# Rowan Duston

> An independent researcher focused on digital assets, with a long-term analytical perspective on Bitcoin and Kaspa.

## Recent Posts

- [ZK Infrastructure and Platform Power](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/zk-infrastructure-and-platform-power)
- [Failure Modes of Privacy Systems Under Institutional Scale](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/failure-modes-of-privacy-systems-under-institutional-scale)
- [Privacy as an Institutional Buffer](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/privacy-as-an-institutional-buffer): Why Privacy Functions as a Structural Stabilizer Under Incomplete Trust
- [Kaspa: Execution Layer Pluralism and Proof-of-Work Value Anchoring](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/kaspa-execution-layer-pluralism-and-proof-of-work-value-anchoring): A DAEL Case Study
- [Solana: State-Dense Monolithic Execution and Value Capture](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/solana-state-dense-monolithic-execution-and-value-capture): A DAEL Case Study
- [Ethereum: Execution Fragmentation and the Loss of Value Density](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/ethereum-execution-fragmentation-and-the-loss-of-value-density): A DAEL Case Study
- [Consensus-Agnostic DAEL](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/consensus-agnostic-dael): A Research Framework for Long-Term Value Capture of Layer-1 Execution Layers
- [Perpetual DEXs as an Investable Market](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/perpetual-dexs-as-an-investable-market): From Sector Validation to a Single-Core Asset Thesis
- [DeFi Primitive Investment Research Report](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/defi-primitive-investment-research-report): From Financial Mechanisms to System-Level Capital Allocation
- [Consensus, Sovereignty, and the Architecture of Settlement](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/research-series-introduction): An Introduction to a Seven-Part Research Series on Layer-1 Investment Theory
- [Consensus as an Investment Variable](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/consensus-as-an-investment-variable): How Proof-of-Stake and Proof-of-Work Shape Risk, Returns, and Valuation Ceilings
- [Sovereign Time and Finality](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/sovereign-time-and-finality): Why Layer-1 Blockchains Compete on Settlement Authority, Not Performance
- [Investment Analysis of App-Chain and Subnet Architectures](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/investment-analysis-of-app-chain-and-subnet-architectures): Avalanche, Cosmos, Polkadot, and the Economics of Sovereign Execution
- [NEAR Protocol: State Sharding, Intents, and the Economics of Long-Duration Scalability](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/near-protocol-state-sharding-intents-and-the-economics-of-long-duration-scalability): An Investment Analysis of Infrastructure-Grade Layer-1 Architecture
- [Execution Is the Moat: Investing in VM-Level Parallelism at Layer-1](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/investment-analysis-of-vm%E2%80%91level-parallelism-layer%E2%80%911-blockchains-solana-aptos-and-sui): Solana, Aptos, and Sui as Competing Architectures for Scalable Settlement
- [Why TPS Can No Longer Be Estimated Using the “Block Size Formula”](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/why-tps-can-no-longer-be-estimated-using-the-block-size-formula)
- [The Sovereign Layer Wars](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/the-sovereign-layer-wars): Why Blockchain Competition Begins at Layer 1
- [Iron Fish (IRON) Investment Research Report](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/iron-fish-iron-investment-research-report)
- [The Strategic Re-Emergence of Privacy in Crypto Networks](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/research-report-strategic-importance-of-privacy-focused-cryptocurrencies-focus-pow-privacy-assets-executive-summary-%E9%9A%90%E7%A7%81%E5%8A%A0%E5%AF%86%E8%B5%84%E4%BA%A7%E6%AD%A3%E4%BB%8E%E8%BE%B9%E7%BC%98%E5%8F%99%E4%BA%8B%E8%BD%AC%E5%90%91): Why Proof-of-Work Privacy Assets Represent a Structural, Not Cyclical, Investment Opportunity
- [Bitcoin Market Outlook: Bear Cycle Formation With Counteracting Macro Catalysts](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/bitcoin-market-outlook-bear-cycle-formation-with-counteracting-macro-catalysts)

## Blog Information

- [Homepage](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/): Main blog page
- [RSS Feed](https://api.paragraph.com/blogs/rss/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242): Subscribe to updates

## Optional

- [All Posts](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/): Complete post archive
- [Sitemap](https://paragraph.com/@0x9891d4d7182d13fed32a7a843bb5e1b7921d3242/sitemap-index.xml): XML sitemap for crawlers