คลังความรู้

This report explains how public companies use digital assets, mainly bitcoin and ether, as a core treasury strategy. It defines equity premium to net asset value, mNAV, at-the-market share issuance, private investments in public equity, and bitcoin yield,…

This developer-call summary covers implementation questions ahead of Ethereum’s Merge. It describes inconsistent execution-client behavior when multiple conflicting proof-of-work blocks meet terminal total difficulty, which could leave nodes stuck or require…

The report explains the planned transition from Ethereum proof of work to proof of stake through coordination between the execution layer and the Beacon Chain consensus layer. It outlines three activation stages: the Bellatrix consensus-layer upgrade,…

This investment perspective describes RISE Labs’ proposed Ethereum Layer 2 architecture, combining parallel transaction execution, a continuous block pipeline, and based sequencing. Parallel execution is presented as a way to use multiple CPU cores to reduce…

The article examines a Polymarket contract asking whether Strategy would sell Bitcoin by May 31. The company’s later filing reported a sale made within that period, but Polymarket said the sale had not been confirmed by the deadline and the contract…

The article examines a disputed claim that an AI system solved the Navier–Stokes problem. It recounts a mathematician's account of prior collaborative work using several language models, questions about attribution, and uncertainty over whether product-user…

The document outlines a market-structure proposal for managing financial exposure to computing capacity. It argues that GPU-hours are difficult to price consistently because capacity differs by chip architecture, workload, location, and contract terms.…

The article maps AI inference services onto trading-market roles. Users buy tokens, inference providers quote prices while committing GPU capacity, and aggregators route demand and charge fees. It argues that growing use of open models and software-driven…

The document proposes a three-part framework for estimating the cost to mine a bitcoin. Marginal production cost includes power and hosting; direct cost adds machine depreciation; total cost adds labor. The tiers distinguish the expense of running an…

This research overview introduces Cosmos as an ecosystem of interoperable, application-specific blockchains built with the Cosmos SDK and connected through Inter-Blockchain Communication (IBC). It explains the design’s emphasis on sovereign chains,…

This report describes futarchy as a governance model that separates choosing goals from forecasting which actions will best achieve them. Rather than relying only on cost-free ballots, participants trade in prediction markets, putting economic stakes behind…

This report explains maximal extractable value (MEV) as profit available to block producers through transaction ordering, and describes why decentralized finance creates opportunities for it. The main strategy categories identified are arbitrage across…

This conference report reviews Ethereum developers’ priorities after the Merge, focusing on censorship resistance and scalability. It describes how proposer-builder separation and relays affect transaction inclusion, then surveys proposed responses:…

This short analysis examines long-dormant Bitcoin becoming active during price rallies. It defines dormant coins as BTC held at the same address for at least a year and notes that substantial movements occurred during the 2017 rally and again in 2024 and…

This conference report argues that Ethereum’s central challenge is not only technical progress but also governance: how decentralized protocols evolve while managing competing stakeholder interests. It reviews themes discussed at EthCC[6], including account…

This report explains the modular blockchain thesis as a way to address the scaling trilemma: the difficulty of maximizing decentralization, security, and transaction capacity at once. Rather than having one chain perform every task, modular designs…

This article assesses the fading prospects for the CLARITY Act in 2026 and the consequences for U.S. crypto regulation. It describes obstacles to Senate passage, including unresolved ethics provisions, bank opposition, and debate over protections for…

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…

The report explains account abstraction as a way to let smart contract accounts apply programmable rules to Ethereum transactions, easing reliance on a single private-key signature. It outlines ERC-4337’s transaction flow: users submit UserOperations to a…

The report reviews a sharp crypto deleveraging episode and its effects on market liquidity, derivatives positioning, and onchain lending. It describes a liquidation cascade followed by persistent selling, negative funding in many tokens, put-heavy options…

The report describes crypto’s June 2026 decline as driven mainly by macroeconomic pressure and investment flows, while lending markets remained orderly. It cites large Bitcoin ETF outflows alongside continued accumulation by large holders, stable DeFi…

This report examines crypto and blockchain venture funding in Q2 2022, focusing on capital invested, deal counts, company stages, valuations, deal sizes, founding cohorts, and subsectors. Although total investment fell for the first time since early 2021, it…

This report compares the design choices behind Ethereum and challenger smart contract platforms. It uses the scalability trilemma—scalability, decentralization, and security—to explain why networks make different engineering trade-offs. It also presents…

This report explains why blockchains often add scaling and functionality above a base layer rather than changing the base layer itself. It frames the challenge as balancing throughput with decentralization and security: raising capacity or adding features…