Anekdota
ἀνέκδοτα · things not given out
Independent research tracing how claims meet architecture.
Yield-Bearing
An analysis of Ondo Finance as a case study in how tokenization reprices a low-margin financial primitive as a high-multiple technology platform, and what the structure reveals about value extraction in RWA infrastructure.
The transfer agent is among the oldest financial intermediaries. It maintains a register, processes subscriptions, verifies eligibility, and executes instructions. Its economics ar...
Yield-Bearing
An analysis of Ondo Finance as a case study in how tokenization reprices a low-margin financial primitive as a high-multiple technology platform, and what the structure reveals about value extraction in RWA infrastructure.
After Midnight
An analysis of Midnight Network's technical provenance, privacy architecture, token distribution, and the governance structures that determine whose interests "rational privacy" serves.
Trustless
An examination of what prevents trustless systems from achieving what they promise, and what the pattern of prevention reveals about the interests shaping the infrastructure.
To No Avail
An analysis of Avail's data availability layer, the economics of external DA, and the question of product-market fit in a post-PeerDAS world.
Reconnecting the Dots
An analysis of Polkadot's technical provenance, institutional design, and mechanism economics.
Gnot Quite
An analysis of Gno.land's virtual machine, its provenance, execution architecture, and the gap between Gno and Go.