Latest
Structural Red Flags
An applied framework for identifying structural red flags across liquidity, custody, leverage, incentives, settlement, and governance before outcomes change.
Governance Under Stress
Settlement Risk in “Fast” Systems
An applied analysis of settlement risk, explaining why speed does not equal finality and how risk is deferred in “fast” systems.
Incentives in Market Making
An applied analysis of market making incentives, explaining why liquidity provision is conditional and why it disappears simultaneously under stress.
Protocol Liquidity vs Token Liquidity
An analysis of why liquidity at the protocol level can diverge sharply from token liquidity, and how that gap creates hidden risk during periods of stress.
Leverage Without Transparency
An applied analysis of how leverage hides within modern financial systems and why liquidity stress exposes it abruptly.
Stablecoins Through the Liquidity Lens
An applied analysis of stablecoins through the Liquidity ≠ Solvency framework, focusing on redemption mechanics, timing mismatch, and behavior under stress.
Applying Custody ≠ Ownership to Asset Access
An applied analysis of how custody risk manifests across exchanges, custodians, funds, wallets, and protocols when access matters most.
Applying Liquidity ≠ Solvency to Modern Financial Systems
An applied analysis of the Liquidity ≠ Solvency framework across banks, funds, ETFs, stablecoins, and protocols.
Custody ≠ Ownership: A Structural Framework for Control Risk
A structural framework that distinguishes ownership from custody, explaining how control, access, and risk diverge under stress.
Liquidity ≠ Solvency: A Structural Framework for System Failure
This paper introduces a framework used to distinguish liquidity risk from solvency risk. The distinction is simple, but consistently misunderstood. Confusing the two leads to false confidence, delayed recognition of failure, and poor decision-making under stress. This framework is not a forecast. It does not predict outcomes or market direction.
Market Structure
A Structural Read on the First Week of January
A structural read of the first week of January, focusing on liquidity, positioning, incentives, and what actually changed beneath the price action.
Paid - Institutional
Custody & Control Risk Dashboard
Liquidity Stress Dashboard
A live dashboard tracking liquidity stress across the crypto system—highlighting structural constraints and systemic risk before they surface in price.
Structure
When Regulation Rewrites Market Structure
Blockchain University analyzes systems from the inside out — focusing on incentives, structure, and failure modes rather than price or prediction. This piece is a public example of that approach.
Regulation & Institutions
Regulation as Market Design
When Regulation Rewrites Market Structure Most people think regulation reacts to markets. In reality, regulation redesigns them. Not emotionally. Not rhetorically. Mechanically. At Blockchain University, we don’t ask whether regulation is “bullish” or “bearish.” That question arrives after the real effects have already been set in motion. Instead, we
Subscribers
Briefing — Liquidity Signals Beyond Price
Subscribers
Subscriber Briefing — ETF Custody and Structural Risk
advanced
Essay - When Liquidity Becomes a Constraint, Not a Signal
Subscribers
Subscriber Briefing — Liquidity Stress and Structural Risk
Frameworks
Framework - Settlement Speed vs Settlement Finality
A framework examining the tradeoff between settlement speed and settlement finality, and how design choices affect risk and trust in blockchain systems.
News
Coming soon
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Frameworks
Incentives Define Outcomes
Beginner Learning Path — Part 3 of 5 This essay is part of the Beginner Learning Path and builds on the prior concepts of custody and liquidity. → Previous: Liquidity ≠ Solvency — A Structural Primer → Beginner Learning Path The Role of Incentives in System Design Every system produces outcomes consistent with its incentives.