Protocol Watch is a research and advisory firm founded by protocol specialist Christine D. Kim. The organization provides strategic guidance and in-depth analysis on the protocol-level developments of Bitcoin and Ethereum. Protocol Watch operates through two primary an-arms: a private advisory service for businesses, investors, and policymakers, and a public-facing independent research publication that includes a newsletter and podcast. ^{[1] [2]}​

Overview

Protocol Watch aims to demystify the often complex and opaque processes of core protocol development for public blockchains. Its stated mission is "Helping businesses understand, anticipate, and adapt to protocol-level changes in the world’s most valuable open-source networks." To achieve this, the firm employs a methodology that combines independent journalism with research-driven insights. The goal is to translate highly technical developments, governance debates, and upgrade roadmaps into actionable strategy and accessible information for a broad audience that includes technical and non-technical stakeholders. ^[1]​

The organization was established by Christine D. Kim, a researcher and journalist who has specialized in the field since 2018. The public-facing content, primarily delivered through a Substack newsletter and the "Ready for Merge" podcast, serves to make core developer meetings and technical proposals more transparent. The advisory arm of Protocol Watch leverages this deep expertise to offer tailored consulting, workshops, and content services to clients navigating the crypto ecosystem. ^{[1] [2]}​

History

The foundation for Protocol Watch was laid over several years as its founder, Christine D. Kim, established her expertise in protocol development starting in 2018. Her work gained significant recognition for its detailed coverage of the Ethereum protocol and its core developer community. ^[1]​

The formal launch of Protocol Watch as an independent venture occurred around March-April 2025. On April 10, 2025, Kim published a post titled "Going Solo" on her Substack, announcing her departure from her role as a Research Associate at Galaxy Digital to begin her independent work. This marked the public inception of the research publication. The Substack platform itself notes it was "Launched 10 months ago" as of early January 2026, corroborating the Q2 2025 launch period. ^[2]​

The branding for Kim's media presence, including the X (formerly Twitter) handle @ready4merge and the "Ready for Merge" podcast, originates from her extensive and well-regarded coverage of the Ethereum Merge, which took place in 2022. This established brand identity was carried over to her independent work. The official X account for this media brand was created in July 2025, signaling the start of public promotional activities for the podcast and newsletter. ^{[2] [3]}​

On January 5, 2026, the official website for Protocol Watch, protocolwatch.com, was published. This event marked the formalization of the advisory services arm of the organization, detailing its B2B offerings and distinguishing it from the public research publication. ^[1]​

Founder and Key Figure

​Christine Kim is the founder and Protocol Specialist at Protocol Watch. She is a longtime journalist and researcher who authors all of the publication's content and leads its advisory services. ^{[1] [2]}​

Kim began specializing in technical upgrades, decentralized governance, and core protocol development in 2018. She is known for her ability to work across both technical and business communities, translating complex engineering discussions into accessible insights. While she initially built her reputation on her in-depth research and communication regarding the Ethereum protocol, she has since expanded her coverage to include Bitcoin protocol development. Her work is frequently cited for making the activities of core developer communities more understandable to outsiders. Before founding Protocol Watch, she was a Research Associate at Galaxy Digital. ^{[1] [2]}​

Products and Services

Protocol Watch's offerings are divided into two main categories: public research publications and media, and private advisory services.

Research Publications and Media

The firm's public content is primarily distributed through its Substack newsletter and associated podcast, making technical protocol developments accessible to a wide audience.

Substack Newsletter

Authored entirely by Christine D. Kim, the Substack newsletter is the core product of Protocol Watch's public-facing research. It provides summaries, minutes, and analysis of core developer meetings for both Ethereum and Bitcoin. ^[2]

Ethereum Coverage The newsletter offers extensive reporting on key Ethereum developer coordination calls, tracking network upgrades, and governance decisions. Sections include:

• All Core Developers Execution (ACDE): Focuses on the execution layer of Ethereum. Reports have covered topics such as discussions on upgrade naming conventions, including the renaming of the "Heka" fork to "Heze."
• All Core Developers Consensus (ACDC): Centers on the consensus layer of Ethereum. Reports have detailed the scheduling of new features like "trustless payments" for future network forks.
• All Core Developers Teleconference (ACDT): Covers general coordination between the two layers, including significant economic discussions like the debate on increasing the block gas limit. ^[2]

Bitcoin Coverage The publication also provides analysis on developments within the Bitcoin ecosystem. Sections dedicated to this include "BTC Before Light" and "BTC Toolkit." Content focuses on topics such as:

