12.02.24
Ethereum’s North Star
Does Ethereum lack a "North Star," and does it need one? Ethereum is under increasing competition from all sides: BTC is better money than ETH. Solana is a more performant smart contract platform. Celestia is a more performant rollup platform. What is Ethereum's unique value?
10.09.24
L1 & L2 Token Value Capture
Analyzing value capture for blockchains and their native assets. We look across all major operating models, including proof-of-stake vs. proof-of-work and L1 vs. L2.
06.20.24
We’re All Building the Same Thing
From asynchronous execution to continuous block building and streaming, both integrated and modular chains are converging on similar architectures. Is there any difference at the end of it all?
02.02.24
Modular Money: Liquid Staking for People in a Hurry
Explore LSTs across Cosmos and modular chains in the Celestia ecosystem with Stride.
12.08.23
L1s vs. L2s, Rollups vs. Integrated, General-purpose vs. App-specific
When, where, and why to build an L1 vs. an L2, a rollup vs. an integrated chain, and an app-chain vs. a general-purpose chain.
10.17.23
Do Rollups Inherit Security?
Chains aren't secure, confirmation rules are.
08.07.23
Endgame: Proof of Governance
Analysis of the endgame for proof-of-stake, liquid staking tokens, dual governance, proof-of-governance, restaking, & PEPC.
05.30.23
The Rollup Multiverse
Follow-up post on rollups’ fundamental security and social consensus properties.
05.26.23
Rollups Are L1s (& L2s)
A.k.a. How Rollups *Actually Actually Actually* Work
05.01.23
How To Do Lower-Case r research
Reflections, ramblings, and advice after a year in crypto.
04.26.23
SUAVE, Anoma, Shared Sequencers, & Super Builders
Analysis of how SUAVE and Anoma approach the preferences/intents space from opposite ends. Related discussion on shared sequencers, super builders, and cross-domain atomicity.
03.18.23
Rollups Aren’t Real
How to make rollups real. The complete guide to sequencer decentralization, shared sequencers, cross-chain atomicity, MEV-awareness for rollups, and SUAVE.
03.14.23
Encrypted Mempools
Discussion of various encrypted mempool schemes as tools to address MEV and censorship.
02.19.23
ETH Is Not Ultrasound Money
ETH is money, but is it "ultrasound" money? Analysis of ETH economics arguing against popular notions of issuance, deflation, and “profitability.”