Thinking_
Read our latest white papers, blog posts, analysis and opinions.

Thoughts on Token Bridge Safety
Introduction If the past two decades working in the security industry has taught me anything, it is that software is imperfect. Despite our aspirations of writing perfect code, the...
Aug 03 _ 6 min read
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Token Design for Serious People
Tokenomics should: (i) provide common goods that couldn't be provided individually, and (ii) reward those who create value rather than extract or transfer value. This piece uses th...
Jul 07 _ 17 min read
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The Depegging of UST
The UST depegging was triggered by a sequence of trades on Curve on May 7. Anchor outflows from May 7 until May 9 — especially from a small set of large traders — put further press...
Jun 03 _ 18 min read
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New Markets, Efficient Markets
The market for new tokens looks surprisingly efficient, in that returns (against Bitcoin) are neither systematic nor predictable.
Apr 27 _ 13 min read
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SLOB: Searcher Limit Order Book
tl;dr: we explore a theoretical Ethereum CLOB DEX protocol that leverages Flashbots to enable traders to place orders that live off-chain and pay no gas fees unless the order trade...
Apr 20 _ 8 min read
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A Primer on Cryptographic Proof Systems
warning! LOTs of math. Introduction This primer aims to explain a few important ideas in the field of Verifiable Computing and in particular, some key tools relevant to building c...
Apr 01 _ 12 min read
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A Foray into Blockchain Scalability
Introduction In the last article, we developed a framework for analyzing L1s. We pointed out briefly that the motivation behind many of these novel L1s has largely been centered ar...
Mar 31 _ 15 min read
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Polkadot, Acala, Karura, and Wormhole
Wormhole can enhance Acala and Polkadot's usage, by bringing new collateral and users onto the platform and exporting Acala's native tokens onto other chains.
Mar 30 _ 7 min read
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A Framework for Analyzing L1s
Introduction In the previous article, we went over a few components of blockchain infrastructure related to layer-1s (L1s). Let's take a closer examination of these L1s. Here, we d...
Mar 30 _ 9 min read
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Yield Farming for Serious People
Seen through a conceptual lens, yield farmers passively provide five forms of value: operating the network, lending to traders, providing liquidity, governing protocols, and raisin...
Mar 10 _ 15 min read
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Solidly Emissions, A Deep Dive
We believe public expectations are consistent with the SOLID emissions rate gradually decreasing over ~3 years, but the minter code and historical weekly rebases indicate a much fa...
Mar 04 _ 5 min read
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Podcast Summary: Into the Wormhole
It’s been quite a week. We want to take a step back and further explain why we chose to add 120k of stolen ETH back into the Wormhole bridge. We believe the future will be cross-...
Feb 12 _ 1 min read
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The information on this website and on the Brick by Brick podcast or Ship Show Twitter spaces is provided for informational, educational, and entertainment purposes only. This information is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other type of advice. You should not make any decision – financial, investment, trading or otherwise – based on any of the information presented here without undertaking your own due diligence and consulting with a financial adviser. Trading, including that of digital assets or cryptocurrency, has potential rewards as well as potential risks involved. Trading may not be suitable for all individuals. Recordings of podcast episodes or Twitter spaces events may be used in the future.