Insights
Notes on digital asset market structure, liquidity design, execution, and risk management, based on what we have verified in practice.
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The areas our research covers.
Market structure of assets issued and traded on-chain — crypto assets, digital securities, and tokenized real-world assets. We look at price formation by venue, where liquidity sits, and how derivatives interact with spot, using measured data.
Liquidity design for stablecoins — redemption paths, peg deviations, and effective rates by currency pair. Evidence issuers and financial institutions need when designing liquidity, grounded in market data.
The specifications and behaviour of the infrastructure behind digital asset markets — exchanges, clearing, oracles, custody. How venue-specific rules such as settlement intervals, reference prices, and contract units affect comparison and execution.
Order execution, routing, funding and basis comparison, and hedging design across multiple exchanges and on-chain venues. We frame execution decisions around effective prices and effective costs rather than displayed quotes.
Markets on decentralised protocols — DEXs, lending, perpetual DEXs. Price and liquidity differences versus centralised venues, and how protocol design affects trading costs, verified from public data.
The parts of blockchain technology that bear directly on markets and trading — settlement finality, cross-chain asset transfer, and retrieving and normalising on-chain data. Focused on the questions that matter in financial practice.