Deep Dive Research
In-depth research from the Bitbase institute, offering systematic analysis of industry structure, market mechanisms, and risk.
Deep Dive Research
In-depth research from the Bitbase institute, offering systematic analysis of industry structure, market mechanisms, and risk.
Five Counterparty-Risk Architectures: A Settlement-Layer Companion
Counterparty RiskExchange Solvency
2026-07-20
Crypto Exchange TradFi Expansion: A Five-Model Taxonomy
Exchange Business ModelsTradFi
2026-07-20
Herding Effects and Incentive Misalignment in Cryptocurrency Markets
Market PsychologyHerd Behavior
2026-07-20
Five Counterparty-Risk Architectures: A Settlement-Layer Companion
Bitbase Research re-reads the crypto exchange TradFi five-model taxonomy through counterparty risk, mapping each model to a historical failure.
Counterparty RiskExchange Solvency
2026-07-20
Crypto Exchange TradFi Expansion: A Five-Model Taxonomy
Bitbase Deep Dive maps crypto exchanges' TradFi expansion into five distinct models, as TradFi Perpetual Futures volume surged in early 2026.
Exchange Business ModelsTradFi
2026-07-20
Herding Effects and Incentive Misalignment in Cryptocurrency Markets
Bitbase Research on herding and misaligned incentives in crypto: how information asymmetry, agency conflicts and cascades drove Terra/Luna and FTX.
Market PsychologyHerd Behavior
2026-07-20