# Paradigm

> Paradigm is a research-driven technology investment firm focused on crypto, blockchain, AI, and frontier technologies.

## Stories
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-calvin-zeng): Calvin Zeng Joins Paradigm
- [RSI Simulator](https://www.paradigm.xyz/writing/rsi-simulator): An interactive web game and model explorer from Paradigm that demonstrates the economics of recursive self-improvement and AI R&D.
- [Centaur 2.0: Permissions, Context, and MCP](https://www.paradigm.xyz/writing/centaur-2-0-permissions-context-and-mcp): We’re launching Centaur 2.0 with better permissions, broader tool access, and a faster, more reliable foundation.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-justin-wang): Justin Wang joins Paradigm as a Research Partner
- [Paradigm Files Comment Letter on Binary KPI Options Proposal](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-binary-kpi-options-proposal): Paradigm urges SEC to complete holistic review process with CFTC before making decision on binary KPI options proposal
- [Paradigm Files Comment Letter on the CFTC’s Prediction Markets NPRM](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-the-cftc-s-prediction-markets-nprm): Paradigm supports gaming framework; encourages additional clarifications
- [Formally Verifying a Compiler Using Automated Research](https://www.paradigm.xyz/writing/solidus): We formally verified a compiler using Lean and are launching two new challenges to improve it, as an experiment in collaborative research.
- [Paradigm Files Comment Letter on the NCUA’s GENIUS Act Stablecoin Rulemaking](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-the-ncuas-genius-act-stablecoin-rulemaking): Paradigm raises key issues for credit union-affiliated stablecoin issuers
- [Paradigm Backs Michael Lewellen on Appeal to the Fifth Circuit](https://www.paradigm.xyz/writing/paradigm-backs-michael-lewellen-on-appeal-to-the-fifth-circuit): Paradigm pushes back on threats to non-custodial software developers
- [Announcing Our Fourth Fund ](https://www.paradigm.xyz/writing/announcing-our-fourth-fund): Paradigm has raised our fourth fund: $1.2B to back the most ambitious builders at the frontier of technology.
- [Paradigm Backs Kalshi in Latest Prediction Market Challenge ](https://www.paradigm.xyz/writing/paradigm-backs-kalshi-in-latest-prediction-market-challenge): 
Paradigm files Sixth Circuit amicus brief against Tennessee overreach
- [Project Kryptos ](https://www.paradigm.xyz/writing/kryptos): Paradigm is now the steward of the solution to Kryptos, one of the last great cryptography puzzles — but it's a secret, even to us. Now we’re looking for more people to try to find the solution.
- [Paradigm Files Comment Letter on FinCEN and OFAC’s GENIUS Act Rulemaking](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-fincen-and-ofacs-genius-act-rulemaking): Paradigm urges tailored sanctions compliance framework
- [Paradigm Files Comment Letter on the FDIC’s GENIUS Act Stablecoin Rulemaking](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-the-fdics-genius-act-stablecoin-rulemaking): Paradigm raises key issues on the FDIC’s framework for stablecoin issuers.
- [The Political Number We’ve Been Missing](https://www.paradigm.xyz/writing/the-political-number-weve-been-missing): Kalshi’s American Power Index (KPOW) finally provides an easy way to know in real time which way the wind is blowing in American politics.
- [Stablecoins are Global - Paradigm’s Response to FCA 26/13](https://www.paradigm.xyz/writing/stablecoins-are-global-paradigms-response-to-fca-26-13): The FCA’s latest crypto perimeter guidance is intended to bring clarity to the U.K.’s digital asset regime. We explain how parts of the proposal could fragment global markets and how the FCA can avoid it.
- [Paradigm Files Comment Letter on Treasury’s GENIUS State Pathway Rulemaking](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-treasurys-genius-state-pathway-rulemaking): Paradigm raises critical issues on pivotal stablecoin rulemaking
- [Open Sourcing Centaur: Multiplayer, self-hosted, secure agents](https://www.paradigm.xyz/writing/open-sourcing-centaur-multiplayer-self-hosted-secure-agents): Paradigm and Tempo open source Centaur, a Slack-native multiplayer, self-hosted and secure agent for investing, building, and researching.
- [Paradigm Files Comment Letter on the OCC’s GENIUS Rulemaking](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-the-occ-s-genius-rulemaking): Paradigm raises critical issues on pivotal stablecoin rulemaking
- [PACTs: Protecting Your Bitcoin From a Quantum Sunset](https://www.paradigm.xyz/writing/pacts-protecting-your-bitcoin-from-a-quantum-sunset): A possible way for Bitcoin holders to protect themselves from having their funds frozen in an emergency post-quantum hard fork—without having to publicly move their coins.
- [Paradigm Files Comment Letter on the CFTC’s Prediction Markets Rulemaking](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-the-cftc-s-prediction-markets-rulemaking): Paradigm supports CFTC’s engagement and urges additional clarity
- [Paradigm Backs Kalshi in Latest State Overreach](https://www.paradigm.xyz/writing/paradigm-backs-kalshi-in-latest-state-overreach): Paradigm files amicus brief in support of Kalshi in Commonwealth of Massachusetts v. KalshiEX LLC
- [Introducing the 2026 Paradigm Fellowship ](https://www.paradigm.xyz/writing/introducing-the-2026-paradigm-fellowship): Applications are open for the 2026 Paradigm Fellowship. Four days, ~30 people, Northern California. August 12–15.
- [Paradigm Files Comment Letter on NCUA’s GENIUS Rulemaking](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-ncua-s-genius-rulemaking): Paradigm weighs in on opening GENIUS proposal for credit unions
- [Releasing Reth 2.0!](https://www.paradigm.xyz/writing/releasing-reth-2-0): Reth is now faster, smaller, and ready for the next frontier of crypto infrastructure.
- [An Interactive Guide to GENIUS Implementation](https://www.paradigm.xyz/writing/an-interactive-guide-to-genius-implementation): The GENIUS Act is law. We built a real-time tracker for what comes next.
- [Paradigm Files Ninth Circuit Amicus in New Front of Prediction Market Battle](https://www.paradigm.xyz/writing/paradigm-files-ninth-circuit-amicus-in-new-front-of-prediction-market-battle): Paradigm Files Amicus Brief Opposing New Front of Attacks on Federal Regulation of Prediction Markets
- [Paradigm February 2026 Poll on Prediction Markets](https://www.paradigm.xyz/writing/paradigm-february-2026-poll-on-prediction-markets): Over a third of Americans are using prediction markets in some way. Our new poll delves into what is driving the growth of this space and how Americans feel about the rise of prediction markets.
- [Introducing EVMbench](https://www.paradigm.xyz/writing/evmbench): Paradigm and OpenAI build EVMbench as an open evaluation framework that tests AI agents across detecting, patching, and exploiting vulnerabilities.
- [Green Mining, Stable Grids: Clarifying Misconceptions about Bitcoin Mining](https://www.paradigm.xyz/writing/clarifying-misconceptions-about-bitcoin-mining): Bitcoin mining uses abundant, often renewable, and off-peak electricity to stabilize the grid and lower costs. Policymakers should treat it as an energy asset, not an energy threat.
- [Getting the Details Right: Paradigm’s Response to the FCA and Bank of England](https://www.paradigm.xyz/writing/paradigms--response-to-the-fca-and-bank-of-england): The Bank of England and FCA need to fix key design flaws in their crypto framework. Paradigm's response identifies where rigid rules risk leaving the U.K. behind.
- [Introducing Paradigm Predictions](https://www.paradigm.xyz/writing/introducing-paradigm-predictions): Paradigm Predictions is a tool for exploring the landscape of prediction markets. We aim to make prediction market data intuitive, accessible, and easy to explore.
- [Paradigm Files Ninth Circuit Amicus Brief to Oppose State Encroachment on Federal Regulation](https://www.paradigm.xyz/writing/paradigm-files-ninth-circuit-amicus-brief-to-oppose-state-encroachment-on-federal-regulation): The Ninth Circuit should follow the clear statutory text and historical record. Federal law governs these markets, full stop. Allowing states to override that judgment would undermine regulatory certainty, stifle innovation, and unravel a system Congress carefully constructed.
- [Joining Paradigm as Head of Trading](https://www.paradigm.xyz/writing/joining-paradigm-rama-somayajula): Rama Somayajula joins Paradigm as Head of Trading
- [Paradigm Files Comment with Banking Regulators on Safety and Soundness Standards](https://www.paradigm.xyz/writing/paradigm-files-comment-with-banking-regulations-on-safety-and-soundness-standards): Regulators should look to the statutory text and not subsequent commentary when defining what is a safe and sound practice.
- [Stablecoin “Interchange” — And Why It Doesn’t Work](https://www.paradigm.xyz/writing/stablecoin-interchange-and-why-it-doesnt-work): As Congress finalizes crypto market structure, they should avoid negating the innovation that the GENIUS Act enabled
- [Data Banishes Fear](https://www.paradigm.xyz/writing/data-banishes-fear): A new report on how stablecoins interact with the banking system and credit creation suggests stablecoins will be positive for the banking system and credit provision on net.
- [Polymarket Volume Is Being Double-Counted](https://www.paradigm.xyz/writing/polymarket-volume-is-being-double-counted): After analyzing Polymarket’s market structure, event data, and smart contracts, we discovered that most Polymarket analyses and dashboards have been mistakenly double-counting volume.
