Cofund Research

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Research, engineering deep-dives, and product updates.

research · bitcoin

The Covenants Use-Case Atlas

Twenty-four covenants, one grammar. Hover a tile: it flips & plays its mechanism. The UTXO is consumed by its stencil, & what the covenant committed to emerges.

research · Aug 19, 2026

26,751 reachable nodes rendered as a cloud of dots collapsing into a row of ten: the 10 nodes that receive more than half of monthly economic flow

research

What Is an Economic Node?

A post-mortem of BIP110 & an attempt to answer the question “what is an economic node?” Many decentralization metrics were brought up prior to activation. This piece defines the object those metrics missed, reviews various measurement frameworks, & conducts our own analysis. While the reachable independent node population hovers around ~27k clearnet nodes, the research indicates that the number of “economically relevant” nodes in a fork war might be closer to 10.

research · Aug 18, 2026

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