Work together

Andrey Shivalin researches tokenized Bitcoin market structure: issuance and redemption, custody, collateral use, and the failure modes that connect them. The best starting point is a specific question — a wrapper, a venue, a number you need to trust before you rely on it.

The work

Commissioned research

A written piece on a specific question — wrapper structure, collateral exposure, a chain migration — with the underlying measurement documented.

Data and measurement

Defining what to count and how: classification schemes, coverage boundaries, and the queries that make a metric reproducible.

Review

A second read on someone else's numbers before they are published: what the metric actually measures and where it will be challenged.