DeFi & trading

How on-chain markets actually work: the contracts, the mechanics, and who pays when they break.

Oct 31, 202615 min read

Perpetual Futures: A Contract With No Expiry, and Who Pays When It Breaks

How futures work, why crypto removed the expiry date, how funding keeps a perp near spot, what happens when a liquidation can't be filled, and how a bitcoin exchange's product reached oil, gold and the NYSE's parent company.

#web3 #protocols

Sep 30, 202614 min read

Prediction Markets: What the Price Knows, and Who Decides What Happened

How prediction markets turn bets into probabilities, why the price is sometimes wrong, why the oracle is the real product, and how Trueo is trying to build the version Vitalik Buterin has been asking for.

#web3 #ethereum #protocols