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Featured Article
14 min read
June 18, 2025
The Data Wars: Sui-Powered Walrus vs. Full-Stack Irys
This article provides a technically-grounded comparison of Walrus vs Irys, refuting one-sided claims and giving a balanced view of how they differ across 6 dimensions.
Infra
Walrus
Ponyo
Latest Issue
June 18, 2025
Affluent: Powering the Next Fintech Wave with Telegram
Exploring Affluent's role in shaping Web2.5 fintech at the intersection of blockchain and Telegram, where the next generation of fintech is emerging.
100y
June 11, 2025
Exploring the Ideal of a Flagship dApp Through Bluefin Pro
Bluefin’s recent trajectory shows why it’s considered a leading flagship dApp.
Steve
June 10, 2025
X and Polymarket - Info Finance's New Challenge
X and Polymarket link real-time info with predictions. Grok AI analyzes tweets to guide users. Despite risks like misinformation, this fusion opens new info-based finance paths.
Ingeun
June 10, 2025
Observing I.R.I.S: AI Security is No Longer an Illusion
This article explores the historical attempts and limitations to automate vulnerability detection in the Web3 ecosystem, and discuss the significance of I.R.I.S.
c4lvin
June 09, 2025
Wake Up Babe, New L1/L2 Playbook Just Dropped
The next wave of successful blockchains may not start as blockchains at all. They will start as addictive games, must-use financial tools, or vibrant social networks, then gradually morph into full-fledged ecosystems.
Ponyo
June 07, 2025
Changing Ethereum Foundation (Feat. New Treasury Policy)
The Ethereum Foundation announced a new financial policy in June 2025, aiming to shift from a sponsor to an ecosystem operator. It revised \$ETH sales, spending limits, and revenue strategies, introducing a value-driven DeFi-punk standard amid concerns over regulation and diversity.
Ingeun
Latest Articles
Discover the latest market trends and industry developments to stay ahead of the curve
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32 min read
June 17, 2025
Fragmetric's Evolution: From Liquid Restaking Towards Universal Asset Management
This article explores the process of how Fragmetric, which emerged to solve the problems inherent in liquid restaking tokens, has evolved into an integrated asset management platform, along with Fragmetric's potential within the Solana ecosystem.
DeFi
Fragmetric
c4lvin, 100y
26 min read
June 16, 2025
Inevitable Expansion of the Bitcoin Ecosystem
On the occasion of the Bitcoin conference, this article explores the development process and the expected expansion of the Bitcoin ecosystem.
General
Bitcoin
c4lvin
18 min read
June 09, 2025
Structural Debates of Stablecoins [Part 1]
We often take “money” for granted. Yet money has always been a product of political, technological, and institutional design. In the industrial era, money was issued by governments and central banks and distributed by commercial banks, forming a two-tier monetary structure.
DeFi
YongBeomKim
51 min read
June 09, 2025
Stablecoin Issuance Pipeline [Part 2]
This report examines stablecoin issuance pipelines by analyzing issuance models, regulatory frameworks, and key cases to provide strategic insights
DeFi
Heechang
51 min read
June 09, 2025
Global Stablecoins Use Cases [Part 3]
Stablecoins are quickly being adopted for payments, remittances, settlements, and exchanges, with companies like Visa, Mastercard, and PayPal joining in. Key advantages are low fees, fast settlement, and global access—usage is just as important as issuance.
DeFi
100y
68 min read
June 09, 2025
Proposals for Issuing KRW-Denominated Stablecoins [Part 4]
Korea’s digital won trial uses a wCBDC-based deposit token. The bank model ensures stability but limits growth, while the capital market model allows flexibility via public blockchains. Both are needed.
DeFi
HyobongKim, SuhyeonJeong
32 min read
June 17, 2025
Fragmetric's Evolution: From Liquid Restaking Towards Universal Asset Management
This article explores the process of how Fragmetric, which emerged to solve the problems inherent in liquid restaking tokens, has evolved into an integrated asset management platform, along with Fragmetric's potential within the Solana ecosystem.
DeFi
Fragmetric
c4lvin, 100y
26 min read
June 16, 2025
Inevitable Expansion of the Bitcoin Ecosystem
On the occasion of the Bitcoin conference, this article explores the development process and the expected expansion of the Bitcoin ecosystem.
