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By James Davies, CEO of Pascal Protocol and Jetstream

Crypto Market Structure: Don't Let DeFi Be Miscast as a CEX Clone

Don't Let DeFi Be Miscast as a CEX Clone

Capital Is Expensive. Clearing Makes It Cheap.

Capital Is Expensive. Clearing Makes It Cheap.

DeFi Needs a Neutral Risk Layer

Why building protocol-owned risk engines leads to capital inefficiency — and how Pascal changes that.

Real Institutional Flow Comes from Capital-Efficient Clearing

How unlocking portfolio margin and neutral risk layers powers the next evolution of DeFi

The Skeleton in DeFi’s Closet

If DeFi wins, clearing becomes its core. Pascal is the protocol that clears it all