- [Bridging the Gap: How Crypto Expands Financial Access for America’s Underbanked](https://www.paradigm.xyz/writing/bridging-the-gap-how-crypto-expands-financial-access-for-america-s-underbanked): No group stands to gain more from crypto access than the unbanked and underbanked.
- [Treasury: When Implementing GENIUS, Follow Congress’s Direction](https://www.paradigm.xyz/writing/treasury-when-implementing-genius-follow-congress-direction): Congress has already spoken on allowing affiliates to issue yield; regulatory agencies cannot alter that decision.
- [Execution Matters: Paradigm's Response to FCA CP25/25](https://www.paradigm.xyz/writing/execution-matters-paradigm-s-response-to-fca-cp25-25): Paradigm responds to the FCA on key priorities for applying their Handbook to cryptoassets, emphasizing that execution of regulatory details will determine U.K.'s crypto leadership success.
- [Paradigm Files (Another) Amicus Brief to Oppose State Encroachment on Federal Regulation](https://www.paradigm.xyz/writing/paradigm-files-another-amicus-brief): Yesterday, Paradigm filed an amicus brief in KalshiEX LLC v. Martin, a Fourth Circuit case about Maryland’s effort to treat federally regulated swaps as gambling. This isn’t a close call.
- [Paradigm joins DEF and SPI in comment to Treasury on how innovative crypto practices can prevent and combat illicit finance](https://www.paradigm.xyz/writing/paradigm-joins-def-and-spi-in-comment): The solution to problems associated with illicit finance will be found within crypto itself.
- [Ithaca x Tempo](https://www.paradigm.xyz/writing/ithaca-x-tempo): The Ithaca team is joining Tempo to build the infra needed for Tempo to scale, meet real-world demand, and remain open to everyone.
- [Congress Passed GENIUS. Market Structure Is Next. But Skipping Crypto Tax Would Be a Mistake.](https://www.paradigm.xyz/writing/congress-passed-genius-market-structure-is-next-but-skipping-crypto-tax-would-be-a-mistake): Unless Congress acts to clarify crypto tax rules, upside from GENIUS and market structure will be capped.
- [Paradigm’s Response to CFTC Request for Comment](https://www.paradigm.xyz/writing/paradigm-s-response-to-cftc-request-for-comment): The importance of the CFTC providing targeted regulatory clarity on event contracts and perpetuals with all deliberate speed.
- [Why Close SEC–CFTC Coordination Is Key to Unlocking U.S. Market Innovation](https://www.paradigm.xyz/writing/sec-cftc-coordination): The SEC and CFTC are holding a roundtable to harmonize their rules. We discuss the potential opportunity at hand for financial markets.
- [Paradigm Files Amicus Brief Defending Innovation in DeFi](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-defending-innovation-in-defi): At its core, this lawsuit isn’t really about Uniswap or even about a single patent. It’s about whether anyone should be able to claim ownership over the centuries-old concept of market making, simply because they describe it with an equation and implement it on a blockchain.
- [Tempo: The Blockchain Designed for Payments](https://www.paradigm.xyz/writing/tempo-payments-first-blockchain): The payments-first blockchain incubated by Stripe and Paradigm
- [Public Stocks on Public Blockchains: How Do We Get There?](https://www.paradigm.xyz/writing/public-stocks-on-public-blockchains): Paradigm Files Comment with the SEC Crypto Task Force on Equity Market Tokenization
- [Paradigm Urges CFTC to Embrace DeFi in Spot Crypto Trading Rules](https://www.paradigm.xyz/writing/paradigm-urges-cftc-to-embrace-defi-in-spot-crypto-trading-rules): Paradigm files comment to CFTC stressing that any spot crypto trading regime must not disadvantage DeFi.
- [Opportunity Markets](https://www.paradigm.xyz/writing/opportunity-markets): Introducing opportunity markets, private prediction markets where those who spot opportunities get paid by those who can act on them
- [The Senate Market Structure Approach Is the Best Path Forward](https://www.paradigm.xyz/writing/market-structure-rfi-response): Paradigm’s responses to the Senate Banking Committee’s RFI on market structure legislation.
- [A Blueprint for American Crypto Leadership: Breaking Down the White House’s 180-Day Report](https://www.paradigm.xyz/writing/a-blueprint-for-american-crypto-leadership-breaking-down-the-white-house-s-180-day-report): The White House laid out comprehensive steps to spur growth and unlock crypto’s potential in the United States.
- [Paradigm Files Amicus Brief to Oppose State Encroachment on Federal Regulation](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-to-oppose-state-encroachment-on-federal-regulation): Paradigm files amicus brief in support of Kalshi in KalshiEX LLC v. Flaherty
- [The GENIUS Act Passed - Now the Real Work Begins](https://www.paradigm.xyz/writing/the-genius-act-passed-now-the-real-work-begins): The GENIUS Act is now law. What steps do regulators need to take to implement its stablecoin regime?
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-ricardo-de-arruda): Ricardo de Arruda joins Paradigm as an Investment and Research partner.
- [Paradigm Files Amicus in Lewellen v. Bondi](https://www.paradigm.xyz/writing/paradigm-files-amicus-in-lewellen-v-bondi): Paradigm files amicus brief supporting Michael Lewellen's lawsuit challenging the DOJ's increasingly aggressive use of 18 U.S.C. § 1960 against software developers
- [Paradigm Policy Market Mapping Exercise Spring 2025](https://www.paradigm.xyz/writing/paradigm-policy-market-mapping-exercise-spring-2025): Crypto ownership is more than an investment—it’s a signal. Paradigm’s new market mapping exercise explores the voters behind the movement, offering fresh insight into how and why crypto is shaping American politics.
- [The L1 Dilemma](https://www.paradigm.xyz/writing/the-l1-dilemma): How to win as a new L1.
- [Paradigm Files Amicus Brief Supporting Roman Storm](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-supporting-roman-storm): Paradigm files amicus brief supporting Storm’s proposed jury instructions in United States v. Storm.
- [UK Crypto Regulation Must Embrace DeFi: Paradigm Responds to the FCA](https://www.paradigm.xyz/writing/uk-crypto-regulation-must-embrace-defi-paradigm-responds-to-the-fca): Paradigm responds to the Financial Conduct Authority on the importance of embracing DeFi.
- [Introducing the 2025 Paradigm Fellowship](https://www.paradigm.xyz/writing/introducing-the-2025-paradigm-fellowship): We’re excited to announce our third annual Paradigm Fellowship: a program for students, recent grads, and dropouts who are curious techno-optimists – drawn to markets, incentive design, and shaping how money moves online.
- [Quantum Markets](https://www.paradigm.xyz/writing/quantum-markets): A capital efficient mechanism for scaling futarchy.
- [Orbital](https://www.paradigm.xyz/writing/orbital): The future holds a million stablecoins. Today's infrastructure isn't ready. This paper introduces Orbital, an automated market maker for pools of 2, 3, or 10,000 stablecoins. Orbital unlocks capital efficiency by bringing concentrated liquidity to unlimited dimensions.
- [DeFi Perps Deserve a Path Forward in the US: Paradigm Responds to the CFTC’s Perpetual Derivatives Request for Comment](https://www.paradigm.xyz/writing/defi-perps-deserve-a-path-forward): Paradigm submits comment to the CFTC on DeFi perpetual derivatives.
- [Introducing Alloy v1.0: The simplest, fastest Rust toolkit for the EVM](https://www.paradigm.xyz/writing/introducing-alloy-v1-0): We’re excited to release Alloy v1.0, our first stable release, reaffirming our commitment to performance, stability, and great developer experience. Alloy is a complete re-write of ethers-rs and builds on years of experience on shipping successful tooling for the Rust Ethereum ecosystem.
- [Multiverse Finance](https://www.paradigm.xyz/writing/multiverse-finance): Addressing capital efficiency in prediction markets by splitting the financial system into parallel universes.
- [Across Prime](https://www.paradigm.xyz/writing/across-prime): Across Prime introduces a new "bonded" model for trustless cross-chain bridging, which can be more gas and capital efficient than current "escrowed" models.
- [Timing Advantages in Onchain Auctions](https://www.paradigm.xyz/writing/timing-advantages-in-onchain-auctions): This paper studies and quantifies one of the fundamental limits to reducing MEV: latency advantages.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-alpin-yukseloglu): Alpin Yukseloglu joins Paradigm as an Investment and Research Partner.
- [Southern District, Stand Down: Prosecuting Code Is Not Justice](https://www.paradigm.xyz/writing/southern-district-stand-down-prosecuting-code-is-not-justice): Until the Storm case is dropped, all of crypto and every software developer are at risk.
- [The Key Neutrality of Baselayer Markets](https://www.paradigm.xyz/writing/the-key-neutrality-of-baselayer-markets): Paradigm responds to the SEC Crypto Task Force’s questions regarding MEV.
- [Market Structure Legislation Principles](https://www.paradigm.xyz/writing/market-structure-principles): Our proposed principles for market structure legislation aim to explicitly protect DeFi and early-stage innovators.
- [Demystifying the North Korean Threat](https://www.paradigm.xyz/writing/demystifying-the-north-korean-threat): There’s more to the DPRK than just Lazarus Group.