General
Bitcoin
c4lvin
18 min read
June 09, 2025
Structural Debates of Stablecoins [Part 1]
We often take “money” for granted. Yet money has always been a product of political, technological, and institutional design. In the industrial era, money was issued by governments and central banks and distributed by commercial banks, forming a two-tier monetary structure.
DeFi
YongBeomKim
51 min read
June 09, 2025
Stablecoin Issuance Pipeline [Part 2]
This report examines stablecoin issuance pipelines by analyzing issuance models, regulatory frameworks, and key cases to provide strategic insights
DeFi
Heechang
51 min read
June 09, 2025
Global Stablecoins Use Cases [Part 3]
Stablecoins are quickly being adopted for payments, remittances, settlements, and exchanges, with companies like Visa, Mastercard, and PayPal joining in. Key advantages are low fees, fast settlement, and global access—usage is just as important as issuance.
DeFi
100y
68 min read
June 09, 2025
Proposals for Issuing KRW-Denominated Stablecoins [Part 4]
Korea’s digital won trial uses a wCBDC-based deposit token. The bank model ensures stability but limits growth, while the capital market model allows flexibility via public blockchains. Both are needed.
DeFi
HyobongKim, SuhyeonJeong
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Report
Delve into our most comprehensive analyses, offering a 360-degree view of prospective projects
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June 09, 2025
Blueprint for a KRW-Pegged Stablecoin for the Digital G2 Future
This report examines stablecoin issuance pipelines by analyzing issuance models, regulatory frameworks, and key cases to provide strategic insights.
DeFi
YongBeomKim, Heechang, 100y
+3
May 09, 2025
Sui: Decentralized the Whole Stack
Exploring all of Sui’s ongoing initiatives and examine the key reasons why it continues to capture the attention of the market.
Infra
General
Consumer
+3
Steve
May 08, 2025
Walrus: Do More With Your Data
A to Z about Walrus
Infra
General
Market
Steve, 100y
April 24, 2025
Finance Meets Innovation, Injective
Covering A to Z about Injective
Infra
DeFi
General
Steve
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Issue
Follow up on thought-provoking analyses addressing controversial issues and ongoing debates shaping the industry
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June 05, 2025
Exploring Hyperliquid HLP’s Residual Attack Vectors
Hyperliquid’s HLP vault inherits risk through time-based unwinds, a lagging global-ADL trigger, and collateral withdrawals mid-position, together exposing the protocol to outsized losses from thin-cap perps and orchestrated liquidity shocks.
Ponyo
June 04, 2025
Vampire Attacks Are Dead: Introducing “Incentive Hijacking”
Proposing the term “incentive hijacking” to describe the strategy of recently growing projects like Kaito.
100y
June 03, 2025
Don’t Ship on Steam. Ship on Abstract
From its XP-fueled discovery engine to guaranteed eyeballs and friction-free onboarding, Abstract gives indie devs something they’ve never had in crypto: a real chance at building, launching, and scaling hit games.
Ponyo
June 02, 2025
Darker than Black: Web3 Needs Dark Pools
This article explores the concept and necessity of dark pools on both TradFi and Web3, along with the dark pool-related projects in current Web3 ecosystem.
c4lvin
June 05, 2025
Exploring Hyperliquid HLP’s Residual Attack Vectors
Hyperliquid’s HLP vault inherits risk through time-based unwinds, a lagging global-ADL trigger, and collateral withdrawals mid-position, together exposing the protocol to outsized losses from thin-cap perps and orchestrated liquidity shocks.
Ponyo
June 04, 2025
Vampire Attacks Are Dead: Introducing “Incentive Hijacking”
Proposing the term “incentive hijacking” to describe the strategy of recently growing projects like Kaito.
100y
June 03, 2025
Don’t Ship on Steam. Ship on Abstract
From its XP-fueled discovery engine to guaranteed eyeballs and friction-free onboarding, Abstract gives indie devs something they’ve never had in crypto: a real chance at building, launching, and scaling hit games.
Ponyo
June 02, 2025
Darker than Black: Web3 Needs Dark Pools
This article explores the concept and necessity of dark pools on both TradFi and Web3, along with the dark pool-related projects in current Web3 ecosystem.
c4lvin
View all
Project
Explore in-depth analyses of pioneering initiatives shaping the future of our industry
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32 min read
June 17, 2025
Fragmetric's Evolution: From Liquid Restaking Towards Universal Asset Management
This article explores the process of how Fragmetric, which emerged to solve the problems inherent in liquid restaking tokens, has evolved into an integrated asset management platform, along with Fragmetric's potential within the Solana ecosystem.
