From the desk.
Analysis, market commentary, and protocol updates from the Exchequer team.
You’re not acquiring users. You’re acquiring sellers
85% of tokens launched in 2025 ended the year negative. Median drawdown: -69%. The industry’s standard launch playbook mostly changes the speed of the selloff, not the structure causing it.
We Ran Out of Exit Liquidity
Crypto feels broken right now. The fashionable diagnosis is that crypto is "dead". I disagree. And I think I've found a way to fix it.
Your Token Did a +125% in 9 Days and You Still Can't Sell It
LMTS went from $0.08 to $0.18 in nine days. A 125% move. But what does the liquidity underneath actually look like?
The Impact of Token Dilution on DeFi Prices: A Quantitative Analysis
It is a common belief that dilution negatively affects the price of a token. This makes intuitive sense to anyone who has studied the crypto markets. Yet, while the topic is regularly debated, there's little quantitative study to back it up.