Explainers

Foundational pieces for readers who want the mechanism rather than the headline. Each one takes a term that gets used loosely — stablecoin, proof of reserves, self-custody — and sets out what it means precisely, how it works, and where the common one-line definition quietly drops the part that matters. These are articles that get revisited rather than replaced: the mechanisms move slowly, so where a fact does change, the piece carries a review date and says what it was true of.