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Crypto Research
Why Ethereum Gas Fees Are So High
Ethereum fees spike because block space is a deliberately constrained shared resource set by a dynamic auction. This post explains the EIP-1559 mechanism, why fees swing so dramatically, and what EIP-4844 and L2s have actually changed.
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Crypto Research
Why Bitcoin Has Value
Bitcoin's value isn't explained by a single theory. At least four competing frameworks each capture something real — and the answer depends on which one turns out to be correct.
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Crypto Research
Delegated PoS vs Pure PoS: Two Different Theories of Where Consensus Authority Should Sit
Delegated proof of stake and pure proof of stake both use staked tokens — but they answer different questions. One asks token holders to vote for representatives. The other asks them to run nodes directly. The gap between those two designs shapes everything about how a network actually behaves.
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Crypto Research
Proof of History vs Proof of Stake: Two Different Theories of Where Ordering Agreement Lives
Proof of History and Proof of Stake aren't alternatives — Solana uses both. The real difference is whether validators communicate to agree on sequence, or whether sequence is established cryptographically before they vote.
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Crypto Research
DAO Treasury vs Foundation: Two Different Mechanisms for Controlling Protocol Capital
DAO treasuries and foundations both manage protocol resources, but through fundamentally different mechanisms. One is on-chain and token-governed; the other is a legal entity with a board. Here's how they actually work and where control really lives.
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Crypto Research
Modular vs Monolithic Blockchains: Two Different Theories of How a Blockchain Should Scale
Modular and monolithic blockchains aren't different architectural preferences — they're built on different theories of where a blockchain's scaling constraints should live. This post explains the four functions a blockchain performs, what it means to separate them, and where the tradeoffs actually live.
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Crypto Research
Solo Staking vs Pooled Staking: Two Different Theories of What Validator Participation Should Mean
Solo staking and pooled staking are built around different theories of where validator responsibility should live — and that shapes risk, yield, and what you're contributing to the network.
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Crypto Research
On-Chain Governance vs Off-Chain Governance: Two Different Theories of Where Protocol Authority Lives
On-chain and off-chain governance aren't different process wrappers around the same decisions — they're built on different theories of where legitimacy should come from in a protocol.
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Crypto Research
DAO Treasury vs Foundation: Two Different Theories of Where Protocol Governance Should Live
DAO treasuries and foundations aren't different legal wrappers around the same function. They're built on different theories of who should control protocol resources — and that shapes speed, accountability, and what censorship resistance actually means in practice.
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Crypto Research
Solo Staking vs Pooled Staking: Two Different Theories of What Validator Participation Should Mean
Solo staking and pooled staking aren't just different sizes of the same thing. They're built around different theories of where validator responsibility should live — and that shapes risk, yield, and what you're actually contributing to the network.
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Crypto Research
Native Staking vs Liquid Staking: Two Different Theories of What Participating in Ethereum's Validator Set Should Mean
Native staking and liquid staking aren't just different interfaces to the same yield. They're built around different theories of what it should cost to participate in Ethereum's consensus layer — and where the risks should live.
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Crypto Research
Centralized Oracles vs Decentralized Oracles: Two Different Theories of What Blockchain Data Feeds Should Mean
Centralized and decentralized oracles aren't just different configurations of the same thing. They're built around different theories of where trust should live when blockchains need external data.
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