Explainers
Anduril was marked at $61 billion in May 2026 and is reportedly in talks for more. Here is what the valuation reflects, why reported marks differ, and why a tokenized version trading on a blockchain is not the same number.
Explainers
USDT is the largest stablecoin in circulation by a wide margin. Here is how the Tether stablecoin is structured, what backs it, and why the way you count its supply changes the number you report.
Explainers
Figma priced at a $19.3B valuation on July 30, 2025, then more than tripled on its first trading day. The gap between the two numbers is the story.
Explainers
Prediction markets let people trade contracts that pay out based on whether an event happens. Sizing the industry is harder than it looks, and the reason tells you something about how these markets actually behave.
Explainers
MiCA governs stablecoins in the EU through two token categories, each with its own reserve, redemption and reporting duties. Here is what the rules actually demand.
Explainers
Hyperliquid's HYPE token went live on November 29, 2024 through a genesis airdrop with no private sale. Here is how the launch worked and what HYPE does.
Explainers
Onchain proof of reserves is powerful for verifying token supply and wallet balances directly, but it stops at the bank door. Here is the line between what you can check yourself and what still needs an attestation.
Explainers
A wallet address is not a counterparty. This is how risk committees turn onchain data into a real exposure map, and where that data stops being enough.
Explainers
Exchange feeds tell a desk where the price is. Onchain settlement data tells it where the money actually moved. Pricing, marking and reporting a crypto book requires both, and they rarely agree out of the box.
Explainers
A practical look at how corporate treasury teams hold, move and reconcile digital assets across chains and venues, and how they evidence balances at period end.
Explainers
Reconciling onchain activity to your ledger sounds like a data-entry task. The reason month-end drags is that the blockchain and your accounting system disagree on what counts as a transaction.
Explainers
Streaming, webhooks and low-latency APIs are not interchangeable. Here is how to compare real-time onchain data providers on the four attributes that decide whether your product ships.