Symbiotic Core V2 and the Collateral Market Thesis
Symbiotic's Core V2 reframes restaking as generalized collateral infrastructure. We examine whether the pivot is architectural novelty or repositioning.
DeFi about 14 hours ago
Inside the ETF Wrapper: What Bitcoin Loses
A structural analysis of spot crypto ETF plumbing — authorized participants, custodian concentration, creation-redemption arbitrage, and the tradeoffs of wrapping BTC in securities.
BTCFi 2 days ago
HIP-3 and the Limits of Permissionless RWA Perps
A mechanism deep-dive into Hyperliquid's HIP-3: how permissionless RWA perp listings work, what SPCX revealed, and why Ventuals shut down.
DeFi 5 days ago
The FX Layer: Spark, Uniswap v4, and Stablecoin Liquidity
A mechanism analysis of the Spark-Uniswap v4 FX Layer, the $150M USDS migration, and what hooks change for stablecoin pairs that Curve has long dominated.
DeFi 8 days ago
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 10 days ago
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Recents
View all Symbiotic Core V2 and the Collateral Market Thesis
Symbiotic's Core V2 reframes restaking as generalized collateral infrastructure. We examine whether the pivot is architectural novelty or repositioning.
DeFi 16 min read
Inside the ETF Wrapper: What Bitcoin Loses
A structural analysis of spot crypto ETF plumbing — authorized participants, custodian concentration, creation-redemption arbitrage, and the tradeoffs of wrapping BTC in securities.
BTCFi 16 min read
HIP-3 and the Limits of Permissionless RWA Perps
A mechanism deep-dive into Hyperliquid's HIP-3: how permissionless RWA perp listings work, what SPCX revealed, and why Ventuals shut down.
DeFi 15 min read
The FX Layer: Spark, Uniswap v4, and Stablecoin Liquidity
A mechanism analysis of the Spark-Uniswap v4 FX Layer, the $150M USDS migration, and what hooks change for stablecoin pairs that Curve has long dominated.
DeFi 15 min read
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