The fifteen-day exit: what the ETH queue costs a fund
Ethereum's exit queue held 850,000 ETH in October 2026, about 14.8 days, after an entry queue of roughly 2.5 million ETH on…
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Topic hub
Analysis
Long reads on structure, incentives and market plumbing.
8 articles
Revenue per transaction is the L2 metric that survives incentives
Total L2 revenue can be manufactured with an incentive campaign, because a subsidy raises the level while lowering the average. Revenue per…
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4m
When a stablecoin’s $292B float is really three balance sheets
Stablecoin supply of $292.40 billion in October 2026 is a stock, and a stock held by a few desks behaves like inventory.…
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4m
What it costs to move $20 on eight networks
A network fee prices block space, not value, so on a $20 transfer the percentage cost is enormous and varies by a…
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3m
Who actually secures a rollup: the security council problem
An optimistic rollup promises permissionless exit. In practice a small council can upgrade the bridge that holds your funds.
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Staking yield is not income: how to report it honestly
Most of the reward is new issuance. Reporting gross as income overstates a return that is partly dilution.
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When a ‘$39B market’ is really three products
Tokenised Treasuries, private credit and a long tail. Concentration means the market behaves like duration and credit.
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1m
How much is safe to keep in a hot wallet
Size it as money you would not miss this month. The browser is the attack surface, not the chain.
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