A weekly research-driven brief tracking how onchain systems actually work — focused on structure, adoption, and what lasts beyond the hype.
Crypto proved it can make finance transparent. But can it make it private? As AI agents become financial actors, public-by-default rails turn into attack surfaces. This issue explains why privacy must become a base-layer primitive.
Is crypto just finance — or something bigger? This issue breaks down the debate dividing the industry and explains why the answer shapes everything from stablecoins to identity, wallets, and the future of digital ownership.
Prices fell hard this week, but the more interesting signal was how they fell. This issue examines the crash as a moment of integration — where Open Money moved through the same channels as the rest of the financial system.
Money is changing how it behaves. Not all at once, and not everywhere, but quietly enough that it’s easy to miss. Stablecoins, wallets, and open rails are becoming everyday infrastructure — chosen less for ideology than because they work.
Stablecoins are no longer just payments tools. They collapse banking, settlement, yield, and compliance into a single object — turning regulation into a design problem. This issue explains why stablecoins keep breaking regulatory consensus.
This week’s crypto regulation blowup wasn’t a political failure. It was a design failure. When lawmakers try to define what crypto is, they shape what can be built. This issue looks past the noise to explain why regulation has become a core design constraint.