- [TradFi Tomorrow: DeFi and the Rise of Extensible Finance](https://www.paradigm.xyz/writing/tradfi-tomorrow-defi-and-the-rise-of-extensible-finance): Our survey of over 300 TradFi participants showed that a majority are excited about DeFi and want regulatory clarity for the space.
- [Ress: Scaling Ethereum with Stateless Reth Nodes](https://www.paradigm.xyz/writing/stateless-reth-nodes): Ress is a Stateless Ethereum node implementation in <4K LoC using the Reth SDK.
- [Introducing Paradigm’s Policy Anchors and New Policy Council Additions](https://www.paradigm.xyz/writing/anchors-council-additions): Paradigm Policy releases its Policy Anchors, and adds six new members to its Policy Council.
- [Paradigm Policy Anchors](https://www.paradigm.xyz/writing/paradigm-policy-anchors): Paradigm’s Policy Anchors guide how we engage on policy matters globally on behalf of our portfolio companies and all of crypto.
- [What comes after Ethereum’s Pectra hard fork?](https://www.paradigm.xyz/writing/what-comes-after-ethereums-pectra-hard-fork): The Reth team’s view on what should happen in Fusaka, Ethereum’s next hard fork after Pectra.
- [Announcing: Foundry v1.0](https://www.paradigm.xyz/writing/announcing-foundry-v1-0): Foundry, the leading smart contract development framework, releases v1.0.
- [What You Should Know Before Watching the Congressional Debanking Hearings](https://www.paradigm.xyz/writing/debanking-hearings): A primer on the debanking of crypto companies and entrepreneurs in advance of the February 2025 House and Senate hearings on the subject
- [Ethereum Acceleration](https://www.paradigm.xyz/writing/ethereum-acceleration-1): Since its inception, Ethereum has been a pioneering force in crypto. Ethereum paved the way for smart contracts, DAOs, and DeFi, and continues to innovate on frontier challenges like ZK and MEV. Ethereum’s community of researchers and engineers has built a strong foundation for the next generation of decentralized applications.
- [Paradigm Files Amicus Supporting NFT Creators’ Lawsuit Against SEC](https://www.paradigm.xyz/writing/nft-amicus): Paradigm files amicus brief outlining why the mere usage of blockchain technology does not turn digital creations into investment contracts.
- [Distribution Markets](https://www.paradigm.xyz/writing/distribution-markets): This paper introduces distribution markets, a new kind of prediction market for events whose outcomes aren't just "yes" or "no" but could be any number. Instead of betting on a particular outcome or range, traders can express how likely they think each different possibility is across the whole infinite range of outcomes.
- [Paradigm Files Amicus to Support Keeping Election Markets in the US](https://www.paradigm.xyz/writing/amicus-brief-kalshi): Paradigm files amicus in case against the CFTC to make sure Americans can access election-related prediction markets
- [The 5 Levels of Secure Hardware](https://www.paradigm.xyz/writing/the-5-levels-of-secure-hardware): Programmable cryptography enables fun, safe, and intelligent experiences. Hardware is necessary to achieve programmable cryptography at scale. How to think about the levels of secure hardware? Let’s get to Level 5.
- [Bitcoin for the Sovereign](https://www.paradigm.xyz/writing/btc-for-the-sovereign): Why the game theory for sovereign adoption of BTC has changed.
- [Introducing Solar](https://www.paradigm.xyz/writing/solar): A blazingly fast, modular and contributor friendly Solidity compiler, written in Rust
- [pm-AMM: A Uniform AMM for Prediction Markets](https://www.paradigm.xyz/writing/pm-amm): Introducing pm-AMM: an automated market maker designed for prediction markets. We introduce a new methodology for deriving AMMs for particular assets, and apply it to prediction market tokens, creating an AMM that may provide more consistent liquidity and reduce the risk of losing everything.
- [October 2024 Public Opinion Poll](https://www.paradigm.xyz/writing/october-polling): Crypto will matter at the ballot box this November. Our October poll, the last of our election series, confirms it: a surprising percentage of American voters identify themselves as single issue crypto voters.
- [Paradigm Provides Amicus Support for DEF and Beba’s Lawsuit Against the SEC](https://www.paradigm.xyz/writing/beba-amicus): Paradigm and other investors file amicus brief supporting DEF and Beba's lawsuit against the SEC
- [Introducing Ithaca](https://www.paradigm.xyz/writing/ithaca): We are excited to announce Paradigm’s $20M investment in Ithaca, a new company with the mission to accelerate crypto development across the entire stack.
- [Unichain](https://www.paradigm.xyz/writing/unichain): Unichain is an optimistic rollup optimized for efficient markets by delivering fast state updates, offering a framework for applications to internalize MEV, and providing an economic finality system for quick settlement across blockchains.
- [How to Remove the Relay](https://www.paradigm.xyz/writing/removing-the-relays): MEV-Boost, the current sidecar protocol for MEV extraction in Ethereum, relies heavily on centralized actors called relays. Using a novel form of silent threshold encryption, a non-interactive construction that can leverage validators' existing BLS keypairs, we propose an alternative architecture that allows builders and proposers to communicate directly, with purely cryptographic privacy assumptions.
- [Regulation by Enforcement Isn't Just a Meme](https://www.paradigm.xyz/writing/regulation-by-enforcement-isn-t-just-a-meme): A data-driven analysis of the SEC's actions against the crypto industry under Chair Gensler.
- [Looking Back / Looking Forward](https://www.paradigm.xyz/writing/looking-forward): A personal reflection on working at the intersection of crypto and policy
- [July 2024 Democratic Public Opinion Poll](https://www.paradigm.xyz/writing/Dem-polling): Democratic voters are increasingly gravitating towards crypto. That’s the primary takeaway of our new poll of registered Democrats, the complement to our poll of Republicans from June. These results dovetail with recent reports that Democratic candidates for office and Members of Congress are becoming pro-crypto, indicating that political figures are following the lead of their voters.
- [Paradigm Files Comment on the CFTC’s Overbroad Proposed Rule on Political Event Contracts and Prediction Markets](https://www.paradigm.xyz/writing/prediction-market-comment): Paradigm files comment letter in response to the CFTC's proposed rule on prediction markets and election contracts.
- [June 2024 Republican Public Opinion Poll](https://www.paradigm.xyz/writing/GOP-Polling): In June, Paradigm conducted a first-of-its kind poll of Republican voters to better understand how they think about crypto. The results were clear: Republicans embrace financial freedom and want the current Administration’s crypto approach to end.
- [Paradigm Files Amicus Brief Supporting CFAT and Lejilex’s Lawsuit Against the SEC](https://www.paradigm.xyz/writing/amicus-brief-lejilex): Paradigm has submitted an amicus brief supporting Lejilex and the Crypto Freedom Alliance of Texas's lawsuit against the SEC.
- [Releasing Reth 1.0!](https://www.paradigm.xyz/writing/reth-prod): Reth is now feature-complete, stable, and recommended for production usage and staking.
- [Paradigm Files Comment Letter on ESMA’s Market Abuse Consultation](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-esma-market-abuse): Paradigm has filed a second comment letter regarding MiCA.
- [Paradigm Fellowship 2024](https://www.paradigm.xyz/writing/paradigm-fellowship-2024): We’re launching the 2024 Paradigm Fellowship, a program to gather crypto’s most formidable young engineers and researchers.
- [Releasing Revmc](https://www.paradigm.xyz/writing/revmc): Accelerating the EVM by compiling to native code.
- [Releasing Alloy](https://www.paradigm.xyz/writing/alloy-release): After a year of development we're excited to release Alloy, an ecosystem of performant, well-tested and well-documented libraries for interacting with EVM-based blockchains.
- [Policy Lab RH-001: Settling the Unsettled](https://www.paradigm.xyz/writing/settling-the-unsettled): Paradigm Policy Lab-funded research argues that public blockchains can be used to settle financial transactions, stressing the importance of developing proactive and multi-faceted solutions to settlement vulnerabilities before a “black swan” scenario occurs.
- [Announcing Paradigm's Third Fund](https://www.paradigm.xyz/writing/paradigms-third-fund): Paradigm has raised our third fund: an $850M venture fund focused on crypto projects at the earliest stages.
- [From Staking to Restaking](https://www.paradigm.xyz/writing/symbiotic): Introducing Symbiotic, a generalized, permissionless protocol providing shared security through restaking.
- [Priority Is All You Need](https://www.paradigm.xyz/writing/priority-is-all-you-need): In this post, we introduce MEV taxes, a mechanism that arbitrary applications can use to capture their own MEV. This mechanism could be used today on OP Stack L2s like OP Mainnet, Base, and Blast, because the block proposers on those chains follow a set of rules we call competitive priority ordering.
- [Paradigm Files Amicus Brief Supporting Challenge Against the SEC’s Dealer Rule, Which Could Have Sweeping Implications for DeFi](https://www.paradigm.xyz/writing/dealer-rule-amicus): Paradigm filed an amicus brief supporting the Blockchain Association and Crypto Freedom Alliance of Texas motion for summary judgment in their challenge to the SEC’s new Dealer Rule, which could have sweeping implications for DeFi and all of crypto.
