Writing

Essays

All essays, newest first. Each belongs to one of five themes examining a different dimension of the same underlying question.

2026

Malaysian Islamic banking: 'No interest' is the label, not always the result Systems and Society
Tokenized stocks (RWAs): What you own, what you risk, what it still lacks Power & Control
Why DeFi still matters Winners & Losers
Identifying curators: Safeguarding or gatekeeping DeFi? Power & Control
Curators: Keeping the kingmakers accountable & DeFi permissionless Power & Control

2025

The ARB DeFi playbook Winners & Losers
The rETH DeFi playbook Winners & Losers
Crypto & private property: Techno optimism or real progress? Power & Control

2024

Mastering restaking yields: Amplified returns through incremental risks Winners & Losers

2023

DeFi value flows: Understanding DeFi business models and revenues Winners & Losers
The Web3 stack: A conceptual framework The Alternative Stack
The Web3 stack: A macro view The Alternative Stack
The Web3 stack: Assets The Alternative Stack
The Web3 stack: Transaction settlement The Alternative Stack
DeFi ecosystem: Primitives and technology stack The Alternative Stack

2022

Project Guardian: Singapore’s attempt at centralised-DeFi (CeDeFi) Systems and Society
Project Orchid: Singapore’s take on retail CBDCs Systems and Society
The politics of Web3: Violence, technology, and empowerment Power & Control
Self-custody: The power of ownership Power & Control
Accountability not decentralization Power & Control
Art of the trade: TradFi vs Defi 1.0 concepts The Alternative Stack
Market-driven democracy? Futarchy and liquid democracy Power & Control
Hardforks: Utopia or dead-end? Putting a price on free will Power & Control
Trust: Trusted third parties (TTPs), human nature & conflicts of interest Power & Control
Why privacy is key to personal growth Power & Control
With great power comes greater transparency Power & Control
Happy 27th birthday internet: Have you made the world too complicated? Systems and Society
Edward Snowden, Mark Zuckerberg, Logan Paul: Who is responsible for our digital future? Systems and Society
Decentralised identity: The way forward The Alternative Stack
Oracles: How blockchains perceive the world The Alternative Stack
Reclaiming our identities: Why decentralised identity matters The Alternative Stack
The future of stablecoins: A macro lens The Alternative Stack
Decentralised identity: We are more than our finances The Alternative Stack
Crypto volatility: The phantom chicken and egg problem The Broken System
Redefining our valuation of the world: What institutions, tech and cryptos can tell us about ‘real’ value The Broken System
The scarcity problem: Why cryptocurrencies are so divisive The Broken System
Why the media loves Bitcoin & what that says about us The Broken System
MEV: The scalpers of Web3 Winners & Losers