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.
Protocol
x402: The Missing Payment Layer of the Web
November 19, 2025
The web can move information instantly, but it still struggles to move money. Every payment online depends on accounts, ...
protocol
Ideas
Blockchain as a State
October 17, 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