Research
Notes, briefings, and reports from the PRISM research desk.
Uniswap v4 hook liquidity: three months in
How hook-enabled pools are reshaping LP economics on Ethereum and Base.
Stablecoin flows, Q2 2026: the return of the CEX
USDC and USDT settlement on Ethereum, Solana, and Base tell a coherent story about where balance is accreting.
Market maker wallet microstructure
A framework for scoring MM wallets by inventory turnover, venue exposure, and settlement latency.
L2 fee compression: after Dencun +2 years
Blob economics, sequencer margins, and what happens when fees can only fall so far.
Perps open interest concentration
Where OI is concentrating across GMX, Hyperliquid, and dYdX — and what leverage skews tell us.
RWA treasuries on-chain: BUIDL, Ondo, and beyond
Tokenized treasuries crossed $14B this quarter. Who is holding the paper?
Governance attack patterns in 2026
Six on-chain vote-buying incidents, one common playbook.
Wallet due diligence: a16z multisig cluster
Mapping the ten wallets that account for 82% of a16z on-chain movement, with settlement history and label evidence.