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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2,817
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3,026
RESEARCH NOTES
11
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DATE
TITLE
2026-10-17
bStocks: Binance pipes its flow on-chain, and the cost is a casino
2026-10-17
Coinbase (Base): the smallest book in the category, and the only one DeFi actually absorbed
2026-10-17
Dinari dShares: widest coverage, the only US access, and absent from every size table
2026-10-17
The long tail: Backpack, ST0x / PreStocks, and four runs of the exchange-issuance experiment
2026-10-17
Ondo Stocks: first by balance, halved by share, and the cost of the RFQ route
2026-10-17
Remora rStocks: fifth largest at $132M, and I can verify nothing about its structure
2026-10-17
Robinhood Stock Tokens: the most profitable company, the least invested, and the only one fixing rights
2026-10-17
Securitize: what full shareholder rights cost, and a TVL figure that keeps being misused

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