From the desk.
Analysis, market commentary, and protocol updates from the Exchequer team.
If Uniswap Can't Make Incentives Work, Who Can?
Unichain is the cleanest modern incentive test: blockbuster campaign numbers, partial retention, and a sharp reminder that durable growth needs more than emissions.
Crypto is a jeet factory
Crypto retail is not dumb. They understand extraction, and adapt to survive. The founder challenge is no longer hype, but building structures users can trust.
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.
Why I'm Betting Against MegaETH's 'Scientific' TGE Criteria
MegaETH's KPI-gated TGE sounds disciplined, but it risks turning Goodhart's Law into a launch strategy that rewards the teams best at gaming the metrics.
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.