How Crypto Custody Actually Works
How crypto custody works: omnibus versus segregated accounts, qualified custodians, multi-party computation, and what actually…
Tag: market structure
What Crypto Market Makers Actually Do
How crypto market makers work: spreads, inventory risk, retainer versus loan-and-option deals, and why the contract structure…
How Crypto Exchange Listings Actually Happen
What actually happens in a crypto exchange listing: the review process, what exchanges assess, listing fees, and why…
Reading On-Chain Data Without Fooling Yourself
Why on-chain metrics mislead: addresses are not users, volume is not economic activity, and the clustering assumptions behind…