Explainers
The perp funding rate is the small, recurring payment that keeps a perpetual futures contract tethered to the real market price. Here is who pays it, how it is calculated, and why it matters far beyond crypto trading desks.
Explainers
Stablecoin payment infrastructure is a stack: issuance, wallets, settlement rails, on/off ramps, and reconciliation. Here is what each layer does and where the money actually settles.
Explainers
A dataset can be fast, complete-looking, and still wrong. Here are the five guarantees onchain data has to make, and the tests a buyer can run to verify them.
Explainers
Crypto-collateralized stablecoins hold more collateral than the tokens they issue, and every part of that buffer is visible onchain if you know which fields to read.
Explainers
A step-by-step walk through opening an account and placing a contract on PredictIt and Kalshi, including how settlement works, what the fees cost you, and why the two platforms sit under different rules.
Explainers
A step-by-step walk through Paxos minting and redemption: what the issuer does off-chain, what appears on the blockchain, and how to trace each mint and burn.
Explainers
A commodity-backed stablecoin represents a claim on a physical asset, usually gold held in a vault. Here is what actually sits behind the token, how to verify it, and why redeeming gold works nothing like redeeming a dollar.
Explainers
The most interesting prediction market contracts are the ones regulators have not clearly claimed. Here is where oversight ends and the gray zone begins.
Explainers
On traditional rails, a payment can look settled and still reverse days later. Onchain, finality is a property of the ledger itself. Here is what that means for a treasury reporting cash as settled.
Explainers
Onchain cash management moves corporate treasury from batch cutoffs to continuous settlement. The gap that trips teams up is the challenge of proving where the money is at any moment.
Explainers
Lending Club's 2014 IPO priced above its raised range, a signal of investor appetite for consumer lending marketplaces. Here is how IPO pricing works, and why the number is a negotiation rather than a fact.
Explainers
Tracking a stablecoin's balance on one chain is easy. Tracking it across every chain it lives on, without double-counting bridged supply, is where most monitoring breaks.