What Happened to Treasuries, Bitcoin, and Tokenized Funds After 23 Yen Shocks?
Across 23 large USD/JPY moves, U.S. yields, BTC/ETH, and a tokenized-Treasury allocation proxy moved—but not in a stable, repeatable sequence.
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A chronological index of field notes on research, engineering, markets, and protocols.
2026
64 recordsExecution Surplus and Welfare in a Simplified Intent-Auction Game
Solver competition and endogenous participation shape private execution gains and aggregate welfare across batch durations in a simplified intent-auction game.
TVL, Marginal Price, and Liquidity in an AMM
TVL is a measure of capital. The marginal price is the current quote. Liquidity tells us how much trading it takes to move that quote.
What Glamsterdam Would Change About Settling Korean Stocks on Ethereum
A settlement workload calibrated to KRX's daily trading value fits within Ethereum's theoretical block-gas ceiling at the baseline. What changes under Glamsterdam is the cost of updating balances and creating new onchain state.
A Solana Program Change Can Be Compatible with One Consumer but Not Another
Testing Provider Changes Against Consumer-Declared Requirements
Who Can Liquidate an Onchain Loan? From Health Factor to Transaction Execution
A collateral boundary still exists onchain. The difference is who may submit the liquidation once it is reached.
What Changes When Tokenization Reaches Market Scale?
What Changes When Tokenization Reaches Market Scale?
When an Onchain Opportunity Becomes an Execution Race
When discovery stops being scarce, competition becomes an execution race—and the rule that allocates execution determines how much rent participants keep.
How CoW Protocol Uses Auctions to Execute Onchain Trades
CoW batches trades and auctions execution to competing solvers. Its auction data shows what those competing plans look like.
When Onchain Price Adjustment and Execution Run on Different Clocks
Thirty externally selected Solana price shocks, one Orca pool: sometimes price and landed execution return to normal together. Sometimes they don't.
Testing Compatibility Across Solana Program Changes
Two compiled Solana implementations accepted the same call. Both transactions succeeded; only one preserved the caller’s fixed postcondition.
When More Traders Stop Adding Much Information
When More Traders Stop Adding Much Information
The Stock Can't Trade Yet. Something Is Already Pricing It.
The Stock Can't Trade Yet. Something Is Already Pricing It.
How Far Does a Market Shock Travel?
How Far Does a Market Shock Travel?
The Yen Broke. What Actually Moved Onchain?
The Yen Broke. What Actually Moved Onchain?
Measuring a Commodity Shock in Tokenized Markets with a Rust CLI
Measuring a Commodity Shock in Tokenized Markets with a Rust CLI
Markets Are Full of Roads. That Doesn't Mean Capital Takes Them.
Markets Are Full of Roads. That Doesn't Mean Capital Takes Them.
What Can a Landed Solana Transaction Actually Prove About DeFi Execution?
What Can a Landed Solana Transaction Actually Prove About DeFi Execution?
When Multiple Pools Behave Like One: Impact-Constrained Capacity Concentration in Uniswap v3
When Multiple Pools Behave Like One: Impact-Constrained Capacity Concentration in Uniswap v3
I Searched the Transaction for the Slippage Threshold. I Found the Quote Instead.
I Searched the Transaction for the Slippage Threshold. I Found the Quote Instead.
Who Owns Execution on Solana?
Who Owns Execution on Solana?
Can a Solana Transaction Prove the Router?
Can a Solana Transaction Prove the Router?
DFlow Shows Where Solana Trading Is Going. Retail Pricing Still Happens at the App.
DFlow Shows Where Solana Trading Is Going. Retail Pricing Still Happens at the App.
Before the Result Could Count, the Benchmark Had to Freeze
Before the Result Could Count, the Benchmark Had to Freeze
A Large DEX Order Is a Sequential Control Problem
A Large DEX Order Is a Sequential Control Problem
How I Turned AMM Logs Into a Causal Pipeline
How I Turned AMM Logs Into a Causal Pipeline
When the Fee Switch Turns On, Does Liquidity Walk Away?
When the Fee Switch Turns On, Does Liquidity Walk Away?
After Uniswap v4 Went Live. The Pool Is No Longer the Whole Market.
After Uniswap v4 Went Live. The Pool Is No Longer the Whole Market.
When the Book Keeps Moving. What Hyperliquid Lets Outsiders Reconstruct.
When the Book Keeps Moving. What Hyperliquid Lets Outsiders Reconstruct.
Dynamic Fees in AMMs: When the Signal Matters
Dynamic Fees in AMMs: When the Signal Matters
Hyperliquid Shows What a Market Looks Like Without an AMM Pool
Hyperliquid Shows What a Market Looks Like Without an AMM Pool
Before MEV, I Built a Rust AMM Lab to Measure Pool State
Before MEV, I Built a Rust AMM Lab to Measure Pool State
The AI Agent Can Act On-Chain. Who Defines Its Authority?
The AI Agent Can Act On-Chain. Who Defines Its Authority?
When the Swap Actually Lands. What Can an Outsider Reconstruct?
When the Swap Actually Lands. What Can an Outsider Reconstruct?
When the Quote Becomes Calldata. The Fork Tests Whether It Holds.
When the Quote Becomes Calldata. The Fork Tests Whether It Holds.
The Price Moves First. DEX Routes Fray Before the Exit.
The Price Moves First. DEX Routes Fray Before the Exit.
Where RWA Exchange Risk Actually Sits
Where RWA Exchange Risk Actually Sits
Building an Interactive P2P Attack Gym in Rust
Building an Interactive P2P Attack Gym in Rust
Three Classic Blockchain Attacks, Rebuilt in a Rust Local Lab
Three Classic Blockchain Attacks, Rebuilt in a Rust Local Lab
When Real-World Assets Move On-Chain, What Becomes Visible?
