Pump.fun's $600M ICO: Retail Mania, Onchain Execution, and a New Era of Token Launches

TL;DR Pump.fun’s PUMP ICO raised $600 million in 12 mints at $4 billion FDV - 75% onchain, signaling a retail-accessible, transparent launch

Aug 29 • 

Aaron

 and 

Michael

1

July 2025

Tokenization in Capital Markets: A Market Maker’s Perspective

TL;DR Tokenization unlocks efficiencies like instant settlement, 24/7 trading, and fractional ownership—but real-world adoption depends on solving…

Jul 3 • 

Michael

8

May 2025

The ICO Is Dead, Long Live the ICO

Reviving Public Token Sales with Regulation, Reputation, and On-Chain Innovation

May 29 • 

Aaron

1

April 2025

Adversarial Markets: Stress Tests in Crypto Derivatives and TradFi

Case studies from Hyperliquid to Volmageddon and lessons learned for resilient market design

Apr 30 • 

Michael

 and 

Aaron

5

March 2025

Strategy: The World's Most Leveraged Bitcoin Trade

How Strategy Uses Financial Engineering to Become the Largest Corporate Bitcoin Holder

Mar 27 • 

Aaron

15

February 2025

The Onchain CLOB Landscape

TL;DR Decentralized exchange (DEX) spot volume has grown to over 20% of centralized exchange (CEX) volume, hitting $450bn+ in January 2025, with onchain…

Feb 28 • 

Aaron

3

January 2025

Sizing the BTC Basis Trade

Understanding the Mechanics and Market Impact of Bitcoin's Largest Arbitrage Trade

Jan 30 • 

Aaron

 and 

Hein Tibosch

3

2