Explainers
ACH vs Wire Transfer: Speed, Cost, and Reversibility
The real difference between ACH and wire transfers is reversibility, not just speed. Here is how they compare on cost, timing, cutoffs, and what happens when a payment fails.
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Explainers
Hyperliquid API: Public Data vs Trading Access
The Hyperliquid API is really two surfaces. One reads public order book and account state, the other signs transactions that open, close and liquidate positions. Knowing which you need changes everything.
Explainers
Oura IPO Valuation: From $11B to a Postponed Deal
Oura's IPO valuation moved from an $11B private round to a roughly $15.6B indicative range, then the deal was postponed. Here is the timeline with sources, plus what a tokenized Oura wrapper trading onchain does and does not tell you.
Explainers
USDC and the Circle Stablecoin, Measured Onchain
USDC is the second-largest stablecoin onchain, but the number you cite depends on whether you count bridged copies as real dollars. Here is how the Circle stablecoin is measured.
Explainers
Anduril's Pre-IPO Valuation: What the Numbers Mean
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
Tether (USDT): How the Largest Stablecoin Works
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's IPO Valuation: $19.3B at Pricing, $68B at Close
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.
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How Big Is the Prediction Market Industry?
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.
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MiCA and Stablecoins: What the Rules Require
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
When Did Hyperliquid's HYPE Token Launch?
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: The Double-Count Trap
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
Crypto Counterparty Risk: An Address Is Not a Counterparty
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.