Research Archive
Memos & papers
Why sports represent ~70% of prediction market volume
On liquidity concentration, retail psychology, and the structural inevitability of sports as the dominant prediction category.
Decentralized GPU networks in AI: an accessible guide
A first-principles examination of distributed compute networks, their economic models, and why most will not survive contact with hyperscaler pricing.
Move language and institutional DeFi
On formal verification, institutional risk tolerance, and why the most boring programming language decision turns out to matter enormously.
Lending primitives at the boundary of undercollateralisation
An examination of credit delegation, reputation oracles, and the structural limits of on-chain identity.
On autonomous agents as capital allocators
If an agent can hold a wallet, execute transactions, and optimise for a defined objective — is it an investor?
DePIN beyond storage: mapping the physical infrastructure opportunity
A taxonomy of decentralised physical infrastructure projects, their network effects, and which categories are structurally defensible.