagation, execution, consensus, and networking, and explains how these upgrades aim…
The article explains Hyperliquid’s governance vote to award the USDH ticker to a stablecoin issuer aligned with the network. It describes the onchain voting process, stake-weighted participation, quorum requirements, and the tight proposal timeline. The vote…
This market review examines the sharp May 2021 crypto selloff, describing how a crowded advance, negative headlines, and broader risk aversion preceded a correction. It combines price moves with on-chain indicators and derivatives data to distinguish selling…
This report analyzes a sharp crypto selloff triggered by a tariff announcement and amplified by leverage, thin order books, and forced liquidations. It traces how falling Bitcoin and Ether prices were followed by severe discounts in USDe, BNSOL, and WBETH on…
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…
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 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 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 article traces social trading from portfolio copying on platforms such as eToro to crypto wallet trackers, group chats, and newer social wallets. It argues that apps centered on trader identities can bring discovery, execution, and public activity into…
This quarterly review tracks crypto-collateralized lending across DeFi, centralized lenders, and collateralized stablecoin issuance. It reports a second consecutive quarterly decline in DeFi loans and an overall contraction in crypto-backed lending,…
The report uses PUMP’s pre-market trading and token sale to assess whether onchain venues can handle activity at a scale associated with centralized exchanges. It says Hyperliquid attracted more peak PUMP perpetual open interest than the two named…
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…
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 commentary reads March’s Bitcoin market through perpetual funding rates and the three-month futures basis. After a rally sparked by a policy announcement faded, funding stayed subdued or turned negative on major venues, while the basis narrowed. The…
The document examines BNB Smart Chain’s late-2025 rise in activity, linking it to memecoin trading, launchpad revenue, perpetual-futures competition, and renewed attention from Binance founder Changpeng Zhao. It explains BSC’s role in the BNB Chain…
The commentary reviews May 2025 developments across crypto markets, lending, and regulation. It reports Bitcoin reaching a new high amid strong spot ETF inflows and elevated perpetual funding, futures basis, and open interest. Ethereum also rose, which the…
This quarterly review tracks crypto-collateralized borrowing across centralized lenders, decentralized lending applications, and the collateral-backed portion of stablecoin supply. It compares the recent contraction with the sharper 2022 lending unwind, and…
This quarterly review assesses Solana’s network, trading markets, and financial applications during a weaker period for crypto activity. DEX volume, application fees, and perpetual futures volume fell, while Solana retained DEX leadership and improved or…
The report describes subdued crypto trading and persistent negative funding into year-end, then surveys developments with potential consequences for lending markets. It covers Uniswap’s shift toward protocol fees and UNI token burns, new token launches that…