Topics
Nineteen standing desks, gathered here under the part of the system they belong to. Each desk collects the coverage, the concepts and the analysis for one question about the economics of onchain markets, and each has its own feed.
Instruments
What is issued, and the claim it represents.
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Tokenized capital markets
Securities issued, settled and serviced on programmable ledgers: government paper, funds, credit and the market structure forming around them.
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Stablecoins
Dollar and non-dollar payment tokens as instruments: reserve composition, redemption at par, issuance economics and the rules now written for them.
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Credit & lending
Credit written onchain and credit brought onchain: lending protocol balance sheets, tokenized private credit, and what the funding is actually for.
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Prediction markets
Markets that price events, what their prices can and cannot be read as, and their regulatory position.
Money and currency
Which money settles the trade, and who issues it.
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Central bank money
Central bank liabilities on programmable ledgers: retail and wholesale digital currency, settlement in central bank money, and the projects testing both.
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Payments
Value moved across borders and between institutions: corridors, correspondent chains, deposit tokens and the cost the existing rails charge.
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Currency & FX
Which currency a market settles in and what the choice costs: dollarisation, non-dollar tokens, foreign exchange spillovers and monetary sovereignty.
Market infrastructure
The plumbing between a decision to trade and a change of title.
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Clearing & settlement
The distance between a trade and a transfer of title: delivery versus payment, finality, atomicity and the settlement systems being rebuilt.
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Custody & asset servicing
Who holds the asset and who keeps the register: custody permissions, transfer agency, fund administration and the servicing stack a tokenized asset needs.
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Trading venues
Where tokenized assets change hands: listing rules, market access, trading hours, and whether secondary liquidity exists or is only asserted.
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Market design
Auctions, order flow, settlement guarantees and incentive design: the rules that decide who captures value in an onchain market.
Protocols and systems
Open systems as economic objects: what they earn, who decides, what secures them.
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Protocol economics
Where protocol revenue comes from, who it accrues to, and whether the accounting survives contact with a downturn.
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Governance
How onchain systems make binding decisions, and who is actually able to make them.
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Economic security
The cost of attacking a system versus the value it secures: staking, restaking, slashing and validator economics.
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Decentralised finance
Exchange, derivatives and money markets built as open protocols, and the composability that makes one position depend on another.
Policy and institutions
The rules, the risk assessment, and the balance sheets doing the work.
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Regulation
Statutes, rules and supervisory practice across jurisdictions, tracked as they change rather than as they were announced.
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Financial stability
Prudential treatment and systemic risk: the standard setters, the stress episodes, and what supervisors concluded from them.
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Institutions
Banks, asset managers, exchanges, custodians and central banks: what they have actually deployed, not what they have signalled.
Regional
One lens rather than one region: where these questions are not theoretical.
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Africa & emerging markets
Currency substitution, remittance corridors and settlement gaps in economies where the demand for dollar liquidity is structural.