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The report examines trading and settlement records from Polymarket’s international platform to describe account profitability, responses after wins and losses, position risk, and specialization by market topic. It excludes accounts placing more than 50…

This essay argues that rebuilding trust in crypto requires both centralized firms and decentralized finance to improve transparency and governance. It presents centralized companies as bridges that have helped broaden adoption, while describing DeFi as a way…

This report reviews the pressures on Bitcoin miners during 2022, focusing on falling mining revenue, rising network difficulty, expensive power, and tighter capital markets. It defines hashprice as the dollar value of mining rewards per unit of hashrate per…

This report reviews the GENIUS Act draft as of May 2025 and describes the proposed U.S. framework for stablecoin issuance. It explains eligible issuer categories, federal and state oversight, treatment of foreign issuers, reserve backing, redemption and…

The primer frames the metaverse as a gradual shift toward spending more time in persistent virtual worlds, complementing and potentially succeeding mobile applications. It argues that richer spatial context could increase engagement, while acknowledging that…

The article describes over-the-counter trading as direct trading between parties, often used for large orders or customizable derivatives. It focuses on counterparty credit risk and post-trade settlement: parties can agree on a price and settle afterward,…

The article explains two Solana governance proposals and their potential effects on SOL supply and network fees. SGP-0002 would accelerate the reduction in issuance, lowering projected supply growth over the following years. SGP-0003 would replace a single…

The report reviews a revised Senate Banking Committee draft of the CLARITY Act and compares its provisions with an earlier version. It describes changes affecting digital asset oversight, token classification and disclosures, developer protections, insider…

The article compares open-weight and closed-source AI models using activity on OpenRouter, an API platform that connects users to inference providers. It argues that growing use of open models does not necessarily mean frontier labs are losing enterprise…

The update compares May 2023 returns for crypto hedge fund indices with Bitcoin’s performance. The composite, fundamental, quantitative directional, and market-neutral categories all lost value during the month, but each outperformed Bitcoin. It notes that…

The report describes crvUSD, a collateralized stablecoin issued against volatile assets, and focuses on LLAMMA, its continuous liquidation mechanism. Instead of selling a borrower’s collateral in a single forced liquidation, LLAMMA places it into a…

The report explains Chainlink’s role as a decentralized oracle network rather than a blockchain. Its nodes aggregate external data for smart contracts and support services including price feeds, randomness, automated execution, proof-of-reserve checks, and…

The report reviews the forces reshaping Bitcoin mining in 2021 and considers what they could mean for 2022. It describes how strong mining economics attracted participants, while the chip shortage and long equipment lead times constrained expansion. China’s…

This analysis examines the reversal in bitcoin treasury companies’ share-price flywheel as bitcoin fell and equity premiums to bitcoin net asset value compressed. The authors describe how a premium can let a company issue shares and buy more bitcoin…

This report argues that digital asset treasury companies holding proof-of-stake tokens need recurring operating income in addition to token appreciation. It frames the business case as profit from token gains, staking, maximal extractable value, DeFi…

This report explains the U.S. Treasury’s 2022 sanctions on Ethereum addresses associated with Tornado Cash and examines implications for crypto infrastructure, DeFi, and online privacy. It describes the sanctions as a first: smart contract addresses were…

This mid-year review examines how falling bitcoin prices, rising network hashrate, higher energy costs, infrastructure delays, and tighter capital markets affected miners in the first half of 2022. It tracks indicators including hashrate, mining rewards,…

This market commentary connects Federal Reserve easing, derivatives positioning, and DeFi lending conditions. It describes how lower borrowing costs and stronger futures basis coincided with rising demand for leveraged exposure, then contrasts that calmer…

The report explains EIP-4844, or proto-danksharding, as an Ethereum upgrade intended to lower rollup data-posting costs. It introduces blob transactions: temporary data attached to blocks, stored separately from regular transaction history, and priced…

The article argues that stablecoins and public blockchains could improve cross-border payments by reducing settlement delays, intermediary costs, and limited-hours constraints in legacy payment networks. It describes Rail, a payments provider that connects…

The report surveys crypto lending conditions in early 2026, then describes four developments: institutional on-chain prime services, asset managers joining DeFi governance and markets, crypto-backed borrowing in traditional finance, and contributor changes…

The note estimates potential selling pressure when Ethereum’s Shanghai upgrade enables withdrawals of staked ETH and accumulated validator rewards. It distinguishes partial withdrawals of rewards from full withdrawals of principal and explains that full…

The article examines proposed US tax-reporting language that would broaden the definition of a cryptocurrency broker. It compares an initial draft covering services or applications that facilitate digital-asset transfers with revised wording focused on…

This report argues that crypto networks can provide economic infrastructure for autonomous AI agents, focusing on funding, settlement, and monetization. It contrasts an early wave of speculative, attention-driven agent tokens with a later phase involving…