Cryptocurrency

 The trilogy closes. Paper 2026-01 showed money creation moving offstage. Paper 2026-02 showed the buyers of Treasuries walking out — and its first marker fired within four days. This paper shows what they're carrying out the door: gold, which has now surpassed US Treasuries as a share of global central bank reserves for the first time in history. Inside: the Recycling Multiple — the arithmetic showing today's gold price embeds just an 11% rotation of China's record $1.2 trillion surplus, with each additional ten points worth roughly $3,800 an ounce; the Hamilton Contradiction at the heart of Treasury policy that Triffin says cannot hold; and the entry on the Fed's own books — 261.5 million ounces still marked at $42.22 an ounce, a 1973 price — that could complete the adjustment in a weekend without anyone calling it printing. Trade the φ, not the $38,000. Every claim graded on the public ledger, misses included. 

 The most-watched chart in finance — the Fed's balance sheet — has become a decoy. Working Paper No. 2026-01 assembles the public evidence that U.S. money printing has been quietly re-architected: GENIUS Act stablecoins now buy the Treasury's bills by statute, newly deregulated banks absorb its bonds, and an uncapped Fed repo backstop stands behind the whole apparatus for the day it fails. Inside: the reserve-conservation constraint the architecture can't escape, the private credit squeeze (Blue Owl) as the disinflation engine that will license overt easing, ten equations explained in plain language, and falsifiable markers you can grade yourself at the September quarter-end. Flat, then vertical. Watch the dove. 

A deep dive into the mechanics of sandwich attacks — the most common form of MEV exploitation on Ethereum. This paper provides formal mathematical proofs of how attackers profit by front-running and back-running your DEX swaps, derives the optimal attack strategy, and shows that profit scales quadratically with trade size. Includes our SENTINEL detection system catching live attacks on Ethereum mainnet, game-theoretic analysis of the MEV supply chain under proposer-builder separation, and a comprehensive survey of mitigation strategies from encrypted mempools to batch auctions. Essential reading for anyone trading on Uniswap, SushiSwap, or any AMM-based DEX.

 The stablecoin market has crossed $200B. Ethereum's Fusaka upgrade is rewriting the rules on scalability and data availability. And somewhere in between, the definition of money itself is being quietly renegotiated. This paper traces the architecture — technical, regulatory, and philosophical — of what comes next.