Research

Research Index

Research is long-form analysis of system behavior over time.

It prioritizes:

• structure over narrative
• incentives over outcomes
• custody, settlement, regulation, and liquidity constraints
• Entries are added incrementally as conditions evolve. This index reflects the current state of analysis.

Current Research

Market Structure

• Exchange Flows During Liquidity Contraction

Liquidity & Risk

• Liquidity ≠ Solvency
• Stablecoin Supply as a Liquidity Proxy
• Liquidity, Custody, and the Illusion of Optionality

Custody & Control

• Custody ≠ Ownership — A Structural Primer
• Where Control Lives

Regulation & Institutions

• (forthcoming)

On-Chain Interpretation

• (forthcoming)

Synthesis

• When Liquidity, Custody, and Control Diverge