Level
Guides for operators evaluating hosting, scale, tax treatment and the second-order risks of difficulty and price.
Europe's crypto rulebook is fully in force and its transitional regime closed on 1 July 2026. MiCA authorized 281 firms out of roughly 1,343 operating in the EEA beforehand, and says nothing about lending, staking, or the vaults built on them.
17 min read · reviewed
Curators pool client money, decide where it goes, take a performance fee and cannot be made to give it back. On every functional test that matters, that is asset management, and the case against rests on how the discretion is exercised rather than on whether discretion exists.
6 min read · reviewed
A delta neutral position holds an asset and shorts the same amount of it, so the price stops mattering and the return comes from funding payments instead. The construction removes price risk and replaces it with funding, counterparty and liquidation risk.
6 min read · reviewed
Looping means depositing collateral, borrowing against it, converting the borrowed asset back into the collateral and repeating. The maximum leverage is one divided by one minus the loan-to-value ratio, and the strategy multiplies a small yield spread and every risk attached to it.
6 min read · reviewed
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