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
39 recordsWho 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.
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?
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?
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
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