Articles
Every article, newest first.
Written research ranging from concise takes to long-form deep dives.
Chain Street (Part 5) - Token Rights
Part 5 of the Chain Street series breaks down what you’re actually buying when you hold a protocol token, with a framework for assessing token rights, holder revenue, and the multiples that matter.
Chain Street (Part 4) - The DeFi Mullet
Part 4 of the Chain Street series introduces the DeFi Mullet, fintech in the front and Chain Street in the back, as the trojan horse that brings open finance to billions of normal humans.
Chain Street (Part 3) - Open vs Closed
Part 3 of the Chain Street series argues that history’s long battle between open and closed systems always ends the same way, and finance is next.
Chain Street (Part 2) - The Challenges
Part 2 of the Chain Street series confronts the dragons guarding DeFi’s promise, from technical risk and hyper competition to misaligned token holder rights, the asset problem, and the open challenges of privacy and identity.
Chain Street (Part 1) - The Opportunity
Chain Street is the financial centre of cyberspace, a collection of DeFi protocols dismantling traditional finance by replacing trust manufacturing costs with code.