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Decoding crypto and the markets. Daily, with Byron Gilliam.

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Latest Research

Block building remains Solana’s most important problem because it directly shapes execution quality and market structure. In this report, we show that BAM delivers measurably better market structure outcomes today (faster slot times, earlier oracle updates, and stronger average markouts) than Harmonic. Harmonic’s median prop AMM markouts outperform but conceal materially worse left-tail events. The deeper issue is consistency: as long as single leaders maintain discretionary control over sequencing, some validators will defect to extract value. MCP remains the most credible long-term solution to Solana's market structure.

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Decoding crypto and the markets. Daily, with Byron Gilliam.

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