Has trading volume denominated in BTC declined since 2012? This article investigates the counter-intuitive results, that while market efficiency has substantially increased from 2012, trading volume in BTC and volatility have not improved in the same way. @hasufl and @zhusu discuss the relationship between efficiency, liquidity, and volatility of BTC/fiat markets. (Deribit Insight)

Why is token design so important in cryptoeconomic design? This report elaborates on a framework developed to classify tokens by function and understand the tradeoffs they present for projects. (Smith & Crown)

How many bitcoins are permanently lost? This piece dives into why Bitcoin’s supply is lower than expected, calculates how many coins are permanently lost and why these are lost. (Coin Metrics)

Can bitcoin options give us indications of possible BTC pricing next summer? In a week where few cryptos saw positive returns, one can instead use the time to look forward. By diving into the pricing of bitcoin options, implied probabilities of possible BTC prices for the next 6 months can be found. (Arcane Research)

Are you familiar with the history of crypto exchanges? This essay takes you through the industry’s most powerful institutions. @nlw and @ClayCollins do not start with Binance or Mt. Gox, or even the very first exchanges like BitcoinMarket.com, but back before bitcoin was even invented. (Nomics)

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