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Articles
Independent analysis of the crypto market structure and operational fundamentals, grounded in primary data.
Stablecoin Peg Mechanisms - Comparing Fiat-Backed and Algorithmic Designs
How a stablecoin holds a 1-USD value differs sharply by design. This piece compares fiat-collateralized stablecoins (USDT, USDC) with algorithmic types (the former UST), and examines the structural fragility laid bare by the Terra/Luna collapse in 2022.
Bitcoin Halving's Historical Impact - Lessons from Four Supply Shocks
Bitcoin's mining reward halves roughly every four years. Reviewing the four halvings (2012, 2016, 2020, 2024), this piece examines price trajectories, hashrate dynamics, and the testability of the supply-shock hypothesis.
How Funding Rates Work - Why Perpetual Futures Track Spot
Crypto perpetual futures have no expiry, yet they track spot prices closely. The funding rate is the mechanism that makes this work, transferring payments between longs and shorts every 8 hours.