KKDEMIAN
Research terminal · updated weekly

Crypto market structure, written up as a searchable research library

Exchanges, perp DEXs, stablecoins, L1/L2, RWA, AI × Crypto — tracked over time, taken apart one by one, kept current.

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2026-10-28
One stock, four books: taking apart the liquidity of tokenized AAPL
2026-10-28
Crypto Agent Bench: a reproducible protocol for evaluating financial agent safety across exchanges
2026-10-28
Why an LLM should never be the final risk gate for a trading agent
2026-10-28
Spark: the business is better than the token, and the gap is the supply
2026-10-28
When AI makes execution cheap, what kind of people do we actually need?
2026-10-26
Anthropic: IPO Financials, Compute Commitments, and Valuation Research
2026-10-24
Reality: Bitget Tokenized US Equities, Distribution, and Custody Risks
2026-10-23
a16z “Perpetuals Are Just the Beginning”: A Market Supply Revolution and Risk Infrastructure

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