- [The Edges of Finance](https://www.paradigm.xyz/writing/the-edges-of-finance): Some parts of crypto seem alien when compared to traditional finance. They make more sense when you view them in the context of a broader shift away from banks toward digital financial services provided by a range of people and companies. Innovation in finance is moving from the core to the edges.
- [How to Raise the Gas Limit, Part 2: History Growth](https://www.paradigm.xyz/writing/how-to-raise-the-gas-limit-2): In this post we continue our investigation of Ethereum scaling from Part 1, now turning our attention from state growth to history growth. Using high resolution datasets, our goal is to 1) build a technical understanding of Ethereum’s scaling bottlenecks, and 2) help frame the discussion around what Ethereum gas limit is optimal.
- [Reth Execution Extensions](https://www.paradigm.xyz/writing/reth-exex): Execution Extensions (ExExes) are post-execution hooks for building real-time, high performance and zero-operations off-chain infrastructure on top of Reth.
- [Fig: Frame Interface Guidelines](https://www.paradigm.xyz/writing/fig): We’re excited to open source Frame Interface Guidelines (Fig), which outlines best practices for building great Farcaster Frame experiences, inspired by Apple’s Human Interface Guidelines.
- [Paradigm Files Comment Letter on ESMA’s Financial Instruments Consultation](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-esma-s-financial-instruments-consultation): Paradigm has filed a comment letter in response to a consultation as part of the EU’s landmark crypto law, known as MiCA.
- [Reth’s path to 1 gigagas per second, and beyond](https://www.paradigm.xyz/writing/reth-perf): Reth’s performance roadmap and how we intend to scale Ethereum.
- [Reth AlphaNet](https://www.paradigm.xyz/writing/reth-alphanet): Reth AlphaNet is a testnet OP Stack-compatible rollup aimed at maximizing Reth performance and enabling experimentation of bleeding edge Ethereum Research.
- [Crypto's Biggest Skeptics are EVM-pilled](https://www.paradigm.xyz/writing/Cryptos-Biggest-Skeptics-are-EVM-pilled): Central banks love to publicly question crypto. And yet their use of crypto technology tells a much different story: central bank future-of-finance efforts increasingly leverage crypto Open Source Software (OSS).
- [Paradigm Files Amicus Brief Supporting Coinbase's Lawsuit vs. SEC](https://www.paradigm.xyz/writing/amicus-brief-coinbase): Paradigm filed an amicus brief supporting Coinbase’s lawsuit against the SEC, which seeks judicial review of the agency’s refusal to provide rules for crypto.
- [March 2024 Public Opinion Poll](https://www.paradigm.xyz/writing/March-2024-Polling): Key findings about American voters use of crypto and the importance of this growing voting bloc.
- [Announcing Reth Beta!](https://www.paradigm.xyz/writing/reth-beta): After 21 alpha releases Reth is entering beta.1 and preparing for our 1.0 “production ready” release in the next few months. In this post, we discuss the core features, performance, and stability of Reth Beta.
- [Everything Is A Perp](https://www.paradigm.xyz/writing/everything-is-a-perp): Power perps are assets that target the power of an index price. It’s a fun rabbit hole to go down. The longer you think about power perps, the more you see how everything resembles a power perp.
- [Joining Paradigm as Research Advisor](https://www.paradigm.xyz/writing/joining-paradigm-ciamac-moallemi): I'm excited to announce that I've joined Paradigm as a Research Advisor. I am excited to be working with Dan Robinson, Matt Huang, and the rest of the Paradigm investing
- [How to Raise the Gas Limit, Part 1: State Growth](https://www.paradigm.xyz/writing/how-to-raise-the-gas-limit-1): The goal of this blogpost series is to develop a scientific approach for understanding and enacting Ethereum's scaling roadmap.
- [Paradigm Files Amicus Brief in SEC v. Kraken](https://www.paradigm.xyz/writing/amicus-brief-kraken): Paradigm filed an amicus brief in SEC vs. Kraken that supplements the arguments made by Kraken and explains, once again, why the SEC's approach is unsupported by case law and is an unlawful attempt to grant itself new and unpermitted regulatory authority.
- [Leaderless Auctions](https://www.paradigm.xyz/writing/leaderless-auctions): Leaderless Auctions are decentralized auctions with no auctioneer. They address the “last look” problem that can emerge when one participant is allowed to act after all others.
- [Paradigm Files Amicus Brief in Support of KalshiEx Congressional Control Contract Case vs. the CFTC](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-support-of-kalshiex-congressional-control-contract-case-vs-the): Paradigm filed an amicus brief in support of Kalshi's lawsuit against the CFTC, which challenges the Commission's disapproval of the listing of a prediction market on Congressional control.
- [Paradigm Files Comment Letter on FinCEN's Proposed Reporting Requirements for Mixers](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-fincen-s-proposed-reporting-requirements-for-mixers): Paradigm today filed a comment to FinCEN’s Notice of Proposed Rulemaking, which labels all “convertible virtual currency mixing”–defined broadly–as a primary money laundering concern, and seeks to impose a new reporting requirement on all related transactions.
- [What comes after Ethereum's Cancun hard fork?](https://www.paradigm.xyz/writing/ethereum-2024): Where we outline the Paradigm Reth team's current view on possible next steps for Ethereum's upgrade after Cancun, Prague.
- [Paradigm Responds to the CFPB’s Proposed “Larger Participants” Digital Wallet Rule](https://www.paradigm.xyz/writing/paradigm-responds-to-the-cfpb-s-proposed-larger-participants-digital-wallet-rule): The Consumer Financial Protection Bureau has proposed a rule intended to regulate large centralized digital payment companies, but captures crypto wallets in the process. Paradigm urges the Bureau to appropriately narrow the scope of the rule to exclude crypto wallets, which are quite different than the rule's ostensibly intended targets.
- [Paradigm Files Amicus Brief in SEC’s Lawsuit Against Ripple](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-sec-s-lawsuit-against-ripple): Last week, Paradigm filed an amicus brief in the SEC’s lawsuit against Ripple Labs, Inc. Our goal is to help the Court avoid the unintended consequences of casually endorsing the SEC’s position in this case, which conflates an investment scheme with the crypto asset sold in that scheme.
- [Paradigm Files Comment Letter on IRS' Unduly Burdensome Proposed Crypto Broker Rule](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-on-irs-unduly-burdensome-proposed-crypto-broker-rule): The IRS and Treasury Department's crypto broker rule is unduly broad and burdensome, indiscriminately implicating wide swaths of the crypto industry. Paradigm's comment letter urges the IRS to substantially revise the proposed rule to ensure it is properly tailored and practically administrable.
- [You Can’t Regulate What You Don’t Understand (2.0)](https://www.paradigm.xyz/writing/you-cant-regulate-what-you-dont-understand-2-0): The recent SEC Inspector General report highlighted the impact that limiting crypto ownership has had on the SEC’s hiring efficacy. In light of this, Paradigm Policy revisited and revised our suggested updates to government ethics rules.
- [Paradigm Files Amicus Brief in Harper vs. IRS](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-harper-vs-irs): Paradigm filed an amicus brief in support of James Harper’s lawsuit against the IRS, which challenges the agency’s ability to use “John Doe” summons as a dragnet to surreptitiously obtain the private records of large groups of crypto users.
- [Paradigm Files Amicus Brief in SEC's Case Against Binance](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-sec-s-case-against-binance): Paradigm filed an amicus brief in the SEC lawsuit against Binance. Paradigm was not an investor in Binance and has no direct financial interest in the outcome of the lawsuit. However, we believe it is critical to stand against government overreach regardless of who the defendant is.
- [The Casino on Mars](https://www.paradigm.xyz/writing/casino-on-mars): Settling the crypto frontier begins with a speculative step.
- [Electronification, Trading, and Crypto](https://www.paradigm.xyz/writing/electronification-trading-crypto): An analysis of the historical evolution of financial markets — and why crypto is about more than just making existing processes digital.
- [Introducing Rivet](https://www.paradigm.xyz/writing/rivet): Rivet is a developer wallet & tools, akin to React DevTools. It enables developers to inspect, debug, modify, and manipulate the state of Ethereum.
- [The Open Problems of Onchain Games](https://www.paradigm.xyz/writing/the-open-problems-of-onchain-games): Or: why put games on a blockchain?
- [Paradigm and a16z File Joint Amicus Brief in SEC v. Coinbase](https://www.paradigm.xyz/writing/paradigm-and-a16z-file-joint-amicus-brief-in-sec-v-coinbase): Paradigm and a16z filed a joint amicus brief in SEC vs. Coinbase that supplements the arguments made by Coinbase in its filing last week and demonstrates why the SEC's approach is unsupported by case law and represents a significant and problematic expansion of its regulatory authority.
- [The Future of Payments Includes Stablecoins](https://www.paradigm.xyz/writing/the-future-of-payments-includes-stablecoins): Any legislation on stablecoins should promote openness and competition while recognizing that stablecoins are inherently different from bank deposits and MMFs.
- [Collaborate with Paradigm](https://www.paradigm.xyz/writing/collaborate-with-paradigm): Paradigm is a group of builders that supports other builders. Some of our most fruitful collaborations involve deep work with entrepreneurial teams to solve important business and research problems.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-alex-grieve): Alex Grieve joins Paradigm as Government Affairs Lead.
