Markets
Follow the exposure. Inspect the rights.
An onchain record does not tell the whole financial story. Explore how assets, obligations, and trading mechanisms fit together.
Tokenized stocks & securities
The same reference share can sit behind very different products. Start by identifying the holding chain and the holder’s legal claim.
Commodities & real assets
A gold token, a warehouse receipt, and a gold futures contract may reference the same commodity. Their rights and obligations need separate analysis.
Derivatives & market mechanics
A derivative is a contract. Understand its payoff, collateral, and settlement before interpreting a price chart.
OUR RESEARCH LENS
The five-question framework
01What is the underlying economic exposure?
02What legal or contractual rights exist?
03Who holds the assets and carries the obligations?
04How does the transaction settle?
05What happens if a critical participant fails?