Frameworks
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.
Frameworks
Timeless analytical frameworks used to interpret blockchain systems across cycles.
Frameworks
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.
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.
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.
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.
Frameworks
Liquidity ≠ Solvency — A Structural Primer
Beginner Learning Path — Part 2 of 5 This essay is part of the Beginner Learning Path and builds directly on the previous essay. → Previous: Custody ≠ Ownership — A Structural Primer → Beginner Learning Path Liquidity and solvency are often treated as the same problem. They are not. Liquidity describes the ability to
Frameworks
Custody ≠ Ownership — A Structural Primer
Beginner Learning Path — Part 1 of 5 This essay is part of the Beginner Learning Path. If you have not started at the beginning, read the overview first. → Start at the Beginner Learning Path Custody ≠ Ownership — A Structural Primer 1. Restating the Core Distinction Custody and ownership are often treated
Market Structure
Where Control Lives
This is Part 4 of 5 in the Beginner Learning Path. * Previous: Incentives Define Outcomes Markets do not fail because prices move. They fail when control concentrates invisibly. Control determines: – who can act – when they can act – under what conditions Ownership does not guarantee control. Liquidity does not guarantee access.
Frameworks
Liquidity ≠ Solvency
Liquidity and solvency are often conflated. They are not. Liquidity determines whether obligations can be met in the short term. Solvency determines whether obligations can be met at all. A system can be solvent and still fail due to illiquidity. It can also appear liquid while masking insolvency. Liquidity stress
Frameworks
Custody ≠ Ownership
Custody and ownership are often treated as interchangeable. They are not. Ownership defines who bears economic risk and benefit. Custody defines who controls the asset operationally. When these two diverge, failure modes emerge. In traditional financial systems, custody is deliberately layered. Legal ownership, beneficial ownership, and operational control are separated