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From Pools to Vaults: The $21B RWA Wave Reshaping Onchain Lending

The onchain lending sector reached $67.4 billion in January 2026, up from $19.7 billion in early 2024. Within this market, a fundamental architectural divide has emerged: pooled protocols that share risk across liquidity pools versus isolated market protocols that compartmentalize risk while aggregating capital through curator-managed vaults.

2026 Institutional Outlook Predictions Based on Who Was Right in 2025

The Caladan Weekly | The Yen Carry Trade That Broke Bitcoin 3 Times (And Why the 4th May Be Different)

Bitcoin has broken three times on BOJ rate hikes. With Japan tightening again, we examine why the yen carry trade mattered, and why this time the real risk may lie elsewhere.

The Caladan Weekly | Strategy Has Real Problems. A Death Spiral Isn’t One of Them

Strategy has real problems—ETF competition, credibility damage from dilution, and index risk—but a “death spiral” isn’t one of them.