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.
Market Structure
Analysis of custody, settlement, clearing, incentives, and market mechanics that shape how blockchain markets function.
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
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.
Research
Stablecoin Supply as a Liquidity Proxy
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