Neutral, source-based introductions to crypto projects, their technology, token roles, and ecosystem context.
Neutral, source-based introductions to crypto projects, their technology, token roles, and ecosystem context.

2026-09-21

2026-09-21

2026-09-21

2026-09-21

2026-09-21

2026-09-21

2026-09-21

2026-09-21

2026-09-20

2026-09-20

Intercontinental Exchange reports three segments, and one of them is paid when mortgages close and again when they foreclose. What the ICE filing actually says.
2026-09-21

A share of the iShares Bitcoin Trust ETF is not bitcoin, and a Dinari token of that share is not the share. Three layers, three calendars, one ticker.
2026-09-21

ETHA is the iShares Ethereum Trust ETF on Nasdaq. Its own filings say the trust never stakes the ether it holds, and a tokenized ETHA adds a third layer again.
2026-09-21

Dell's fiscal year ends the Friday nearest 31 January and DELL is the Class C share. How the NYSE stock, Ondo's DELLON token and the perpetual differ.
2026-09-21

CoreWeave rents AI compute on multi-year take-or-pay contracts. Buying CRWV means choosing between a Nasdaq Class A share, an Ondo token and a perpetual.
2026-09-21

CME Group runs the exchanges where E-mini contracts trade, and its Class A stock is listed on Nasdaq under CME. Owning the venue is not trading its products.
2026-09-21

Cboe runs the venues where S&P 500 options and VIX products are listed, and its own shares are registered on an exchange it operates. Three routes compared.
2026-09-21

Adobe books subscription revenue ratably, so a quarter mostly records earlier selling. On Bitbase, ADBE is a Robinhood derivative and a perpetual, not a share.
2026-09-21

Yield Basis, explained: stablecoin debt against a two-asset pool share, constant 2× leverage by default in the model — aimed at impermanent loss, not a promise.
2026-09-20

What Uniswap is, how v2, v3, v4 hooks, UniswapX and Unichain differ, how liquidity pools price without an order book, and where a provider's risk sits.
2026-09-20