Latest Articles
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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.
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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?
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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.