All Research Reports
Each article shows you exactly how a protocol works — from its core architecture to the trade-offs that drive its design — so you can make sharper technical and strategic decisions.
Ideas
Blockchain as a State
October 2, 2025
What if Ethereum isn’t just a network, but a nation? What if Bitcoin is a republic, Solana a technocracy, and Cosmos a f...
ideas
Protocol
The Return of Order Books
September 10, 2025
Why do decentralized exchanges look so different from centralized ones? Until now, most crypto trading on-chain used som...
protocol
Protocol
Berachain and the Rise of Proof-of-Liquidity
September 9, 2025
Imagine if only landlords made money in a city, while the people running stores and restaurants paid rent but got little...
protocol