Latest Articles
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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.
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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.
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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.
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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.