At Their Foundry, we believe research is a public good. In a rapidly evolving space like crypto, shared knowledge builds stronger foundations. This Research Center is our public library—a curated collection spanning both TF’s current flagship theses (TF Canon) and our legacy work, including peer-reviewed academic papers, technical deep dives, strategic analyses, and interviews. Together, these artifacts aim to foster shared insight across the ecosystem and contribute to collective learning and intellectual capital.

Many of the legacy pieces were produced by our founder prior to the formation of Their Foundry. They now serve as the crucial groundwork that informs our current research and strategic frameworks—tracing the intellectual lineage of how TF came to be.

Our Research Philosophy

Research, in a certain sense, is a form of self-expression for the author, as it is their perception of the subject and an attempt to describe and create upon the scattered materials presented, not to mention the intuitive process akin to art making, and hence, the style, on how the framework is being discovered and the presentation of the result itself. — Cecilia (Qi) Feng, Founder of Their FoundryManifesto - The Art of Research

Their Foundry Canon

TF Canon is our flagship body of work—theses that define TF’s core frameworks and advance public discussion on system design.

The Keynesian Reflex vs. the Invisible Hand: Market Structure Lessons from the $19B Flash Crash

Crypto’s plumbing is still mostly shock-transmitting. Using the October 2025 ~$19B flash crash as a case study, we map the design space of crisis-response mechanisms in on-chain markets—clarifying the trade-offs between “Smithian” liquidation-only regimes and “Keynesian” backstop designs. We close with RBCC: a rule-bound coordination pattern that gives market-structure stewards, builders, and risk owners shared language to reason about market resilience, moral hazard, and explicit design trade-offs.

The Keynesian Reflex vs. the Invisible Hand: Market Structure Lessons from the $19B Flash Crash

Academic Papers & Interviews

Academic Papers

Interviews and Podcasts

Ethereum Scaling Development Trends & Commoditization

Josh Bowen on Astria’s Shared Sequencing Network and Specialized Supply Chain

Produced by our founder prior to the founding of Their Foundry.

How Business Can Navigate The Shift From Web2 to Web3

Originally published during our founder’s prior role at Blockdaemon.

Strategy & Full Stack Technical Deep-dives

Tokenization

(This piece reflects the kind of interdisciplinary thinking Their Foundry now contributes to the broader ecosystem. It shows how protocol-level insight can inform strategic narratives that align institutional go-to-market goal with broader ecosystem context—an approach that quietly informs much of our work today.)

Scaling

Shared Sequencers

Re-staking

Blockchain Interoperability

Stablecoin and CBDC Crypto Payment

L1

Liquid Staking