Engineering
How the machine is actually built.
When Liquidity Moves, Execution Has to Follow
A market-making book cannot honestly turn over more volume than the venue it trades on. Liquidity did not vanish this year - it moved house: within Solana, Bitcoin flow consolidated from WBTC into cbBTC, and in aggregate the depth sits on centralized books. Sizing against where it used to live would not be loyalty. It would be bad accounting.
The Architecture Behind SLVCE
Most funds start with performance and add accounting. We did it the other way round - an append-only ledger, hourly invariants, a kill-switch on every moving part. Here is the shape of it, and why the shape is the point.
Why Hedge Can Lose Money
A hedge is insurance, and insurance has a premium. In calm markets it loses small amounts on purpose. Understanding that is the difference between trusting it and panicking at it.