These are some incomplete notes from the latest debate between Anatoly Yakovenko and Justin Drake. I covered key topics that I found interesting such as timing games, issuance as a cost, and economic security. The debate also triggered some discussio... Read more

Big news dropped last night. StarkWare, the popular Ethereum L2, published a blog post and video signaling its intent to scale Bitcoin. Starkware states that a recently proposed upgrade to Bitcoin, OP_Cat, would enable Bitcoin to open and concatenate Merkle trees with Bitcoin Script. StarkWare can then use its newest prover-verifier, Stw

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Vertex is a cross-margined DEX built on top of Arbitrum.

Vertex Edge attempts to transfer liquidity from different chains into a synchronous order book.

Liquidity fragmentation is an issue in a modular world. With each new rollup created, liquidity fragments, as liquidity cannot be created out of thin air—it needs to come from somewhere.

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You know the old saying, “Another day, another central bank has been repatriating its gold reserves as insurance against a deglobalizing and increasingly volatile world.” At least, it will probably become an old saying soon enough.

India, a key player in the global financial landscape, has recently made a significant move. The Reserve Ba

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We’ve spilled plenty of ink on the concept of liquidity as it relates to financial markets. But the Liquidity of Attention is becoming just as important.

All markets are simply a function of supply and demand. Both sides of the equation matter, but I’d argue the latter is much more vital to the success and sustainability of any product lo

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Idex is a decentralized perpetual exchange combining an off-chain engine (order book, matching, liquidation) with on-chain settlement.

The protocol is deployed on its own L2 (XChain), like other perpetual exchanges, such as Hyperliquid and Aevo, which have opted to deploy custom-designed networks that allow for optimized transaction sp

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Over the past month, Runes have emerged as the dominant force in the Bitcoin token market, significantly outpacing BRC20 transactions and other inscription-based token standards. While notable, this shift in the market landscape is not without its challenges, as Runes’ momentum has recently shown signs of stalling – with ramifications for

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Earlier this week we published our weekly note, Market Musings. In this note, we revisited a market structure/trading concept known as low volume nodes and how they may influence near term price action. In short, low volume nodes are areas in which significantly less volume has been transacted relative to other other areas. An example of

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To anyone interested in the intersection of Crypto and AI, I found this piece by Dmitriy Berenzon at Archetype to be an excellent primer on one primitive likely to ride the coattails of the current LLM boom: Verifiable Compute.

The AI Server market is exploding…

And the value of model-as-a-service rentals and applications to be bui

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