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DePIN explained
Plain-language guides to the products, rules and market plumbing that institutional investors, founders and policy people actually deal with. Written by the CCS editorial desk and grounded in twelve years of founder interviews.
DePIN · FoundationsWhat is DePIN? How decentralized physical infrastructure networks work, from Helium to XYOHow decentralized physical infrastructure networks use tokens to build wireless, mapping, positioning, compute and storage networks, with Helium, XYO, Hivemapper, GEODNET, Render, peaq and others as examples, and how to tell a working network from a subsidy.Solana · FoundationsWhat is Solana? How the high-speed chain works and why institutions use itHow Solana's single fast base layer works, what SOL issuance and staking pay, the outage record and the Firedancer and Alpenglow fixes, and where ETFs, stablecoins and tokenized assets use the chain.Ethereum & L2s · FoundationsWhat is staking? How proof-of-stake yield works and what it risksWhere staking yield comes from, the difference between running a validator, staking-as-a-service and liquid staking, the slashing and lock-up risks, and how 2025 guidance brought staking into ETFs.Ethereum & L2s · IntermediateWhat is an Ethereum Layer 2? Rollups, blobs and what “secure” really meansHow optimistic and zero-knowledge rollups inherit Ethereum security, why the 2024 Dencun upgrade made them cheap, who leads the market, and the decentralization questions that matter more than throughput.Regulation · IntermediateSEC vs CFTC: how US crypto regulation is split and what the CLARITY Act would changeWhy the security-or-commodity question decides everything, how the Howey test applies to tokens, what shifted in 2025, and how market structure legislation proposes to draw the line in statute.Market structure · IntermediatePerpetual futures, funding rates and liquidations, explainedHow perps work without an expiry, what the funding rate tells you about leverage, why liquidation cascades turn small moves into large ones, and where the contracts trade in and outside the US.Corporate treasuries · IntermediateBitcoin treasury companies explained: mNAV, convertibles and the Strategy playbookHow Strategy and its imitators raise capital to buy bitcoin, why the premium to net asset value is the whole engine, what fair value accounting changed, and how to underwrite one.DeFi & DAOs · IntermediateHow DAO governance works, and why it keeps breakingHow token voting, delegation, quorum and timelocks work in a DAO, the recurring failure modes from whale capture to foundation dominance, and the legal wrappers that limit member liability.Custody & security · IntermediateCrypto custody explained: qualified custodians, MPC and what to askThe three custody models institutions use, how the 2025 withdrawal of SAB 121 and the OCC letter opened the door to banks, and the due diligence questions that decide whether assets are safe.Tokenization & RWA · IntermediateWhat is tokenization? Real-world assets on-chain, explainedHow tokenized Treasury funds like BUIDL are structured, what actually changes when a fund share lives on a blockchain, where the legal risk sits, and which asset classes have real volume.ETFs & funds · FoundationsHow spot Bitcoin ETFs work: custody, creations and why the price tracksWhat a spot Bitcoin ETF actually holds, how authorized participants keep the share price tied to the bitcoin inside, what changed with in-kind redemptions, and what an allocator should compare.Stablecoins · FoundationsWhat is a stablecoin and how does it hold its peg?How dollar-backed stablecoins work, why algorithmic designs failed, what the GENIUS Act now requires of issuers, and why institutions use them for settlement rather than speculation.