Research

Research notes

Our research programme is focused on understanding the structural dynamics of digital asset markets.

Publications

Latest notes

• Option Pricing for AMM-Native Assets — How AMM liquidity reshapes the pricing, hedging and volatility of crypto options, and what this means for electronic market making.
• Dual Flow Batch Auctions — An exploration of how Dual Flow Batch Auctions replace latency-driven competition with pricing efficiency, creating a more resilient market structure for digital asset trading.
• The Cost of Borrowed Assumptions — As prediction markets mature, the most important questions are moving below the surface: not whether they work, but whether the tools used to analyse them still apply.
• From Matching Engines to Validators: Why Hardware Matters in DeFi — Decentralized finance is encountering the same infrastructure realities long familiar to electronic markets: latency, deterministic execution, and network congestion under load.