• The Bitcoin Core software release process.
• The analysis of technical proposals, such as "The Cat" (OP_CAT) proposal.
• Discussions and debates surrounding changes to the protocol, including the "Great Consensus Cleanup." ^[2]

Ready for Merge Podcast

Protocol Watch produces the "Ready for Merge" podcast, which is hosted by Christine D. Kim. The podcast discusses significant developments and code changes in both the Bitcoin and Ethereum ecosystems, consistent with the publication's dual focus. For example, Episode 10 was titled "BWB: The Most Influential Bitcoin & Ethereum Code Merges of 2025," indicating its cross-protocol scope. The podcast is distributed on major platforms including YouTube and Spotify, with episodes announced via the Substack newsletter. ^{[3] [2] [1]}

"Mapping Out Eth2" Podcast

Prior to her independent work, Christine D. Kim co-hosted the "Mapping Out Eth2" podcast with Ben Edgington of Teku. This earlier work focused exclusively on the developments leading up to Ethereum's transition to a Proof-of-Stake consensus mechanism. ^[1]

Advisory Services

The firm offers paid advisory services aimed at businesses, investors, and other professional organizations. These services are structured to provide strategic advantages based on a deep understanding of protocol-level changes. ^[1]

Areas of Expertise

Protocol Watch offers guidance in four primary areas:

• Protocol Upgrades: Analyzing the impact of network upgrades on business models and helping teams prepare for upcoming changes.
• Governance & Roadmaps: Providing insights into protocol decision-making processes and how to track development roadmaps effectively.
• Risk & Opportunity Analysis: Assessing how network-level changes can create or mitigate risks for specific business models.
• Market Education: Assisting teams in positioning themselves with credibility and authority within the crypto space through educational content. ^[1]

Service Offerings

The advisory services are delivered in three main formats:

• Strategy & Business Development: This includes one-on-one and team consulting sessions, assistance in roadmapping product timelines to align with Bitcoin and Ethereum upgrades, and the creation of custom research reports on specific protocol development topics.
• Education & Workshops: The firm provides executive briefings on Bitcoin and Ethereum development, hosts interactive workshops for both technical and non-technical teams, and offers training on how to monitor and interpret protocol development activity independently.
• Content & Communication: This service includes assistance in crafting technical explainers, investor memos, and blog posts. It also involves the development of co-branded educational content for a client's customers or community. ^[1]

Industry Reception and Endorsements

​Christine Kim and her work at Protocol Watch have received endorsements from several prominent figures in the cryptocurrency industry, who praise her depth of knowledge and communication skills.

• Noelle Acheson, author of "Crypto is Macro Now" and former Head of Market Insights at Genesis, commended Kim's in-depth Ethereum reports and her innovation in the style and format of crypto research.
• Alex Thorn, Head of Firmwide Research at Galaxy, described Kim as a talented researcher whose coverage of Ethereum development has been "indispensable," and praised her expansion into Bitcoin coverage as a valuable resource.
• Samantha Yap, Founder & CEO of YAP Global, highlighted Kim's rare ability to combine a deep understanding of crypto technology with a flair for communicating it well, citing educational workshops on MEV and staking as examples.
• Ben Edgington, author of "The Eth2 Book" and founder of Teku, noted Kim's long-term investment in understanding the Ethereum protocol and its developer community, which he stated earned her the trust and respect of core developers.

These testimonials highlight the firm's reputation for insightful, no-hype research and effective communication of complex topics. ^[1]​

Quotes

Several industry leaders have provided public comments on the quality and impact of Christine D. Kim's work, which now forms the basis of Protocol Watch.

• Alex Thorn, Head of Firmwide Research at Galaxy:

  “Christine Kim is a talented researcher with deep knowledge of developer ecosystems. Her coverage of Ethereum development has been indispensable, and her expansion into covering Bitcoin development is refreshing and will be a valuable resource to retail and institutional stakeholders alike.”

• Ben Edgington, Founder of Teku:

  “Christine dared to go where other media feared to tread. She has invested years in deeply understanding the Ethereum protocol and its core dev community, earning our trust and respect with insightful, no-hype research and communication.”

• Samantha Yap, Founder & CEO of YAP Global:

  “It’s rare to find anyone with [Christine’s] breadth and depth of understanding of crypto technology and equally with the flair to communicate it well.”

• Noelle Acheson, Author of "Crypto is Macro Now":

  “Christine not only produced some excellent in-depth reports on the Ethereum ecosystem; she also managed to innovate in the style and format of crypto research, creating products that educated and explained in engaging ways.“

^[1]