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# 67 | Tether in 2025: a Capital Analysis
A Macroprudential Assessment of Tether’s Balance Sheet and Capital Adequacy
Dec 3, 2025
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Luca Prosperi
27
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# 66 | A Network Model of Money
Thinking Through the Topology of the Ring That Rules Them All
Apr 23, 2025
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Luca Prosperi
37
7
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# 65 | Usual Money: a Valuation Framework
Choose Your Game. Master Your Game. Win, Lose, Own It
Jan 14, 2025
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Luca Prosperi
20
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# 64 | PREDICTION MARKETS (II): Spoiling the Election Love Story
Not So Fast, Elon. An Op-Ed For the Last Pre-Election Weekend
Nov 1, 2024
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Luca Prosperi
6
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# 63 | Crypto Prediction Markets
The Ultimate Nerd Primer No One Asked For
Oct 11, 2024
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Luca Prosperi
13
2
# 62 | Ethena’s Odyssey: From Stable to Bond to Structured Product to Rollup
By the Time You Understand Ethena, Ethena Will Have Understood You
Jul 4, 2024
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Luca Prosperi
13
# 61 | EigenLayer: My Value Analysis of Economic Security
Merits, Return Profile, and Blatant Ironies of the Hottest Protocol Out There
Mar 15, 2024
•
Luca Prosperi
19
6
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# 60 | Off-Cycle: Reconstructing the Monetary Stack
X-Posting the Genesis Post From the M^0 Foundation Council
Feb 11, 2024
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Luca Prosperi
12
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