A structural analysis of spot crypto ETF plumbing — authorized participants, custodian concentration, creation-redemption arbitrage, and the tradeoffs of wrapping BTC in securities.
A mechanism deep-dive into Hyperliquid's HIP-3: how permissionless RWA perp listings work, what SPCX revealed, and why Ventuals shut down.
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.
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?
The SpaceX allocation collapse at three major exchanges exposes what tokenized equity rails actually are — and what genuine ownership would require.
A structural analysis of spot crypto ETF plumbing — authorized participants, custodian concentration, creation-redemption arbitrage, and the tradeoffs of wrapping BTC in securities.
A mechanism deep-dive into Hyperliquid's HIP-3: how permissionless RWA perp listings work, what SPCX revealed, and why Ventuals shut down.
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.
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?
The SpaceX allocation collapse at three major exchanges exposes what tokenized equity rails actually are — and what genuine ownership would require.
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.