Appendix
Research Index 2023-2025
Research index and key takeaways from the Open Rug series
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| RESEARCH INDEX 2023-2025 |
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| |
| Open Rug series by @TheCryptoSkanda |
| Core takeaways from all articles |
| |
+-----------------------------------------------------------+Core Theory Articles
| No. | Title | Core Concepts |
|---|---|---|
| #1 | How to Run Inscription Schemes | Inscription market-making methodology |
| #2 | Dividend Schemes | Mining machine schemes, BTC revolution |
| #3 | Mutual Aid Schemes | 3M/FOMO3D/OHM models |
| #4 | Split Schemes | FT/BNB/ETH case studies |
| #5 | Ark Money | Improved mutual aid scheme case |
| #6 | Restaking | Composability and three-scheme integration |
| #7 | Berachain | Public chain scheme case study |
| #8-9 | Industrialization Theory | Five major costs and batch launches |
Application Analysis Articles
| No. | Title | Core Concepts |
|---|---|---|
| #10 | Base | Public chain ecosystem analysis |
| #11 | When to Launch What Scheme | Timing principles, two expectations |
| #12 | Sunk Costs & Stop-Loss | Market manipulation psychology |
| #13 | Airdrop Hunters | Airdrop farming economics |
| #14 | Why DePIN Failed | DePIN scheme type analysis |
| #15 | Airdrop Games | Points system design |
| #16 | Mass Admission | Mass user onboarding |
| #17 | GambleFi | The fourth industrial revolution of gambling |
| #18 | On-Chain Liquidity | AMM vs Order Book |
Market Analysis Articles
| No. | Title | Core Concepts |
|---|---|---|
| #19 | ETH's Downhill Road | Ethereum cycle analysis |
| #20 | Solana | Solana ecosystem analysis |
| #21 | Projects & Communities | Community operations methodology |
| #22 | Review | Cycle retrospective |
| #23 | PVP Era | New generation user profile |
| #24 | Kaito | Attention economy analysis |
| #25 | RWA | RWA sector analysis |
| #26 | Arbitrage | Three elements of arbitrage |
| #27 | MicroStrategy | MSTR model analysis |
Technical Analysis Articles
| No. | Title | Core Concepts |
|---|---|---|
| #29 | Perp DEX | AMM vs CLOB trilemma, reverse-engineering on-chain opportunities from CEX |
| #30 | BSC | Tiered game market structure, rule diversity competitiveness |
| #31 | Deterministic Catalysts | Turkish Lira model, preserve liquidity not price |
Core Formula Reference
Market Maker Profit Formula
profit(dividend scheme) = total deposits - total fixed dividends
profit(mutual aid scheme) = total funds in mutual aid state × % insider account ratio
profit(split scheme) = project team total dumping profitCollapse Conditions
Dividend scheme: new deposits < fixed interest payments
Mutual aid scheme: global debt > liquidatable assets + external liquidity
Split scheme: new buying < split demand OR large-scale existing holder dumpingTiming Principles
Suitable for launching: scheme liquidity demand ≤ market liquidity
scheme nominal returns ≥ market BetaThree Elements of Arbitrage
1. Who are you arbitraging? (arbitrage source)
2. What are you arbitraging? (rules and asymmetry)
3. How large is the arbitrage space? (size of asymmetry)Key Insights Excerpts
"Although ponzis are dazzling, ultimately there are only three models"
"There's no wrong time to launch, only wrong schemes for certain times"
"The three schemes are tactics, adapting to circumstances is strategy"
"A split scheme's biggest enemy is another more profitable and popular split scheme"
"On-chain compared to CEX scenarios is still a relatively blue ocean"
"This is the worst era for Boomers, this is the best era for Zoomers"
Source: @TheCryptoSkanda Open Rug Series