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MiCA's First Year: Winners, Losers, and What's Still Undefined

The Markets in Crypto-Assets regulation went into full effect and the dust is starting to settle. We assess the first-year fallout across issuers, exchanges, and custody providers.

Apr 1, 2026 · 8 min read

Stablecoin Supply Hits $200B: Structural Shift or Noise?

Total stablecoin supply crossed $200 billion for the first time. We break down what's driving it and what the composition tells us about where risk is accumulating.

Mar 28, 2026 · 6 min read

DePIN Infrastructure Wars: Mapping the Emerging Layer

Decentralized Physical Infrastructure Networks are attracting serious capital. We map the competitive landscape, identify defensible positions, and flag the projects most likely to disappoint.

Mar 22, 2026 · 11 min read

Fed Pivot Watch: What Rate Cuts Actually Mean for Crypto Liquidity

Markets are pricing in three cuts by year end. We examine the actual transmission mechanism between monetary policy and crypto asset prices, and why the market's mental model is probably wrong.

Mar 18, 2026 · 7 min read

Ethereum Roadmap Check-In: Pectra, Verkle Trees, and the Road Ahead

The Pectra upgrade ships this quarter. We walk through what it changes, what the Verkle tree transition means for long-term scalability, and whether the roadmap timeline is realistic.

Mar 12, 2026 · 9 min read

Layer 2 Revenue Reality: Separating Hype From Fundamentals

We ran the numbers on L2 revenue, costs, and actual economic sustainability. The findings are more nuanced than the bull case suggests, and more encouraging than the bear case implies.

Feb 28, 2026 · 8 min read

Restaking Economics: Who Actually Benefits?

Restaking has attracted billions in TVL and enormous narrative momentum. We examine the actual economic flows, who captures value, and what the systemic risk picture looks like at scale.

Feb 18, 2026 · 10 min read

The Corporate Bitcoin Playbook: MicroStrategy's Bet and Who's Following

MicroStrategy pioneered the corporate Bitcoin treasury model. A growing cohort of public companies is now following the playbook. We examine the mechanics, the risks, and what happens when this trade gets crowded.

Feb 10, 2026 · 7 min read