- [Paradigm Files Amicus Brief in SEC vs. Bittrex](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-sec-vs-bittrex): Paradigm filed an amicus brief rejecting the SEC's unsupported attempt to expand its jurisdiction to secondary market trading of crypto assets.
- [Introducing Alloy: Fast, battle-tested and well-documented building blocks for Ethereum, in Rust](https://www.paradigm.xyz/writing/alloy): Alloy is a Rust interface to Ethereum. It is a rewrite of the popular ethers-rs crate, using our learnings from the last 4 years of Rust Ethereum engineering, to create stable and useful foundations for the next 5 years.
- [Releasing Reth](https://www.paradigm.xyz/writing/reth-alpha): Reth is a new Ethereum execution node written in Rust that is modular, contributor-friendly and blazing-fast. Reth is now entering public alpha and we’re excited to invite node operators and developers to try it out.
- [Paradigm Comments on the SEC's Proposed Redefinition of Exchange](https://www.paradigm.xyz/writing/paradigm-comments-on-the-sec-s-proposed-redefinition-of-exchange): Through this haphazard rulemaking, the SEC inappropriately attempts to bring crypto trading platforms, including DEXs, under its remit and regulate them as securities exchanges. It thus appears that after suing Coinbase for failing to do the impossible—registering as a securities exchange when it was incapable of doing so—the Commission now intends to force DEXs into the same Hobson’s choice.
- [Introducing flood: a load testing tool for benchmarking EVM nodes](https://www.paradigm.xyz/writing/flood): Load testing is a critical step in the development of resilient, high-performing data systems. Nevertheless, load testing has not been widely applied in the development of cryptocurrency infrastructure. We're thrilled to bridge this gap with the introduction of flood, a benchmarking tool specifically designed for performance analysis of RPC endpoints.
- [Paradigm Files Amicus Brief in Coin Center Lawsuit over Tornado Cash Sanctions](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-coin-center-lawsuit-over-tornado-cash-sanctions): Paradigm filed an amicus brief in the lawsuit that Coin Center and others brought in Florida to challenge the government’s sanctioning of the Tornado Cash open-source code.
- [Intent-Based Architecture and Their Risks](https://www.paradigm.xyz/writing/intents): The road to centralisation is paved with good intents.
- [Paradigm Files Amicus Brief in NY AG's Case Against KuCoin Pushing Back Against Allegation that ETH is a Security](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-ny-ag-s-case-against-kucoin-pushing-back-against-allegation-that): Paradigm filed an amicus brief in the lawsuit that the NY AG brought against KuCoin, in which the OAG alleged that certain tokens traded by KuCoin, including ETH, are securities. Our brief highlights the unfairness of the OAG’s tactics, which deprive the most affected parties an opportunity to defend themselves in court.
- [Paradigm Files Amicus Brief Supporting Coinbase’s Writ of Mandamus](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-supporting-coinbase-s-writ-of-mandamus): Today Paradigm filed an amicus brief in support of Coinbase’s lawsuit that seeks to compel the SEC to respond to the company’s pending rulemaking petition.
- [Paradigm Files Comment Letter in Response to Proposed Amendments to the Custody Rule](https://www.paradigm.xyz/writing/paradigm-files-comment-letter-in-response-to-proposed-amendments-to-the-custody-rule): Paradigm submitted a comment letter to the SEC regarding the Commission’s proposed amendments and redesignation of rule 206(4)-2 (better known as the Custody Rule).
- [Artemis: An Open-Source MEV Bot Framework](https://www.paradigm.xyz/writing/artemis): We're excited to open source Artemis, a framework for writing MEV bots in Rust. Artemis is designed to be simple, modular, and fast.
- [Blend: Perpetual Lending With NFT Collateral](https://www.paradigm.xyz/writing/blend): Blend is a peer-to-peer perpetual lending protocol that enables lending against arbitrary collateral with no oracle dependencies.
- [Time, slots, and the ordering of events in Ethereum Proof-of-Stake](https://www.paradigm.xyz/writing/mev-boost-ethereum-consensus): Introduction On April 2nd, a malicious Ethereum network participant stole $20M from a MEV searcher by exploiting a vulnerability in the mev-boost-relay (see Flashbots’ post-mortem). In the following days, developers addressed
- [Moneyness In the Digital Age](https://www.paradigm.xyz/writing/moneyness-in-the-digital-age): The recent events surrounding Silicon Valley Bank (SVB) provide a lens for reexamining age-old questions about the relationship between money and credit — and crypto’s important role in the future.
- [Paradigm Files Amicus Brief in SEC vs Terra](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-sec-vs-terra): Paradigm was not an investor in the Terra ecosystem and our brief was filed in support of neither party’s motion—our only interest was to push back against the SEC’s continued attempts to expand their jurisdiction over crypto.
- [The Current SEC Disclosure Framework Is Unfit for Crypto](https://www.paradigm.xyz/writing/secs-path-to-registration-part-iii): The grand bargain of the US securities laws is that any issuer selling securities to the general public must provide the public with a set of disclosures approved by the SEC. These laws are intended to address information asymmetry and ensure that the investing public has the material information necessary to make informed investment decisions. The securities laws are not intended to turn the SEC into a gatekeeper or “merit regulator” that itself decides which projects are investable and which are not. Congress meant for discretion to remain solidly in the hands of individual investors.
- [Paradigm Files Van Loon Amicus Brief](https://www.paradigm.xyz/writing/paradigm-files-van-loon-amicus-brief): Paradigm filed an amicus brief in the lawsuit that six Tornado Cash users brought to challenge the government’s unprecedented sanctioning of the Tornado Cash open-source code.
- [March 2023 Public Opinion Poll](https://www.paradigm.xyz/writing/march-2023-public-opinion-poll): While Washington sits on the sidelines, Americans want regulatory clarity on crypto. That's the bottom line on a poll we recently conducted to better understand how Americans view crypto.
- [Lessons from Crypto Projects’ Failed Attempts to Register with the SEC](https://www.paradigm.xyz/writing/secs-path-to-registration-part-ii): As we show in a number of case studies, the projects that attempted to come into compliance with the SEC’s registration requirements expended great effort and resources yet ultimately most of them failed, and those that persist do so in a state of uncertainty and comparative disadvantage. The failure of projects that have attempted to register is due in large part to the SEC’s reluctance to provide a workable framework through rulemaking, exemptive relief, guidance and industry engagement.
- [Due to SEC Inaction, Registration is Not a Viable Path for Crypto Projects](https://www.paradigm.xyz/writing/secs-path-to-registration-part-i): SEC Chair Gary Gensler would like the American public to believe that it is just as simple and easy for crypto founders to register tokens or crypto products with the SEC. It’s not.
- [Paradigm Files Amicus Brief in SEC vs Wahi](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-sec-vs-wahi): Paradigm filed an amicus brief in SEC vs. Wahi that rejects the SEC’s expansive and unsupported application of securities laws to crypto secondary markets.
- [You Can't Regulate What You Can't Understand: The Case for Modernizing Government Ethics Rules](https://www.paradigm.xyz/writing/ethics-rules-government-use-of-crypto): Ethics rules effectively bar most government employees from owning crypto.
- [Using On-Chain Data for Policy Research, Part 3: Mint/Burn Dashboard](https://www.paradigm.xyz/writing/using-on-chain-data-for-policy-research-part-3): Today, fiat-backed stablecoins are an important part of the crypto ecosystem and looking closely at on-chain data can surface issues that lead to better-designed stablecoins. Rather than write an academic-style report, our approach here is to make available a clean data set and deliver an interactive data dashboard to encourage more individual use and exploration of on-chain activity.
- [Using On-Chain Data for Policy Research, Part 2: Stablecoin Risk Rundown](https://www.paradigm.xyz/writing/using-on-chain-data-for-policy-research-part-2): The first post in this series provided an overview of one of the many ways to access on-chain data for use in policy research. This piece builds on that work by introducing a set of policy issues relevant to stablecoins, including what can and can't be probed using on-chain data. It also covers a few practical steps related to data cleaning. It is intended for policy professionals operating at the academic-practitioner frontier.
- [Generating secure randomness on Ethereum using SNARKs](https://www.paradigm.xyz/writing/eth-rng): In this post, we propose designs and reference implementations that utilize SNARKs and VDFs to achieve fully secure randomness on Ethereum.
- [Introducing Reth](https://www.paradigm.xyz/writing/reth): Paradigm is excited to announce Reth, a free, open-source Ethereum execution layer client. In this post, we’ll discuss why we are making Reth and what to expect from us in the future.
- [Paradigm × wagmi](https://www.paradigm.xyz/writing/paradigm-and-wagmi): Paradigm is sponsoring Tom and Jake to focus full-time on building open-source libraries to accelerate web3 frontend development.
- [Introducing Paradigm’s Policy Council](https://www.paradigm.xyz/writing/introducing-paradigm-s-policy-council): We are excited to announce the first iteration of the Paradigm Policy Council, an impressive group of bipartisan talent with a diverse set of experiences. This team will advise Paradigm’s leadership team and help us tell the story of Web3 in Washington and around the world.
