Notes from the research desk.
Plain-language research on deals, capital and the markets underneath them, from the Platinum Partnership's editorial team. Written for operators. Never advice.
Latest notes
Ethereum’s Restaking Question (Without the Theatre)
Restaking is either the most important primitive to land on Ethereum in five years or one of the more elegant ways to over-leverage a chain. Possibly both.Solana’s Throughput Promise vs. The Reality of MEV
Solana solved one set of problems and inherited another. Worth understanding which.Wallet Hygiene for Operators Who Don’t Want to Be on the News
Basic operational practices that separate operators who've held crypto a while from the ones who learn the hard way.Stablecoins: The Real Financial Infrastructure Story
Stablecoin settlement volume crossed $27 trillion in 2024. The infrastructure argument is no longer theoretical.Tokenized Treasuries: The Quiet Public-Markets Bridge
On-chain collateral that pays yield while it sits — the institutional use case no one is arguing about anymore.Real-World Assets On-Chain: Hype vs. Substance
Tokenized Treasuries are clearing real volume. Most everything else is still a pitch deck.DePIN: Decentralized Physical Infrastructure Networks
Real-world hardware, token incentives, and the structural gap between the two.Validator Economics on Modern Proof-of-Stake Chains
Staking yields look passive on the surface. The operational ledger tells a different story.On-Chain Lending: Lessons From the Failures
Collateral ratios held. The protocols still broke. Here is what the wreckage clarified.Crypto Custody at Institutional Scale
Regulated custodians are reshaping who can credibly hold digital assets at scale — and how allocators think about counterparty risk.Privacy Coins in the Current Regulatory Environment
Delisting pressure mounts, but structural demand for financial privacy is not going away.MEV Auctions: Who Captures the Value
Block producers, searchers, and builders are quietly dividing billions in transaction ordering rents — and regulators are starting to notice.
One question per note, worked through plainly.
Each note takes one thing an operator or investor actually runs into, a deal mechanic, a rule, a shift in a market, and works through it without jargon or hype.
The notes are published by Platinum Research, the editorial desk of the Platinum Partnership, and grouped by topic so you can follow one thread.
These notes are education, not advice
They express general market views and educational commentary. They are not financial, investment, legal, tax or accounting advice, not a recommendation to buy, sell or hold anything, and not personalized to your circumstances. Markets are uncertain and capital can be lost in part or in whole. Speak with your own licensed professionals before acting on anything here.
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