Futures or Swaps? Perpetuals Meet US Regulators
Kalshi's listing of crypto perpetuals has forced a long-deferred question: under US law, are perps futures, swaps, or something the CEA never anticipated?
DeFi about 19 hours ago
Tokenized Equities: Rails, Failures, and SpaceX
The SpaceX allocation collapse at three major exchanges exposes what tokenized equity rails actually are — and what genuine ownership would require.
DeFi 3 days ago
Structured Credit Onchain: Ethena's $250M CLO Bet
Ethena's $250M allocation to Securitize's tokenized AAA CLO fund pushes DeFi reserves beyond T-bills into structured credit. We examine the mechanics and the risks.
DeFi 6 days ago
The Quantum Threat to Bitcoin's Exposed Coins
A technical analysis of how quantum computing endangers reused Bitcoin addresses, which UTXOs are exposed, and what post-quantum migration would require.
BTCFi 8 days ago
Ethena's $250M CLO Bet: Reserves Beyond Treasuries
Ethena is moving USDe reserves into tokenized AAA CLOs via Securitize's STAC. We analyze the structural credit risk this introduces and what it signals.
DeFi 10 days ago
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Recents
View all Futures or Swaps? Perpetuals Meet US Regulators
Kalshi's listing of crypto perpetuals has forced a long-deferred question: under US law, are perps futures, swaps, or something the CEA never anticipated?
DeFi 18 min read
Tokenized Equities: Rails, Failures, and SpaceX
The SpaceX allocation collapse at three major exchanges exposes what tokenized equity rails actually are — and what genuine ownership would require.
DeFi 15 min read
Structured Credit Onchain: Ethena's $250M CLO Bet
Ethena's $250M allocation to Securitize's tokenized AAA CLO fund pushes DeFi reserves beyond T-bills into structured credit. We examine the mechanics and the risks.
DeFi 17 min read
The Quantum Threat to Bitcoin's Exposed Coins
A technical analysis of how quantum computing endangers reused Bitcoin addresses, which UTXOs are exposed, and what post-quantum migration would require.
BTCFi 16 min read
Ethena's $250M CLO Bet: Reserves Beyond Treasuries
Ethena is moving USDe reserves into tokenized AAA CLOs via Securitize's STAC. We analyze the structural credit risk this introduces and what it signals.
DeFi 13 min read
Beyond Debt: Options as DeFi's Stability Primitive
A mechanism-level analysis of Vitalik's proposal to build index-tracking assets from options rather than debt, and what it implies for liquidation risk.
DeFi 14 min read