Data essays, written with our own terminal.
Long-form, source-linked writing on market microstructure, stablecoin flows, MEV, and on-chain credit. Every chart is reproducible in PRISM.
Where the liquidity actually lives after the L2 migration.
Mapping order-flow between Ethereum mainnet and the top four rollups since the March cutover.
USDC and USDT are not the same instrument anymore.
Redemption behavior, treasury composition, and the widening credit spread between the two majors.
Priority-fee auctions after EIP-7623 — one quarter in.
How searchers, builders, and validators split the pie under the new fee mechanics.
The quiet growth of tokenized private credit.
$4.2B across seven venues — who's lending, who's borrowing, and at what real yield.
Reading a market maker's inventory from the outside.
A methodology note on inferring desk positioning from public wallet clusters.
Voter concentration in the ten largest DAOs, revisited.
Nakamoto coefficients, delegate rotation, and the quiet return of whale voting.
What the Firedancer switchover did to fee revenue.
Six weeks of block-space data, split by application vertical.
The restaking overhang is smaller than it looks.
Netting duplicated collateral across the top five AVS operators.
How we score entity labels — and how we retire them.
The confidence model, the review cadence, and every false positive from Q4.
One essay every other Wednesday.
No launches, no threads — just the piece and the queries behind it.