คลังความรู้

This analysis compares Uniswap and SushiSwap using multiple decentralized exchange metrics, arguing that total value locked alone gives an incomplete view of protocol use. It examines liquidity in asset units alongside dollar-denominated TVL, deployed…

This market recap discusses Bitcoin and Ether options through realized volatility, implied volatility term structure, skew, and relative value. It reports that realized volatility was in the 40s, front-end implied volatility fell by 3–5 volatility points,…

This podcast recap follows dYdX founder Antonio Juliano’s account of the exchange’s development, from early decentralized margin trading to perpetual contracts. It describes the protocol’s move from an Ethereum layer-one design toward layer-two scaling using…

The article surveys how crypto firms and traditional financial institutions responded to the 2022–23 market downturn. It describes venture investment and expansion, wallet and custody partnerships, financial AI development, crypto exchange launches, and…

This primer explains how blockchain tokens can represent claims on physical or financial assets, from commodities and property to treasuries and intellectual property. It outlines the infrastructure involved, including smart contracts, legal and compliance…

This document explains an informational chart panel that flags unusually large price bars as possible news-driven volatility. Its core calculation compares the current bar’s high-low range with an ATR baseline multiplied by a user-set threshold. A trader can…

The document explains funding rates as periodic transfers between long and short holders of perpetual futures. The payment direction depends on whether the contract trades above or below its reference index: positive rates charge longs and credit shorts,…

This weekly derivatives recap describes Bitcoin and Ether options conditions during a period of crypto market weakness. It reviews realized volatility, the shape of options term structures, skew, trading flows, and dealer gamma positioning. The recap reports…

This report explains how bid and ask quantities, volume profiles, and order book imbalance can be used to interpret trading conditions in ETH markets. It describes watching changes in displayed bid and ask size alongside price, and treating divergence or…

This market update reviews Bitcoin and Ether derivatives conditions using realized volatility, options term structure, skew, option flows, and dealer gamma positioning. It reports that realized volatility had fallen into the low twenties, with Bitcoin’s…

The document describes a Chinese A-share screening rule focused on metaverse companies listed on the Shenzhen main board. It selects stocks with a circulating share count no greater than 5.5 billion and filters for price-to-earnings ratios from zero to 29.01…

The article describes how cryptocurrency was used during Russia’s invasion of Ukraine to raise funds for the Ukrainian government, military, and aid organizations, and to help displaced people access money. It cites donations through activist groups, NFT…

The document outlines two broad data sources for digital asset research: exchange market data and blockchain-derived on-chain data. For markets, it describes needs such as streaming and historical prices, order book levels and events, best bid and offer,…

This podcast recap explains how options positioning and dealer hedging can connect derivatives flows with movements in stocks and indices. It describes gamma-based analysis as a way to estimate where dealers may need to buy or sell the underlying, and…

This weekly market commentary links crypto options pricing and positioning to Federal Reserve remarks, inflation releases, and potential spot ETF news. It describes Bitcoin’s flat term structure and elevated volatility risk premium, notes differing…

The article describes wallet-level blockchain data, including transaction histories, current and historical balances, token transfers, and smart-contract logs and functions. It explains how tracing address activity and connections can help institutions…

This digital-asset snapshot discusses Bitcoin’s rally above $70,000 and frames ETF demand, the approaching supply halving, and possible approval of an Ethereum ETF as supportive factors. It also explains that Ethereum’s Dencun upgrade introduced blob storage…

The guide explains decentralized exchanges as peer-to-peer venues where smart contracts execute token trades, often through automated market makers rather than conventional order books. It describes liquidity pools as reserves of token pairs supplied by…

The document introduces Zcash shielded transactions and explains that zero-knowledge proofs can verify a statement without revealing the underlying information. It distinguishes four transaction patterns: transfers between shielded addresses, transfers from…

This article describes how high-frequency trading (HFT) can shape cryptocurrency order books. It presents cross-exchange arbitrage as one HFT approach and discusses possible effects including deeper displayed liquidity, tighter bid-ask spreads, faster price…

This brief mid-week recap summarizes Bitcoin and Ether derivatives conditions as spot prices rose ahead of US inflation data in April 2023. It reports Bitcoin 10-day realized volatility reaching 31%, an inverted term structure in both assets, and renewed…

This market outlook links a possible year-end crypto rally to expectations of a Federal Reserve rate cut and other supportive headlines. It reports a sharp change in the cited December rate-cut probability, describes thin holiday trading as a setting where…

This brief market recap summarizes observations about Bitcoin and Ether derivatives for the week around March 1, 2023. It reports that implied volatility near Bitcoin’s $25,000 resistance level fell, the Bitcoin term structure returned to contango, and skew…

This analysis studies whether lending activity in USDC, USDT, and DAI can help anticipate Ethereum volatility. It examines lagged repayments, withdrawals, and borrowing, then defines shock days as days when repayment counts exceed each stablecoin’s…