Bedlam Research is a loosely-knit collective of technologists writing about the frontiers of protocols, bitcoin, stablecoins and financial infrastructure.
2025
Parlays on HIP-4
User-defined parlays built with HIP-4HIP 4 - Event Futures
Event Futures using builder-deployed perpetual DEXsFrom Backrooms to Builder Codes
The shift from opaque off-chain venues to onchain transparency isn't just ideological.The Design Space for Builder-Deployed Perps
Exploring the experimentation landscape for builder-deployed perpsUnpacking the Stablecoin Sandwich
Breaking down stablecoin adoption in global paymentsSecuring TEE Apps: A Developer's Guide
A practical guide to help developers secure their TEE apps
2024
Offchain lending in crypto
An overview of offchain crypto's institutional lending marketsPermissionless BTC-secured loans
Exploring the design space for permissionless loans against bitcoinConsensus Where it Counts: Rethinking Base Layers for the ZK Era
Base Layers for the ZK EraOrder book-based lending
Some thoughts on order book-based lending and potential extensions to it via poolsOn Script Upgrades & OP_CAT
Demistifying Bitcoin Script improvements, with a focus on the OP_CAT proposal.wtf is settlement
An attempt to provide a tight definition to settlementHow Babylon Works
A deep dive into Babylon's architectureReturn of the Delegation Voucher
An attempt to unify our understanding of LSTs and LRTs using the original concept of a Delegation Voucher.