- [Paradigm Files Amicus Brief in CFTC Action Against "Ooki DAO"](https://www.paradigm.xyz/writing/paradigm-files-amicus-brief-in-cftc-action-against-ooki-dao): Paradigm is filing an amicus brief in the case recently brought by the CFTC against “the Ooki DAO.” While we are not a party to the case, we thought it was necessary to speak up against the CFTC’s attempt to expand liability to unsuspecting technology users and impair the ability of DAOs to operate in the US.
- [Using On-Chain Data for Policy Research: Part 1](https://www.paradigm.xyz/writing/using-on-chain-data-for-policy-research-part-1): Crypto policy work rarely involves real, granular data. This is a missed opportunity, given how many tools used by the modern economics and finance community should directly translate to crypto data analysis. Crypto offers granular data, available to anyone, by design.
- [Ethereum's New ‘Staking’ Model Does Not Make ETH A Security](https://www.paradigm.xyz/writing/ethereums-new-staking-model-does-not-make-eth-a-security): Ethereum’s adoption of a proof-of-stake consensus mechanism does not make ETH (or even staked ETH) an investment contract, and such a finding would result in a nonsensical application of securities laws.
- [Open Sourcing the Art Gobblers Smart Contracts](https://www.paradigm.xyz/writing/open-sourcing-gobblers): Today, we’re excited to announce that the Art Gobblers smart contracts are open source and available on our Github repo.
- [What is the Merge?](https://www.paradigm.xyz/writing/what-is-the-merge): The Ethereum network will soon undergo an update known as the Merge. The primary goal of the Merge is to transition Ethereum's consensus mechanism from a model known as proof-of-work (PoW) to one called proof-of-stake (PoS).
- [Art Gobblers](https://www.paradigm.xyz/writing/artgobblers): Art Gobblers is a decentralized art factory owned by aliens. As artists make cool art, Gobblers gains cultural relevance, making collectors want the art more, incentivizing artists to make cooler art. It's also an on-chain game.
- [Goldfish: A Provably Secure Replacement for LMD GHOST in PoS Ethereum](https://www.paradigm.xyz/writing/goldfish): The Merge: From Proof-of-Work to Proof-of-Stake The upcoming transition of Ethereum from proof-of-work (PoW) to proof-of-stake (PoS) is the culmination of years of research and development.
- [GOO (Gradual Ownership Optimization)](https://www.paradigm.xyz/writing/goo): GOO aligns fungible and non-fungible token incentives.
- [Data Availability Sampling: From Basics to Open Problems](https://www.paradigm.xyz/writing/das): The purpose of this blog post is to explain the basics of data availability sampling (DAS), the model upon which it rests, and challenges and open problems when it comes to implementing the technique in practice.
- [Variable Rate GDAs](https://www.paradigm.xyz/writing/vrgda): Variable Rate GDAs (VRGDAs) enable selling tokens close to a targeted schedule by adjusting prices as sales get ahead of/behind it.
- [Cosmos without Tendermint: Exploring Narwhal and Bullshark](https://www.paradigm.xyz/writing/experiment-narwhal-bullshark-cosmos-stack): Many of us at Paradigm have been excited about the latest developments on high-throughput & low-latency consensus using directed acyclic graphs (DAGs), in particular the Narwhal mempool and the Tusk and Bullshark consensus algorithms, and beyond.
- [LP Letter Excerpt — July 20th, 2022](https://www.paradigm.xyz/writing/lp-letter-excerpt-july-20th-2022): As long-term investors in crypto, we wanted to provide some additional context on recent market events. Here is an excerpt of what we recently shared with our investors:
- [Understanding Blockchain Latency and Throughput](https://www.paradigm.xyz/writing/consensus-throughput): How to properly measure a (blockchain) system is one of the least talked about but most significant steps in its design and evaluation. There are numerous consensus protocols and variations with various performance and scalability tradeoffs. But as of yet, there is still no universally agreed-upon, reliable method that enables apples-to-apples comparisons. In this blog post, we outline a method inspired by measurements in data-center systems and discuss common errors to avoid when evaluating a blockchain network.
- [Legal Options for DAOs](https://www.paradigm.xyz/writing/legal-options-for-daos): A discussion on legal options related to DAOs.
- [DAO Strategy and Legal Wrappers](https://www.paradigm.xyz/writing/dao-strategy-and-legal-wrappers): Discussion on the strategic considerations and legal structures necessary for DAOs to operate effectively and legally in the real world, addressing the complexities and options available to founders for managing legal risk and facilitating operations.
- [Evaluating Web3 jobs like an investor](https://www.paradigm.xyz/writing/evaluating-web3-jobs-like-an-investor): This piece advises treating the evaluation of Web3 job opportunities with the same diligence as an investor would, leveraging accessible on-chain quantitative metrics and qualitative aspects to make informed decisions about potential roles.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-katie-biber): Katie Biber joins Paradigm as the CLO.
- [Paradigm Fellowship](https://www.paradigm.xyz/writing/paradigm-fellowship): At Paradigm, we want to work with the brightest minds in crypto. The Paradigm Fellowship is for that next generation of crypto talent.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-caitlin-pintavorn): Caitlin Pintavorn joins Paradigm as an Investment Associate.
- [The Dominance of Uniswap v3 Liquidity](https://www.paradigm.xyz/writing/the-dominance-of-uniswap-v3-liquidity): New research published today shows that Uniswap Protocol v3 has deeper liquidity in ETH/USD, ETH/BTC and other ETH pairs than leading centralized exchanges. This research demonstrates that AMM market structure – which is largely crypto-native today – can surpass order-book exchanges and transform traditional financial market structure to be more liquid, stable, and secure.
- [Hardware Acceleration for Zero Knowledge Proofs](https://www.paradigm.xyz/writing/zk-hardware): Zero Knowledge cryptography is one of the most notable innovations in the last fifty years of computer science. Zero Knowledge Proofs (ZKPs) offer unique properties that make them essential components of various blockchain scaling and privacy solutions.
- [Gradual Dutch Auctions](https://www.paradigm.xyz/writing/gda): This paper introduces the Gradual Dutch Auction, or GDA, a mechanism that enables efficient sales of assets that do not have liquid markets.
- [Announcing Foundry v0.2.02](https://www.paradigm.xyz/writing/foundry-02): Foundry is a portable, fast, and modular toolkit for Ethereum application development, written in Rust. Foundry is built by Solidity developers for Solidity developers.
- [Token compensation: a brief explainer for job candidates](https://www.paradigm.xyz/writing/token-compensation-a-brief-explainer-for-job-candidates): An explanation on token compensation.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-transmissions11): Transmissions11 joins Paradigm as a Research Engineer.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-justin-slaughter): Justin Slaughter joins Paradigm as Policy Director.
- [Base Layer Neutrality](https://www.paradigm.xyz/writing/base-layer-neutrality): With this analysis, we hope to ease uncertainty plaguing industry actors and provide clarity around the scope of sanctions compliance obligations.
- [Constant Rate Issuance Sales Protocol](https://www.paradigm.xyz/writing/constant-rate-issuance-sales-protocol): This paper introduces the Constant Rate Issuance Sales Protocol, or CRISP, a pricing mechanism that aims to sell NFTs at a targeted rate over time.
- [Introducing the Foundry Ethereum development toolbox](https://www.paradigm.xyz/writing/introducing-the-foundry-ethereum-development-toolbox): Foundry is a portable, fast and modular toolkit for Ethereum application development.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-frankie): Frankie joins Paradigm as a Research Engineer.
- [Paradigm’s New Chief Technology Officer](https://www.paradigm.xyz/writing/paradigms-new-chief-technology-officer): Today, we are excited to announce Georgios Konstantopoulos as our new Chief Technology Officer.
- [Paradigm’s New Venture Fund](https://www.paradigm.xyz/writing/paradigms-new-venture-fund): Announcing our new venture fund to continue investing in the next generation of crypto companies and protocols.
- [Hiding in Plain Sight](https://www.paradigm.xyz/writing/hiding-in-plain-sight): I like challenging assumptions. I like trying to do the impossible, finding what others have missed, and blowing people's minds with things they never saw coming.
- [A Guide to Designing Effective NFT Launches](https://www.paradigm.xyz/writing/a-guide-to-designing-effective-nft-launches): Blockchains revolutionized fundraising for open-source software, but not everything worked right from the start. In fact, ICOs of the 2016-2018 era were often horribly broken mechanisms that allowed founders to cash out before delivering any products. Many lessons have been learned since, with today’s projects having a working product before launching a token and distributing it to incentivize usage and decentralize governance.
- [RICKS](https://www.paradigm.xyz/writing/ricks): Introducing a new NFT fractionalization primitive: RICKS (Recurrently Issued Collectively Kept Shards)
- [Martingale Shares](https://www.paradigm.xyz/writing/martingale-shares): Introducing a new NFT primitive: Martingale shares, or "Mortys." Mortys are synthetics representing fractional ownership of classes of NFTs.
- [The Community Garden: The Case for Leaving FAANG Companies for Crypto](https://www.paradigm.xyz/writing/the-community-garden-the-case-for-leaving-faang-companies-for-crypto): This piece discusses reasons individuals might leave FAANG companies for crypto.
- [Floor Perps](https://www.paradigm.xyz/writing/floor-perps): Introducing the floor perpetual: a synthetic NFT that tracks the floor price of a given project and can be minted by locking up NFTs from that project.
