About Cryptogrammar

Cryptogrammar is an independent research publication focused on the mathematical and computational structure of on-chain markets. It launched in February 2026.

Most crypto coverage skips the math. Cryptogrammar exists to cover the parts that don't: how execution degrades at scale, why liquidity behaves the way it does, what the data actually shows when you strip out the narrative, and how the infrastructure underneath those markets is built.

What This Publication Covers

DEX execution and slippage. How trades actually clear, where liquidity ceilings appear, and why large orders behave so differently from small ones.
Market microstructure. Regime changes, stationarity, mean reversion after liquidity shocks.
MEV and order flow. Relay dynamics, sandwich mechanics, and how extraction compounds slippage.
Infrastructure. Orderbooks in C++, execution engines, observability with OpenTelemetry, and the systems that sit underneath the markets.
Security. Exploit analysis, chain forensics, smart contract vulnerabilities.

The common thread is quantitative analysis grounded in real on-chain data.

Editorial Standards

Every article on Cryptogrammar is based on original data analysis, reproducible code, or direct inspection of protocol mechanics. Where data is shown, the source and methodology are described. Corrections are noted at the top of the article with the date of the update.

All research code is open source and linked from the relevant article. Readers are encouraged to replicate findings and open issues or pull requests if they find discrepancies.

About the Author

Divyasshree N is the researcher and writer behind Cryptogrammar. She works at Bitquery on the core team and was previously a software engineer at VMware, where she built Salesforce applications on the Partners Team. At Bitquery she contributes to product roadmap discussions, runs POCs for new directions, and supports traders and enterprise customers who rely on Bitquery's APIs. She also builds AI agent skills on Bitquery data, Model Context Protocol (MCP) integrations, and trading-oriented algorithms. She holds a Master of Science in Management from the University of Illinois Urbana-Champaign (Beta Gamma Sigma, 2025).

Cryptogrammar is published independently alongside her role at Bitquery. She also built Proactive Mule Detector, a tool for on-chain fraud investigation.