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BUIDL: A $2.7B Fund With Few Holders
BlackRock's BUIDL token holds billions in tokenized Treasuries, yet its holder count is small enough to fit in a room. That concentration is the real story.
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Kalshi Fees: Why the Cost Peaks Near 50 Cents
Kalshi's trading fee is not flat. It follows a curve that peaks when a contract trades near 50 cents and falls toward both price extremes. Here is what that costs on a real trade.
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How Does Polymarket Make Money?
Polymarket lets people bet on real-world outcomes. Here is how the platform actually earns revenue, and why its business model is still contested.
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What Does a Crypto Index Provider Actually Do?
A crypto index provider builds the reference prices and benchmarks that markets trust. Here is how the function works, what it borrows from TradFi, and why onchain fragmentation makes it hard.
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Is Kalshi Gambling? What the Law Actually Says
Kalshi lets people trade on whether real-world events will happen. Whether that counts as gambling depends on who is asking, and the answer is more settled than most people assume.
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What Is an Onchain Index?
An onchain index bundles crypto assets into a single, rules-based product managed by smart contracts. Here is how it works, where it fits, and what to watch.
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Can You Run a Repo Market on Tokenized Collateral?
Repo is the plumbing of short-term funding. Here is what changes when the collateral is a tokenized asset settling onchain, and what does not.
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Is Kalshi Legal in California?
Kalshi operates as a federally regulated exchange, which is why it treats its event contracts as legal nationwide. Several states, including California, disagree. Here is the state of play.
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What Is Open Interest in Crypto?
Open interest tells you how much money is committed to active crypto derivatives contracts right now. Here is how it works and why traders watch it more closely than volume.
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Do Onchain Markets Need Designated Market Makers?
Traditional exchanges rely on designated market makers to keep prices continuous and liquid. Here is what that role does, and what it looks like as securities and assets move onchain.
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Is Polymarket Legal in the US? The State of Play
Polymarket is barred from serving US customers under a 2022 CFTC settlement, but the legal ground is shifting fast. Here is what that means for users, regulators, and anyone reading the headlines.
Explainers
What Crypto Market Data Providers Actually Do
Crypto market data providers convert messy onchain and exchange activity into structured, verifiable feeds. Here is what they deliver, how they work, and how to judge one.