The research is the firm.

Sep 15, 2025 Leveling the Stakes on Solana Gurnoor Narula · 15 min Jun 30, 2025 Revisiting L1 Tokens as Money: A Critique of ‘Monetary Premium’ Mario Laul · 12 min Apr 16, 2025 Combined Metrics for Tracking Smart Contract Networks Mario Laul · 19 min Feb 19, 2025 Introducing the Sequencing Value Accrual Simulator Gurnoor Narula Feb 13, 2025 A Visual Guide to Sequencing Mechanisms Gurnoor Narula · 6 min Dec 16, 2024 The Cryptopreneur’s Dilemma Mario Laul · 4 min Nov 18, 2024 David and Goliath: How Web3 Can Compete in AI Gurnoor Narula · 3 min Jul 30, 2024 Eclipse: the Best of Solana, Ethereum, and Celestia Chris Burniske · 4 min Jul 10, 2024 Stable Coins, Stable Growth Mario Laul · 11 min Apr 25, 2024 Is it time to Move beyond Solidity? Joel Monegro · 6 min Apr 18, 2024 Saga: Open Blockspace for the Multiverse Chris Burniske · 6 min Apr 15, 2024 Onchain Finance is Thriving; What’s Next? Mario Laul · 12 min Feb 23, 2024 Introducing Gurnoor Singh Narula Gurnoor Narula · 2 min Dec 19, 2023 Institutionalization = Network Success Mario Laul · 6 min Nov 22, 2023 Rollups as Virtual Blockchains in The Modular Era Joel Monegro · 7 min Oct 23, 2023 AI Belongs Onchain Joel Monegro · 4 min Oct 10, 2023 Ethereum and Solana Joel Monegro · 4 min Sep 28, 2023 Placeholder is Hiring an Analyst Chris Burniske · 2 min Sep 20, 2023 Progressive Compliance Mario Laul · 3 min Apr 23, 2023 Internet Financial System: Infinity Exchange and Beyond Chris Burniske · 10 min Mar 9, 2023 Across Thesis Chris Burniske · 4 min Nov 14, 2022 Moving on from FTX Joel Monegro · 4 min Oct 27, 2022 Gyroscope Thesis Chris Burniske · 6 min Feb 3, 2022 Middlemachines Mario Laul · 2 min Oct 20, 2021 How Crypto Is Shaping the Digital Revolution Mario Laul · 1 min Jul 21, 2021 Scaling Ethereum with zkSync Chris Burniske · 8 min Jun 16, 2021 Element Thesis Joel Monegro · 5 min May 20, 2021 Isomorphism in DAO Governance Mario Laul · 9 min Apr 1, 2021 The Original Sin Chris Burniske · 6 min Mar 25, 2021 Replicating Market Makers Alex Evans Mar 11, 2021 Systemic Risk Mitigation in DeFi Mario Laul · 13 min Mar 2, 2021 A Note on Privacy in Constant Function Market Makers Alex Evans Feb 25, 2021 Re-Decentralizing Git with Radicle 🌱 Joel Monegro · 6 min Jan 19, 2021 Optimal Fees for Geometric Mean Market Makers Alex Evans · 1 min Jan 13, 2021 When Does the Tail Wag the Dog? Curvature and Market Making Alex Evans · 1 min Dec 11, 2020 The Great Automaton Mario Laul · 13 min Dec 2, 2020 Can one hear the shape of a CFMM? (Part 1) Alex Evans · 13 min Sep 30, 2020 Ten Theses on Decentralized Network Governance Mario Laul · 9 min Sep 17, 2020 Stop Burning Tokens – Buyback and Make Instead Joel Monegro · 13 min Sep 15, 2020 Zcash Thesis Chris Burniske · 6 min Jul 20, 2020 Balancer Thesis Chris Burniske & Alex Evans · 5 min Jul 14, 2020 FOSS Governance and Blockchain Networks Mario Laul Jun 25, 2020 Why Stake When You Can Borrow? Alex Evans · 1 min Jun 17, 2020 Liquidity Provider Returns in Geometric Mean Markets Alex Evans Jun 15, 2020 A Superior Financial System Chris Burniske · 12 min Jun 