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THE LIBRARY / EDITION 01
Know what
you are comparing.
Original explainers for reading onchain markets with a more critical eye.
MARKET STRUCTURE
Open interest is not trading volume
A practical framework for separating trading activity from positions that remain open.
Read the note →TOKEN ECONOMICSWhere do trading fees actually go?
Why gross fees, protocol revenue and value reaching token holders require separate lines.
Read the note →VALUATIONA cheap token can have an expensive supply
Read market capitalization, diluted value and unlock schedules together.
Read the note →REAL-WORLD MARKETSGold exposure is not ownership of gold
Separate RWA perpetual contracts from tokens that represent claims on underlying assets.
Read the note →