Notes
Notes from
the work.
Stablecoin banking, cross-border trade, and the products forming between crypto and fiat.
How the AI build-out moved through Taiwan's chip supply chain
Every AI server in the world is built from parts made and listed in Taiwan. Over three years those companies were repriced one tier at a time, as the boom worked its way down the supply chain from chips to memory.
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The perp basis on gold
The wholesale gold lease market has paid carry for decades, restricted to the LBMA tier. A separate yield now exists on Hyperliquid's PAXG perpetual: funding was positive in 86% of hourly windows over the last twelve months, averaging 7.6% annualised, accessible to anyone with an exchange account.
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