On-chain research and network testing
I find promising networks early and run on them to test what they can do, and I've earned their airdrops by doing that work. Some of them I also invested in early, like Nillion and Aster. Before Lighter I ran a crypto studio, reading token designs and writing the tools I used. I also write research and how-tos for 14K readers on X as @hank06171, and I've taught sessions and spoken at universities and industry events.
Lately most of my research is on pre-IPO perps, the kind Entropy lists, where you can trade a company like Anthropic before it goes public. I study how a company gets priced before it has a stock, and why the same company shows different prices on different venues. On November 2, 2026, I posted a long breakdown on X of the 6% Anthropic gap between Entropy and trade.xyz that a lot of people were posting as an arb. Entropy quotes the whole company's valuation and trade.xyz quotes one share, so you need a share count to compare them. The posts used 16.94B, a June number from the S-1 that includes about 1.5B shares that haven't been issued. Entropy's own rule leaves those out, and its example uses 16.2B. With the same two prices on October 29, trade.xyz was 4.23% above Entropy at 16.94B and 0.30% below it at 16.2B.
What's left is a bet on the final share count. I worked out what that bet costs at different sizes and what each leg does on listing day. To check the venues themselves, I compared Anthropic across ten venues and used SanDisk, which both list per share, as a control. I wrote two separate models on the same raw data, and they matched on all 1,587 outputs before I posted. I put my ties to Entropy at the top of the post and asked readers to tell me anything I got wrong.
BlockTempo, Taiwan's largest crypto publication, interviewed me about my Starknet work in high school.