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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Posts
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A chronological index of field notes on research, engineering, markets, and protocols.
2026
24 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 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.
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?
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.
A Large DEX Order Is a Sequential Control Problem
A Large DEX Order Is a Sequential Control Problem
When the Fee Switch Turns On, Does Liquidity Walk Away?
When the Fee Switch Turns On, Does Liquidity Walk Away?
When the Book Keeps Moving. What Hyperliquid Lets Outsiders Reconstruct.
When the Book Keeps Moving. What Hyperliquid Lets Outsiders Reconstruct.
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 Price Moves First. DEX Routes Fray Before the Exit.
The Price Moves First. DEX Routes Fray Before the Exit.