Structural Red Flags
An applied framework for identifying structural red flags across liquidity, custody, leverage, incentives, settlement, and governance before outcomes change.
Governance Under Stress
Settlement Risk in “Fast” Systems
An applied analysis of settlement risk, explaining why speed does not equal finality and how risk is deferred in “fast” systems.
Incentives in Market Making
An applied analysis of market making incentives, explaining why liquidity provision is conditional and why it disappears simultaneously under stress.
Protocol Liquidity vs Token Liquidity
An analysis of why liquidity at the protocol level can diverge sharply from token liquidity, and how that gap creates hidden risk during periods of stress.
Leverage Without Transparency
An applied analysis of how leverage hides within modern financial systems and why liquidity stress exposes it abruptly.
Stablecoins Through the Liquidity Lens
An applied analysis of stablecoins through the Liquidity ≠ Solvency framework, focusing on redemption mechanics, timing mismatch, and behavior under stress.
Applying Custody ≠ Ownership to Asset Access
An applied analysis of how custody risk manifests across exchanges, custodians, funds, wallets, and protocols when access matters most.
Applying Liquidity ≠ Solvency to Modern Financial Systems
An applied analysis of the Liquidity ≠ Solvency framework across banks, funds, ETFs, stablecoins, and protocols.
Custody ≠ Ownership: A Structural Framework for Control Risk
A structural framework that distinguishes ownership from custody, explaining how control, access, and risk diverge under stress.
Liquidity ≠ Solvency: A Structural Framework for System Failure
This paper introduces a framework used to distinguish liquidity risk from solvency risk. The distinction is simple, but consistently misunderstood. Confusing the two leads to false confidence, delayed recognition of failure, and poor decision-making under stress. This framework is not a forecast. It does not predict outcomes or market direction.