Research
Notes with the assumptions on the front page.
Our analysts publish on market structure, protocol design, custody and regulation. Every note opens with what it takes for granted — including what would make it wrong — and closes with the documents it draws on.
- 5 notes
- Methodology published
- No forecasts, no positions
Market structureWhat displayed depth does and does not tell you
An order book shows resting size at each level. That is not the same as the size you can trade, and the gap between the two is where most execution surprises come from.
Kwame Adjei · 9 min read · 3 sources cited
SecuritySeed phrases are a backup format, not a security model
A mnemonic reconstructs keys. It does not decide who may use them, when, or what happens if the holder cannot. Those are separate design questions, and most losses happen there.
Dr. Tobias Lindqvist · 8 min read · 3 sources cited
- Market structure
Four ways a backtest flatters a strategy
Every one of these is an honest mistake before it is a dishonest one. Knowing the shape of each is how you interrogate a result someone shows you — and your own.
Kwame Adjei · 11 min read · 3 sources cited
RegulationTravel Rule mechanics, end to end
What information has to accompany a transfer, who has to send it, what happens when the counterparty cannot receive it, and where the requirement still has no settled answer.
Naomi Castellanos · 12 min read · 3 sources cited
Protocol designWhat finality actually promises
"Final" is a statement about the cost of reversal, not a guarantee that reversal is impossible. The distinction matters most to the people deciding when to credit a customer.
Priya Ramanathan · 10 min read · 3 sources cited
How these are written.
The archive is part of the membership; the methodology is public, because a method you cannot inspect is not a method.
Assumptions are stated before the argument
Every note opens with the assumptions it depends on, including the ones that would make it wrong. A reader should be able to reject a note from its first page if they disagree with what it takes for granted.
Mechanisms, not measurements
Notes explain how something works and what it costs. Where a claim would require data we cannot publish or you cannot check, the claim is not made.
Primary sources, cited by name
Each note ends with the documents it draws on — standards, statutes, papers — cited by title and publisher so that the citation survives a moved web page.
No forecasts, no positions
Nothing in the archive predicts a price, recommends an asset or describes a position held by the Institute or its faculty. We do not take one.