คลังความรู้

The article connects a proposed SEC update to transfer-agent rules with the gradual extension of U.S. equity-market hours. Transfer agents maintain official ownership records, so the author argues that continuous trading depends on reliable records,…

This report reviews publicly reported crypto and blockchain venture deals in Q2 2024, comparing deal activity, capital invested, valuations, stages, sectors, and company locations. Deal count edged down from Q1 while invested capital and median pre-money…

The report assesses how the 2024 election results might change U.S. digital-asset policy and institutional participation. It expects a more supportive executive branch and Congress to influence bank regulators, the SEC and CFTC, and future legislation on…

This conference report surveys three themes discussed at Bitcoin 2024 in Nashville: Bitcoin’s growing political presence, mining firms’ interest in artificial intelligence and high-performance computing, and efforts to scale Bitcoin through layer 2 systems.…

This analysis estimates Bitcoin’s electricity footprint and compares it with energy use attributed to gold production and banking. It explains that mining machines account for nearly all Bitcoin network electricity consumption because proof of work uses…

This article explains open banking as consumer control over financial data and frames it as a response to fragmented accounts across banks, brokerages, fintech applications, wallets, and crypto exchanges. It argues that connected services could let people…

This report introduces decentralized autonomous organizations as blockchain based groups whose rules and operations are encoded in smart contracts. It traces the idea from early decentralized corporation proposals through The DAO’s 2016 launch and hack, then…

The article analyzes a sharp liquidation event in a tokenized perpetual market tracking a South Korean stock. A single trade at the exchange’s daily price limit reached a third-party oracle just as the reference market opened. A mark price combining the…

The article examines how stablecoin payment flows, onchain records, and smart contracts could support asset-backed lending with more efficient monitoring and enforcement. It contrasts earlier undercollateralized crypto lending, which relied on weak onchain…

This monthly update reports April and year-to-date returns for crypto hedge fund composites and subcategories, comparing them with Bitcoin, Ethereum, and a broad crypto index. Fundamental funds had the strongest reported year-to-date performance, while…

The report reviews crypto venture capital activity in Q2 2021, linking record private funding and rising valuations to a strong but volatile public crypto market. It describes larger funds entering the sector, capital shifting back toward early-stage…

The article analyzes New York’s statewide pause on new data center construction above a specified power threshold and the conditions proposed for projects after the pause. It describes the state’s rationale as limiting pressure on electricity, water, and…

This meeting writeup reviews Ethereum developers’ preparation for the Merge upgrade. It reports results from a mainnet shadow fork, where terminal total difficulty arrived earlier than estimated and several execution and consensus clients encountered…

Centrifuge proposed allowing eligible CFG holders to exchange tokens for tokenized company shares at a one-to-one rate. The plan would place larger holders directly on the share register and route smaller holders through a trust, while leaving conversion…

This market update examines China’s 2021 restrictions on crypto trading and mining, including pressure on over-the-counter desks and provincial orders affecting mining operations. It outlines how OTC trading had served as a route between renminbi and…

The article explains the gap between Cosmos’s original vision of a central Hub and the independent growth of application-specific chains. It describes how the Cosmos SDK supports specialized chains and how Inter-Blockchain Communication allows compatible…

This overview explains Solana’s design choices and the tradeoffs behind its performance. It describes hardware-oriented scaling, Proof of History combined with Proof of Stake, parallel transaction processing, and a unified architecture that supports…

The document introduces SeC FiT PrO, a framework for assessing operational risks before institutional investors interact with DeFi protocols. It scores protocols across six domains—security, compliance, finance, technology, protocol, and operations—using…

This report explains how Bitcoin mining pools coordinate ASIC miners and why the Stratum V1 protocol may be less suited to large, high-hashrate operations. It outlines V1’s subscribe, authorize, notify, and submit messages, including plaintext credentials…

This report examines four publicly traded U.S. companies adopting Ethereum treasury strategies. It describes how they financed ETH purchases through equity offerings, private placements, and asset sales, and compares their holdings, staking activity, and…

This report surveys the development of Bitcoin Ordinals through 2023, covering inscription growth, wallets and marketplaces, token standards, rare satoshis, and recursive inscriptions. It compares image-based minting and trading activity with NFT activity on…

This report examines Bitcoin’s April 2021 decline from a recent high, relating the move to Coinbase’s listing, crowded leveraged positioning, and an unverified claim about U.S. enforcement. It reviews liquidations, futures basis, options activity, implied…

This monthly commentary reviews a June 2024 crypto market pullback, describing how news of planned Mt. Gox repayments coincided with long liquidations, lower Bitcoin perpetual futures open interest, and a temporary drop in funding rates. It interprets…

The paper analyzes how stablecoins regulated under the GENIUS Act could reshape dollar finance. It links reserve requirements to demand for short-dated U.S. Treasuries, then examines how stablecoin growth may be funded by domestic deposit substitution,…