Cryptocurrency

It’s highly unusual for the largest derivatives exchange operator in the U.S., the CME Group, to be at war with its regulator, the Commodity Futures Trading Commission (CFTC) — but that's now happening in a situation brought about by...

The Hong Kong Monetary Authority (HKMA) has launched a framework to assess banks’ preparedness for quantum-computing threats as the city expands its use of tokenized deposits, digital assets and blockchain settlement. On Monday, the HKMA introduced a white paper on...

Key TakeawaysA trader asked Kalshi to delay settlement while suspected manipulation was investigated.Kalshi settled the $3.32M market minutes after its enforcement chief responded.Open interest in the winning bracket rose from $2K to over $70K before the surge. Kalshi Settled...

The conversation around real-world asset (RWA) tokenization has shifted dramatically over the past few years.What was once viewed as an experimental application of blockchain technology is now being explored by financial institutions, real estate firms, investment companies, private equity funds,...

“Sometimes we learn more about a system by watching its failures than its successes. Utility tokens were meant to represent access and participation — not a casino chip. Yet the last six years have seen the token economy treated as the...

Every business owns assets that hold significant financial value. Commercial real estate, machinery, inventory, intellectual property, invoices, and infrastructure are all valuable resources that support day-to-day operations. However, many of these assets remain underutilized from a financial perspective because...

Part I asked whether an AMM surface formed. Part II opened the pool. This piece looks at the other state object: posted depth in a CLOB.CLOB data is granular and incomplete at the same time.Dynamic fees change the AMM defense layerAMMs are...

Part I asked whether an AMM surface formed. Part II ran pool state forward. Part III contrasted reserves with book depth. This piece runs the AMM defense layer: fixed fee vs state-responsive fee.InventoryGapFeePolicy applies the same signal at lower...

Hyperliquid first shows up as a price story.In a weak crypto tape, HYPE kept attracting attention while the usual majors looked heavier. That does not prove anything about the venue’s market structure. A token chart is not an audit trail;...