A new paper titled ‘Who Wins Ethereum Block Building Auctions and Why?’ was published last month, showing insightful data on the collaboration between searchers and builders, order flow dynamics, and the growing of private order flow. Below, I’ve summarized some key takeaways from the paper. Full paper available here

The paper analyzed da

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Predict is the newest prediction market to launch with a special twist – it’s built on Blast meaning all positions generate native yield.

Native Yield

Outside of the incentive structure, Predict is a typical prediction market that operates on a CLOB. However, the incentive structures make Predict a far more attractive prediction marke

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One of the big wins of DeFi in 2024 has been the tokenization of the widespread “Cash and Carry” trade as the synthetic dollar USDe by Ethena Labs. USDe supply has ballooned to $2.7B within 10 months, and the protocol has crossed $100M in fees collected.

A huge opportunity exists to bring such essential but proven trading strategies fr

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Last year in our Infrastructure Year Ahead report (linked below) I had a section called “The L2 Wars” where I laid out what I was seeing in the rollup landscape and how that would change over the coming year. The whole post is still worth reading imo... Read more

UMA provides an optimistic oracle that Prediction markets rely on for resolution.

I dislike UMA’s system for a variety of reasons that all circulate around it being an easy attack vector.

The process for a market on Polymarket to be initialized and resolved is the following:

1. Decide the market structure (binary, categorical, continu

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Wasabi is a asset-backed leverage trading protocol specifically designed for long tail assets.

Their cap table for their seed round was relatively large, with participation from Electric Capital, Alliance DAO, and many angels. 

The idea behind Wasabi is that synthetic indices are inefficient for long tail assets that have infinite

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MEV is one of the biggest hurdles to widespread DeFi adoption right now. If left unchecked, we face a shrinking user base, with remaining participants slowly bleeding funds to MEV bots and validators. However, this scenario is unsustainable even for these bots profiting from MEV. As DeFi’s health deteriorates due to value extraction, it w

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Renegade is among the first crypto dark pools to go live since we covered the whole design space in our report here. A dark pool or a private exchange has some key design considerations.

1. What level of privacy does it promise pre-execution?
2. How does it match orders privately?
3. How does it source liquidity privately?
4. What level of post-exec

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If you asked me this question a year ago I would say, without a question, DEXs. My reasoning was simple — switching costs are much higher across DEXs. If I switch from Uniswap to some longer-tail DEX, I am guaranteed to experience more slippage and worse net execution.

Conversely, I will get the same execution on 0x versus some other long

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