Frameworks

Core Frameworks
These are foundational concepts used to interpret blockchain systems across cycles.

They are not trade ideas.
They are lenses.

Custody & Control

• Custody ≠ Ownership
• Where Control Lives

Liquidity & Stress

• Liquidity ≠ Solvency
• Liquidity, Custody, and the Illusion of Optionality

Market Mechanics

• Exchange Flows During Liquidity Contraction

Incentives & Behavior

• Incentives Define Outcomes

Each framework is designed to remain valid across narratives, cycles, and price regimes.