A newsletter that cites primary sources

LinkedIn is full of takes on crypto derivatives right now. Most of them are a headline, a hot take, and a call to action to follow someone. Very few explain the mechanism. Even fewer cite a primary source.

This newsletter tries to do the opposite. If we make a claim here, we’ll tell you where it comes from. If the answer is genuinely complicated, we’ll say so rather than flatten it. The goal is that you finish reading this with a clearer picture of how the infrastructure actually works, not just what happened this week.

Lots worth understanding properly inside issue.

This first appeared on LinkedIn on 21 May 2026. If you want to comment or discuss, that’s the place.