13, 2020 Institutional Participation in Token-Weighted Network Governance Mario Laul May 29, 2020 Magic Authentication Joel Monegro · 9 min May 22, 2020 Proof of Liquidity Joel Monegro · 5 min May 7, 2020 Aragon DAOs Joel Monegro · 13 min Apr 9, 2020 Erasure Thesis Joel Monegro · 9 min Apr 6, 2020 On Autonomous Software Mario Laul Mar 6, 2020 Aragon (ANT) Economics Chris Burniske · 11 min Jan 30, 2020 Thin Applications Joel Monegro · 14 min Jan 7, 2020 How Much Does a Crypto-Vote Cost? Joel Monegro · 6 min Dec 14, 2019 The DeFi Déjà Vu Mario Laul Dec 3, 2019 Zerion Brad Burnham · 3 min Nov 29, 2019 Zcash's Network Upgrade 4: The Final Stretch of Decisions Chris Burniske · 12 min Oct 26, 2019 The Bookkeeping View of Money Mario Laul Oct 25, 2019 How To Think About Value Joel Monegro · 12 min Oct 22, 2019 Fire before Growth: The Likely Fate of Ethereum Killers Chris Burniske · 14 min Oct 6, 2019 Protocols as Minimally Extractive Coordinators Chris Burniske · 7 min Sep 3, 2019 Ethereum and The Seven Dwarfs Joel Monegro · 4 min Aug 19, 2019 Web vs. Crypto Service Models Joel Monegro · 4 min Aug 7, 2019 Cryptonetworks and Governments Mario Laul Jul 31, 2019 Sovereign Cryptonetworks Joel Monegro · 14 min Jul 10, 2019 Resources, Governance, and Legitimacy in Zcash's 2020 Network Upgrade Chris Burniske Jul 10, 2019 Risk Management in MakerDAO Alex Evans · 2 min Jun 26, 2019 3Box Thesis Brad Burnham · 3 min Jun 19, 2019 The Full Circle Hypothesis Mario Laul May 6, 2019 Blockchains are Bureaucracies par Excellence Mario Laul Apr 26, 2019 Value Capture and Quantification: Cryptocapital vs Cryptocommodities Chris Burniske Apr 10, 2019 DeFi Liquidity Models Alex Evans · 6 min Mar 13, 2019 Mario Laul Mario Laul · 1 min Mar 1, 2019 Maker Network Overview Alex Evans · 1 min Feb 25, 2019 FOAM Thesis Joel Monegro · 8 min Feb 19, 2019 Cryptonetwork Governance as Capital Joel Monegro · 6 min Feb 14, 2019 The Defensibility of Middleware Protocols Chris Burniske · 3 min Feb 2, 2019 Crypto Hedge Funds Vs. Venture Funds Joel Monegro · 4 min Jan 23, 2019 Maker Thesis Chris Burniske · 5 min Jan 9, 2019 Funding Cryptonetworks Joel Monegro · 3 min Jan 5, 2019 The Cryptoeconomic Circle Joel Monegro · 5 min Nov 30, 2018 Cryptonetworks are not Companies Chris Burniske Nov 13, 2018 Theory Follows Price, Price Follows Theory Chris Burniske Nov 6, 2018 Productive Capital in Cryptonetworks Chris Burniske Nov 6, 2018 The Nouriel in All of Us Chris Burniske Aug 13, 2018 Resource Distribution and Power Dynamics in Decentralized Networks Mario Laul 2018 On Value, Velocity and Monetary TheoryLandmark Alex Evans May 12, 2018 Decred Thesis Joel Monegro & Chris Burniske · 6 min Apr 7, 2018 Cryptoassets: Flow & Reflexivity Chris Burniske Feb 20, 2018 Information Technology Market Cycles (A Brief History)Landmark Joel Monegro Feb 13, 2018 Investment Thesis Summary Joel Monegro & Chris Burniske 2017 Cryptoasset ValuationsLandmark Chris Burniske 2016 Fat ProtocolsLandmark Joel Monegro 2014 The Blockchain Application StackLandmark Joel Monegro

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