DeFi
Fragmetric
c4lvin, 100y
33 min read
June 06, 2025
mETH Protocol: Next-Generation Ethereum Staking Infrastructure for Institutions
mETH protocol offers reliable staking for rising institutional demand from ETF approvals and regulation shifts. Its dual-token model separates yield and simplifies strategy. Integration with CEXs and financial reporting accelerates institutional adoption, bridging DeFi and traditional finance.
DeFi
Infra
mETH Protocol
Mantle
Ingeun
35 min read
May 30, 2025
Mode Network: Agentic Economy through the DeFAI Stack
Exploring the DeFAI full stack proposed by Mode Network.
Infra
DeFi
Mode
Eren
32 min read
June 17, 2025
Fragmetric's Evolution: From Liquid Restaking Towards Universal Asset Management
This article explores the process of how Fragmetric, which emerged to solve the problems inherent in liquid restaking tokens, has evolved into an integrated asset management platform, along with Fragmetric's potential within the Solana ecosystem.
DeFi
Fragmetric
c4lvin, 100y
33 min read
June 06, 2025
mETH Protocol: Next-Generation Ethereum Staking Infrastructure for Institutions
mETH protocol offers reliable staking for rising institutional demand from ETF approvals and regulation shifts. Its dual-token model separates yield and simplifies strategy. Integration with CEXs and financial reporting accelerates institutional adoption, bridging DeFi and traditional finance.
DeFi
Infra
mETH Protocol
Mantle
Ingeun
35 min read
May 30, 2025
Mode Network: Agentic Economy through the DeFAI Stack
Exploring the DeFAI full stack proposed by Mode Network.
Infra
DeFi
Mode
Eren
25 min read
May 28, 2025
vApp: The Cornerstone for Web3’s Internet Scale Growth
Blockchain has focused on improving speed and cost, but popularizing Web3 requires a better development environment. vApp allows for easy connection with various blockchains through verifiable computing and is emerging as a key solution to bridge Web2 and Web3.
Infra
LayerZero
Succinct
Ingeun
View all
Insight
Empower your strategic edge by navigating our comprehensive analysis of emerging market dynamics
View all
14 min read
June 18, 2025
The Data Wars: Sui-Powered Walrus vs. Full-Stack Irys
This article provides a technically-grounded comparison of Walrus vs Irys, refuting one-sided claims and giving a balanced view of how they differ across 6 dimensions.
Infra
Walrus
Ponyo
26 min read
June 16, 2025
Inevitable Expansion of the Bitcoin Ecosystem
On the occasion of the Bitcoin conference, this article explores the development process and the expected expansion of the Bitcoin ecosystem.
General
Bitcoin
c4lvin
18 min read
June 09, 2025
Structural Debates of Stablecoins [Part 1]
We often take “money” for granted. Yet money has always been a product of political, technological, and institutional design. In the industrial era, money was issued by governments and central banks and distributed by commercial banks, forming a two-tier monetary structure.
DeFi
YongBeomKim
14 min read
June 18, 2025
The Data Wars: Sui-Powered Walrus vs. Full-Stack Irys
This article provides a technically-grounded comparison of Walrus vs Irys, refuting one-sided claims and giving a balanced view of how they differ across 6 dimensions.
Infra
Walrus
Ponyo
26 min read
June 16, 2025
Inevitable Expansion of the Bitcoin Ecosystem
On the occasion of the Bitcoin conference, this article explores the development process and the expected expansion of the Bitcoin ecosystem.
General
Bitcoin
c4lvin
18 min read
June 09, 2025
Structural Debates of Stablecoins [Part 1]
We often take “money” for granted. Yet money has always been a product of political, technological, and institutional design. In the industrial era, money was issued by governments and central banks and distributed by commercial banks, forming a two-tier monetary structure.
DeFi
YongBeomKim
51 min read
June 09, 2025
Stablecoin Issuance Pipeline [Part 2]
This report examines stablecoin issuance pipelines by analyzing issuance models, regulatory frameworks, and key cases to provide strategic insights
DeFi
Heechang
View all
Fragmetric
Bitcoin
FragmetricBitcoin
Fragmetric
mETH Protocol
Mantle
Mode
FragmetricmETH ProtocolMantleMode
LayerZero
Succinct
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