When Real-World Assets Move On-Chain, What Becomes Visible?
Building a Stablecoin Audit Toolkit Around Evidence, Not Dashboards
Building a Stablecoin Audit Toolkit Around Evidence, Not Dashboards
The Stablecoin Map: What Crypto's Cash Rails Depend On
Stablecoins are becoming crypto's cash layer. The question is not only what they are pegged to, but what they depend on.
The SpaceX Trade Exists. Now Watch the Tape.
The SpaceX Trade Exists. Now Watch the Tape.
Local Pegs, Dollar Rails: Auditing XSGD and EURC Liquidity
Local Pegs, Dollar Rails: Auditing XSGD and EURC Liquidity
Ethereum Gas Changepoints Are Warning Signals, Not Regime Labels
Ethereum Gas Changepoints Are Warning Signals, Not Regime Labels
USDC Shows Why Stablecoin Risk Analysis Is Not One Signal
USDC Shows Why Stablecoin Risk Analysis Is Not One Signal
Tokenization Is Not Just Putting Assets on a Blockchain
Tokenization Is Not Just Putting Assets on a Blockchain
Funding Is Not Identity: A Conservative Approach to Onchain Entity Linking
Funding Is Not Identity: A Conservative Approach to Onchain Entity Linking
Before SNARKs: Building a Mini ZK-Rollup Verifier in Rust
Before SNARKs: Building a Mini ZK-Rollup Verifier in Rust
ZK State Prune: The Boundaries Behind Rollup Cost Models
ZK State Prune: The Boundaries Behind Rollup Cost Models
Why ZK Rollups Need a Smarter Way to Manage State
Why ZK Rollups Need a Smarter Way to Manage State
Ethereum Account State: QA Pipeline for a Minimal Token
Ethereum Account State: QA Pipeline for a Minimal Token
Metering Chain: QA That Follows Business Logic
Metering Chain: QA That Follows Business Logic
Blockchain in 2026: Trust, State, and Why Rust Fits
Blockchain in 2026: Trust, State, and Why Rust Fits
Metering Chain Phase 4: Settlement and Economic Finality
Metering Chain Phase 4: Settlement and Economic Finality
Metering Chain Phase 3: Capability-Driven Delegation
Metering Chain Phase 3: Capability-Driven Delegation
Metering Chain Phase 2: Deterministic Authorization for Multi-Operator DePIN
Metering Chain Phase 2: Deterministic Authorization for Multi-Operator DePIN
Ethereum Account State: A Minimal Token with Reconstructible State
Ethereum Account State: A Minimal Token with Reconstructible State
Learning Consensus Algorithms: A Hands-On Comparison with Rust
Learning Consensus Algorithms: A Hands-On Comparison with Rust
Pay‑As‑You‑Go Demo: The Private Gallery in Web3
Pay‑As‑You‑Go Demo: The Private Gallery in Web3
2025
10 recordsFrom Services to Products: Composing Multi-Provider Checkout On-Chain
From Services to Products: Composing Multi-Provider Checkout On-Chain
From PCA to Barlow Twins: A Statistical View of Redundancy Reduction in Self-Supervised Learning
From PCA to Barlow Twins: A Statistical View of Redundancy Reduction in Self-Supervised Learning
Designing Rental Services on a Pay-As-You-Go Protocol
Designing Rental Services on a Pay-As-You-Go Protocol
Building Article Subscription Contracts in Solidity
Building Article Subscription Contracts in Solidity
Building a Simple Pay-As-You-Go Service in Solidity
Building a Simple Pay-As-You-Go Service in Solidity
How I'm Building a Context-Aware Retriever to Boost RAG Quality (Part 3: Evaluation)
How I'm Building a Context-Aware Retriever to Boost RAG Quality (Part 3: Evaluation)
How I'm Building a Context-Aware Retriever to Boost RAG Quality (Part 2: Implementation)
How I'm Building a Context-Aware Retriever to Boost RAG Quality (Part 2: Implementation)
How I’m Building a Context-Aware Retriever to Boost RAG Quality (Part 1: Introduction)
How I’m Building a Context-Aware Retriever to Boost RAG Quality (Part 1: Introduction)
Hangman with DQN and Transformers
Hangman with DQN and Transformers
2024
1 record2023
2 recordsDecoding LoRA: A Comprehensive Summary on Low-Rank Adaptation
Decoding LoRA: A Comprehensive Summary on Low-Rank Adaptation
Comparing Sequence-to-Sequence Decoders: With and Without Attention
Comparing Sequence-to-Sequence Decoders: With and Without Attention
2022
1 record2021
2 recordsCapturing Dominant Spatial Patterns with Two-Dimensional Locations Using SpatPCA
Capturing Dominant Spatial Patterns with Two-Dimensional Locations Using SpatPCA
Apply SpatPCA to Capture the Dominant Spatial Pattern with One-Dimensional Locations
Apply SpatPCA to Capture the Dominant Spatial Pattern with One-Dimensional Locations
2017
5 recordsChallenges in EOF Patterns with a Single Variable
Challenges in EOF Patterns with a Single Variable
Exploring Dominant Spatial Patterns with a Single Variable
Exploring Dominant Spatial Patterns with a Single Variable
How to Work on Sea Surface Temperature (SST) Data
How to Work on Sea Surface Temperature (SST) Data
Three Fundamental Aspects of Statistical Models
Three Fundamental Aspects of Statistical Models