Deep Dive Research
In-depth research from the Bitbase institute, offering systematic analysis of industry structure, market mechanisms, and risk.
Deep Dive Research
In-depth research from the Bitbase institute, offering systematic analysis of industry structure, market mechanisms, and risk.
From Pizza to Unit of Account: The Prehistory of Bitcoin Price Discovery
BitcoinCrypto History
2026-08-24
Five Counterparty-Risk Architectures in Crypto Exchanges
Counterparty RiskExchange Solvency
2026-08-24
Crypto Exchange TradFi Expansion: A Five-Model Taxonomy
Exchange Business ModelsTradFi
2026-08-24
From Pizza to Unit of Account: The Prehistory of Bitcoin Price Discovery
Bitbase Research revisits Bitcoin Pizza Day: on May 22, 2010, 10,000 BTC bought two pizzas, first making BTC a unit of account in price discovery.
BitcoinCrypto History
2026-08-24
Five Counterparty-Risk Architectures in Crypto Exchanges
Bitbase Research re-reads the crypto exchange TradFi five-model taxonomy through counterparty risk, mapping each model to a historical failure.
Counterparty RiskExchange Solvency
2026-08-24
Crypto Exchange TradFi Expansion: A Five-Model Taxonomy
Bitbase Deep Dive maps crypto exchanges' TradFi expansion into five distinct models, as TradFi Perpetual Futures volume surged in early 2026.
Exchange Business ModelsTradFi
2026-08-24