DOCS & RESEARCH

Docs & Research

Protocol design, contract audits, Policy development guides, and market-structure research — the engineering and research material F* shares in the open. Deeper material (full audit reports, compliance white papers) is published via GitHub and integration channels.

RESEARCH

2026.05.20

14 min read

Applying Kelly in High-Vol Crypto: Calibrating Quarter-Kelly in Practice

Full Kelly is almost never used in crypto — why? With 24 months of data across six strategies, we quantify the realised growth and drawdown of 1/2, 1/4, 1/8 Kelly across volatility regimes.

— M. Zhao

MARKET

2026.04.28

10 min read

The Stablecoin Yield Curve: From Aave / Pendle to RWA Treasuries

Stablecoin yield is being restructured — MakerDAO's sUSDS, Ondo's USDY, BlackRock BUIDL. We chart a yield curve that spans DeFi and RWAs.

— F* Research

ON-CHAIN

2026.03.15

12 min read

L2 Liquidity Landscape: Capital Flow from OP Stack to Base

Over the past six months, stablecoin and ETH migration between major L2s has tilted clearly toward Base. We unpack the incentive structure behind the flow.

— K. Chen

REGULATORY

2026.02.10

8 min read

Crypto Asset Management Under Full MiCA: A Field Note

What MiCA requires of crypto asset managers in the EU — and F* Protocol's response, including cross-jurisdictional structural adjustments.

— J. Park

RESEARCH

2026.01.05

16 min read

Multi-Strategy Correlation: The Second-Order Discipline After Kelly

Kelly alone is not enough — cross-strategy correlation is the real constraint on total leverage. A 12-month empirical report.

— C. Yi

Older research and integration-exclusive deep reports are published at fund-vault/research/ on GitHub and through the integrations channel.