Protocol design
Rules and incentives shape how a protocol behaves. We look at the relationship between technical architecture and market outcomes.
Decentralized finance
Open systems.
Connected possibilities.
DeFi brings a different architecture to financial markets. We are interested in the intersection of open protocols, market design and onchain trading.
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An open market.
A systems perspective.
Protocols make financial mechanisms visible and programmable. Understanding how those mechanisms interact is essential to understanding the markets built on them.
Onchain liquidity
Liquidity takes different forms across onchain markets. Pool mechanics, execution paths and participant behavior all play a part.
Interoperability
Connections between networks and trading environments create both possibilities and complexity. We approach them with a focus on the whole system.
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