How to Evaluate a Crypto Protocol
A system-level checklist for evaluating product need, dependencies, economics, security, governance, and token design.
Read letter →Letters
Notes for the long cycle.
Original, sourced essays on crypto infrastructure, markets, incentives, custody, and the habits of clear analysis.
How to Read Tokenomics
A framework for analysing token utility, supply, unlocks, incentives, fees, governance, and the evidence behind value claims.
Read letter →Proof of Work and Proof of Stake
Compare proof of work and proof of stake through security costs, concentration, recovery, and real operational trade-offs.
Read letter →Custody Without Slogans
A practical comparison of custodial accounts, self-custody, keys, recovery plans, and the failure modes that matter.
Read letter →How Stablecoins Hold a Dollar
A practical guide to stablecoin reserves, redemption, collateral, liquidity, and the systems that keep—or break—a peg.
Read letter →Welcome to Ledgers Academy
A calmer framework for learning about cryptocurrency, markets, and the systems beneath them.
Read letter →