Stablecoins

The settlement rails of tokenized finance and their throughput limits.

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The Crowd Is the Liquidity: Crowdsourced Market-Making for RWA

Liquidity used to be the job of a few big desks. On-chain, it can be the emergent property of thousands of small providers. The crowd does not replace the market-maker — it becomes one.

Marcus HaleSep 207 min

Stablecoins

Swarm Settlement: Aggregating Millions of Micro-Payments at Once

Individual micro-payments are uneconomic to settle one by one. Batched and aggregated, they become a single, cheap, final transfer. Settlement, at scale, is a swarm problem.

Marcus HaleSep 167 min