Our Writing

We're powering the liquidity on Boros. As the sole market maker for the first funding rate derivative in crypto, we’re taking on one of DeFi’s most exotic assets, because of our commitment to developing DeFi.

A financial revolution is reshaping how public companies manage capital reserves, driven by Digital Asset Treasuries (DATs). Caladan has identified six distinct schools of thought that capture how corporate leaders view DATs and their implications.

The market is bifurcating into two asset classes: institutional-grade DCF assets with yield and infrastructure, and attention assets driven by retail mindshare and airdrop mechanics. Capital is adopting a barbell approach, rotating into safe yield positions and selective high-conviction bets, while avoiding middle-risk exposure.

Ethereum's price movements appear deceptively simple: retail enthusiasm builds, price rallies, optimism compounds. But beneath the surface lies a structurally complex dynamic involving funding markets, delta-neutral desks, and recursive leverage demand that reveals profound fragility in today's crypto markets.