- [Two Rights Might Make A Wrong](https://www.paradigm.xyz/writing/two-rights-might-make-a-wrong): It only takes one vulnerability to cause serious financial damage to hundreds if not thousands of innocent users. Breaking down how I found and helped patch a vulnerability that put over 109k ETH at risk.
- [Power Perpetuals](https://www.paradigm.xyz/writing/power-perpetuals): Introducing a new type of derivative: the power perpetual.
- [The Dangers of Surprising Code](https://www.paradigm.xyz/writing/the-dangers-of-surprising-code): If you work in software engineering, odds are you've heard of at least one software engineering principle. While I wouldn't advocate for religiously following every principle to the letter, there are a few that are really worth paying attention to.
- [TWAMM](https://www.paradigm.xyz/writing/twamm): This paper introduces a new type of automated market maker, or AMM, that helps traders on Ethereum efficiently execute large orders -- The time-weighted average market maker, or TWAMM (pronounced "tee-wham").
- [Ethereum Reorgs After The Merge](https://www.paradigm.xyz/writing/ethereum-reorgs-after-the-merge): There has recently been discussion about the possibility of miners adopting a hypothetical modified Ethereum client that allows them to essentially accept bribes to make a short reorg of the chain (the main use case for making such bribes being to attack DeFi protocols).
- [Expanding our Research Team](https://www.paradigm.xyz/writing/expanding-our-research-team): At Paradigm, we have always been focused on finding special people, whether it’s the entrepreneurs we back, or the people we bring onto our team.
- [Creators, Communities, and Crypto Part II](https://www.paradigm.xyz/writing/creators-communities-and-crypto-part-ii): Discussion between Jesse Walden, Blake Robbins, and Fred Ehrsam about the future of Creators, Communities, and Crypto.
- [Uniswap v3: The Universal AMM](https://www.paradigm.xyz/writing/uniswap-v3-the-universal-amm): Uniswap v3 allows liquidity providers to provide custom amounts of liquidity in selected price ranges. This unlocks tremendous capital efficiency gains for liquidity providers who can manually adjust their exposure.
- [How mistX uses Flashbots bundles to provide frontrunning protection](https://www.paradigm.xyz/writing/how-mistx-uses-flashbots-bundles-to-provide-frontrunning-protection): Examining mistX, a "gasless exchange" leveraging Flashbots bundles for transaction.
- [Booby Trapping the Ethereum Blockchain](https://www.paradigm.xyz/writing/booby-trapping-the-ethereum-blockchain): This is the second in a series of blog posts about bugs I've found in go-ethereum (Geth). If you haven't already, take a look at Part 1 here. Today's post is about a bug
- [Liquidity Mining on Uniswap v3](https://www.paradigm.xyz/writing/liquidity-mining-on-uniswap-v3): Uniswap v3 replaces fungible ERC-20 liquidity positions with non-fungible ERC-721 liquidity positions. Does that mean it no longer supports flexible Uniswap-v2-style liquidity mining? Or that liquidity mining programs will have to be actively managed, selecting specific ranges to incentivize? Or that liquidity mining programs could be gamed by providing huge amounts of inactive liquidity?
- [Everlasting Options](https://www.paradigm.xyz/writing/everlasting-options): This paper introduces a new type of derivative, the everlasting option. Everlasting options give traders long-term options exposure without the effort, risk, or expense of rolling positions.
- [On Staking Pools and Staking Derivatives](https://www.paradigm.xyz/writing/on-staking-pools-and-staking-derivatives): The transition from Proof of Work (PoW) to Proof of Stake (PoS) is Ethereum’s most anticipated milestone since its inception. We explore the problems that ETH stakers experience today, and show how staking pools and staking derivatives solve these problems while increasing the effective security of the network.
- [Uncovering a Four Year Old Bug](https://www.paradigm.xyz/writing/uncovering-a-four-year-old-bug): Uncovering a Four Year Old Bug
- [Understanding Automated Market-Makers, Part 1: Price Impact](https://www.paradigm.xyz/writing/understanding-automated-market-makers-part-1-price-impact): Every day, thousands of people use a decentralized exchange (DEX) for the first time. However, the idiosyncrasies of a public blockchain routinely catch newcomers off-guard, even those familiar with trading on more traditional venues.
- [Paradigm CTF 2021 - swap](https://www.paradigm.xyz/writing/paradigm-ctf-2021-swap): Paradigm CTF 2021 took place in early February and together, players solved all but two of the challenges during the competition (and one of the remaining two mere days later). We're taking a look at the "swap" challenge in the form of a guided walkthrough.
- [A Cosmos Thesis](https://www.paradigm.xyz/writing/a-cosmos-thesis): On Ethereum, all applications run on a shared state machine. In Cosmos, many application-specific blockchains pass assets and other messages between one another. If Ethereum is a mainframe computer, Cosmos is a protocol for networking independent servers.
- [The Block Mined In January, 584942419325](https://www.paradigm.xyz/writing/the-block-mined-in-january-584942419325): This is the first in a series of blog posts about the bugs I've found in go-ethereum (Geth), the official Golang implementation of the Ethereum protocol. While you don't need a deep understanding of Geth in order to follow these blog posts, knowledge of how Ethereum itself works will be helpful. This first post is about a bug in Geth's uncle validation routine which did not behave correctly given a specially crafted uncle. If exploited, this could have caused an accidental fork between Geth and Parity nodes.
- [Ethereum Blockspace - Who Gets What and Why](https://www.paradigm.xyz/writing/ethereum-blockspace-who-gets-what-and-why): Blockspace is the commodity that powers the heartbeats of all cryptocurrency networks. In the blockspace market, miners are the producers, mining pools are the auctioneers, and users are the bidders. The influences of the blockspace market are so pervasive that they touch almost every facet of the cryptocurrency ecosystem.
- [Surviving Crypto Cycles](https://www.paradigm.xyz/writing/surviving-crypto-cycles): How to survive a crypto cycle.
- [The Cartoon Guide to Perps](https://www.paradigm.xyz/writing/the-cartoon-guide-to-perps): In this post, I’ll share what I learned: four very different (but mathematically identical) mental models for what perps are, how they work, and when they don’t.
- [The Future of NFTs](https://www.paradigm.xyz/writing/the-future-of-nfts): A live discussion about the future of NFTs.
- [Establishing Bounds for Miner Revenue in EIP-1559](https://www.paradigm.xyz/writing/establishing-bounds-for-miner-revenue-in-eip-1559): We believe that the impact of EIP-1559 on both miner revenue and ETH holders has not been well explored. The main reason this analysis has been difficult before is that miner-extractable value has started to make up a large share of miner revenue due to constant arbitrage opportunities in Defi.
- [Miners will accept EIP-1559, here is why](https://www.paradigm.xyz/writing/miners-will-accept-eip-1559-here-is-why): EIP-1559 is one of the most highly-anticipated Ethereum upgrades of all time, radically changing how users bid for transactions, among other major benefits.
- [MEV and me](https://www.paradigm.xyz/writing/mev-and-me): Ethereum’s core insight was that flexible smart contracts allow developers to explore a new frontier of permissionless applications. The explosive growth of decentralized financial protocols built on Ethereum (“DeFi”) is a glimpse at what this innovation could enable in the future. Like programming libraries in the first Internet revolution, DeFi’s “money legos” enable developers to build complex systems by composing and remixing simple building blocks. This complexity also brings novel risks. One of these risks is Miner Extractable Value, or MEV.
- [How does Optimism's Rollup really work?](https://www.paradigm.xyz/writing/how-does-optimism-s-rollup-really-work): This article is for everyone who is familiar with Optimistic Rollup as a mechanism and wants to learn how Optimism’s solution works, and evaluate the proposed system’s performance and security. We explain the motivation behind each design decision and then proceed to dissect Optimism’s system, along with links to the corresponding code for each analyzed component.
- [(Almost) Everything you need to know about Optimistic Rollup](https://www.paradigm.xyz/writing/almost-everything-you-need-to-know-about-optimistic-rollup): In this post, we dive into the principles of modern “Layer 2 solutions”, their corresponding security model, and how they can solve Ethereum’s scalability issues. This blogpost is targeted at “crypto-curious” individuals interested in learning more about cutting-edge Ethereum scaling techniques as well as developing a motivation on how to build and architect such systems.
- [Paradigm's Open Problems: A Series](https://www.paradigm.xyz/writing/paradigm-s-open-problems-a-series): About a month ago, we finally got around to publishing a truly wicked problem that had been plaguing my partner Dan Robinson and I for nearly two years. It was a Hail Mary pass; mostly, we hoped it would encourage whoever ended up cracking it to give us some closure, maybe years down the road.
- [Uniswap's Financial Alchemy](https://www.paradigm.xyz/writing/uniswaps-alchemy): An investigation into the nature of constant product markets.
- [So you want to use a price oracle](https://www.paradigm.xyz/writing/so-you-want-to-use-a-price-oracle): Everything you need to know about price oracles and how to use them safely.
- [Governance Minimization](https://www.paradigm.xyz/writing/governance-minimization): Governance minimization allows stakeholders to depend on a protocol. This creates a virtuous cycle of adoption, enabling scale that would otherwise be unachievable. Look no further than successful traditional internet protocols like HTTP and SMTP to see this power today.
- [Crypto Market Structure 3.0](https://www.paradigm.xyz/writing/crypto-market-structure-3-0): A discussion on the crypto market structure overtime.
- [Escaping the Dark Forest](https://www.paradigm.xyz/writing/escaping-the-dark-forest): On September 15, 2020, a small group of people worked through the night to rescue over 9.6MM USD from a vulnerable smart contract. This is our story.
- [Ethereum is a Dark Forest](https://www.paradigm.xyz/writing/ethereum-is-a-dark-forest): It’s no secret that the Ethereum blockchain is a highly adversarial environment. If a smart contract can be exploited for profit, it eventually will be. But this unforgiving environment pales in comparison to the mempool. If the chain itself is a battleground, the mempool is something worse: a dark forest.
- [Crypto-native Insurance](https://www.paradigm.xyz/writing/crypto-native-insurance): Crypto-native insurance has the potential to be the next big financial primitive in DeFi.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-georgios-konstantopoulos): Georgios Konstantopoulos joins Paradigm as a Research Partner.
- [Funding Bitcoin development](https://www.paradigm.xyz/writing/funding-bitcoin-development): Announcing our support for Anthony Towns' work on Bitcoin Core.
- [Analysis of EIP-2593 (Escalator)](https://www.paradigm.xyz/writing/analysis-of-eip-2593-escalator): Today, we continue our analysis of blockspace market proposals by looking at EIP-2593, more widely known as “escalating bid algorithm”, or simply “escalator”. It is being advertised as an alternative to EIP-1559 with a big overlap in design goals.
- [Creators, Communities, and Crypto](https://www.paradigm.xyz/writing/creators-communities-and-crypto): A discussion between Fred and Blake Robbins on digital creators, communities and crypto.
- [Analysis of EIP-1559](https://www.paradigm.xyz/writing/analysis-of-eip-1559): Ethereum improvement proposal (EIP) 1559 will be the largest change to how users bid for blockspace in any of the major blockchains.
- [Bitcoin for the open-minded skeptic](https://www.paradigm.xyz/writing/bitcoin-for-the-open-minded-skeptic): A discussion on Bitcoin for skeptics.
- [7 Things To Read About Bitcoin (For Institutional Investors)](https://www.paradigm.xyz/writing/7-things-to-read-about-bitcoin-for-institutional-investors): Demystifying Bitcoin for a new cohort of investors.
- [The Yield Protocol: On-Chain Lending With Interest Rate Discovery](https://www.paradigm.xyz/writing/the-yield-protocol-on-chain-lending-with-interest-rate-discovery): This paper presents a sketch of a new building block for decentralized finance: yTokens. yTokens are like zero-coupon bonds: on-chain obligations that settle on a specific future date based on the price of some target asset, and are secured by collateral in another asset.
- [An analysis of Uniswap markets](https://www.paradigm.xyz/writing/an-analysis-of-uniswap-markets): Uniswap — and other constant product markets — appear to work well in practice despite their simplicity. In this paper, we give a simple formal analysis of constant product markets and their generalizations, showing that, under some common conditions, these markets must closely track the reference market price.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-arjun-balaji): Arjun Balaji joins Paradigm as an Investment Partner.
- [The Rainbow Network: An Off-Chain Decentralized Synthetics Exchange](https://www.paradigm.xyz/writing/the-rainbow-network-an-off-chain-decentralized-synthetics-exchange): This paper presents the Rainbow Network, a design for an off-chain non-custodial exchange and payment network supporting any assets for which two parties can agree on a price oracle.
- [Joining Paradigm](https://www.paradigm.xyz/writing/joining-paradigm-dan-robinson): Dan Robinson joins Paradigm as a Research Partner.

## Team
- [Matt Huang](https://www.paradigm.xyz/team/matt-huang)
- [Alana Palmedo](https://www.paradigm.xyz/team/alana-palmedo)
- [Dan Robinson](https://www.paradigm.xyz/team/dan-robinson)
- [Georgios Konstantopoulos](https://www.paradigm.xyz/team/georgios-konstantopoulos)
- [Frankie](https://www.paradigm.xyz/team/frankie)
- [Alpin Yukseloglu](https://www.paradigm.xyz/team/alpin-yukseloglu)
- [Arjun Balaji](https://www.paradigm.xyz/team/arjun-balaji)
- [Ricardo De Arruda](https://www.paradigm.xyz/team/ricardo-de-arruda)
- [Calvin Zeng](https://www.paradigm.xyz/team/calvin-zeng)
- [Storm Slivkoff](https://www.paradigm.xyz/team/storm-slivkoff)
- [Justin Wang](https://www.paradigm.xyz/team/justin-wang)
- [David Swain](https://www.paradigm.xyz/team/david-swain)
- [Katie Biber](https://www.paradigm.xyz/team/katie-biber)
- [Jordan Qualls](https://www.paradigm.xyz/team/jordan-qualls)
- [Alex Popescu](https://www.paradigm.xyz/team/alex-popescu)
- [Alex Grieve](https://www.paradigm.xyz/team/alex-grieve)
- [Laura Tse](https://www.paradigm.xyz/team/laura-tse)
- [Veit Moeller](https://www.paradigm.xyz/team/veit-moeller)
- [Stefan Schropp](https://www.paradigm.xyz/team/stefan-schropp)
- [Ben Hinshaw](https://www.paradigm.xyz/team/ben-hinshaw)
- [Rama Somayajula](https://www.paradigm.xyz/team/rama-somayajula)
- [Chris Kraeuter](https://www.paradigm.xyz/team/chris-kraeuter)
- [Dan Mccarthy](https://www.paradigm.xyz/team/dan-mccarthy)
- [Josie Franciose Mcguinn](https://www.paradigm.xyz/team/josie-franciose-mcguinn)
- [Pam Tholen](https://www.paradigm.xyz/team/pam-tholen)
- [Lindsay Slocum](https://www.paradigm.xyz/team/lindsay-slocum)
- [Dominique Little](https://www.paradigm.xyz/team/dominique-little)
- [Fred Ehrsam](https://www.paradigm.xyz/team/fred-ehrsam)
- [Caitlin Pintavorn](https://www.paradigm.xyz/team/caitlin-pintavorn)
- [Justin Slaughter](https://www.paradigm.xyz/team/justin-slaughter)
- [Transmissions11](https://www.paradigm.xyz/team/transmissions11)
- [Ciamac Moallemi](https://www.paradigm.xyz/team/ciamac-moallemi)
- [Cobie](https://www.paradigm.xyz/team/cobie)

## Open Source
- [Centaur](https://www.paradigm.xyz/oss/centaur)
- [Evmbench](https://www.paradigm.xyz/oss/evmbench)
- [Foundry](https://www.paradigm.xyz/oss/foundry)
- [Reth](https://www.paradigm.xyz/oss/reth)
- [Alloy](https://www.paradigm.xyz/oss/alloy)
- [Artemis](https://www.paradigm.xyz/oss/artemis)
- [Cryo](https://www.paradigm.xyz/oss/cryo)
- [Solar](https://www.paradigm.xyz/oss/solar)
- [Flood](https://www.paradigm.xyz/oss/flood)
- [Flux](https://www.paradigm.xyz/oss/flux)
- [Data Portal](https://www.paradigm.xyz/oss/data-portal)
- [Rivet](https://www.paradigm.xyz/oss/rivet)
- [Wagmi](https://www.paradigm.xyz/oss/wagmi)
- [Viem](https://www.paradigm.xyz/oss/viem)

## Investments
- [Antares](https://www.paradigm.xyz/investments/antares)
- [Tempo](https://www.paradigm.xyz/investments/tempo)
- [Andromeda](https://www.paradigm.xyz/investments/andromeda)
- [Hype](https://www.paradigm.xyz/investments/hype)
- [Uniswap](https://www.paradigm.xyz/investments/uniswap)
- [Stripe](https://www.paradigm.xyz/investments/stripe)
- [Coinbase](https://www.paradigm.xyz/investments/coinbase)
- [True Anomaly](https://www.paradigm.xyz/investments/true-anomaly)
- [Sendcutsend](https://www.paradigm.xyz/investments/sendcutsend)
- [Citadel Securities](https://www.paradigm.xyz/investments/citadel-securities)
- [Zipline](https://www.paradigm.xyz/investments/zipline)
- [Kalshi](https://www.paradigm.xyz/investments/kalshi)
- [Nous Research](https://www.paradigm.xyz/investments/nous-research)

## Pages
- [Investments](https://www.paradigm.xyz/investments)
- [Writing](https://www.paradigm.xyz/writing)
- [Research](https://www.paradigm.xyz/research)
- [Build](https://www.paradigm.xyz/build)
- [Investment Disclosures](https://www.paradigm.xyz/investment-disclosures)
- [Team](https://www.paradigm.xyz/team)
- [Frontiers 2026](https://www.paradigm.xyz/frontiers-2026)
- [About](https://www.paradigm.xyz/about)
- [Oss](https://www.paradigm.xyz/oss)
- [Disclosures](https://www.paradigm.xyz/disclosures)
- [Terms](https://www.paradigm.xyz/terms)
- [Privacy](https://www.paradigm.xyz/privacy)
- [Contact](https://www.paradigm.xyz/contact)
- [Research Index](https://www.paradigm.xyz/research-index)