Deposit Tokens vs. Stablecoins: JPMD and the Banks
JPMD, live for institutions since November 12, 2025, is a fractional-reserve bank claim, unlike a segregated GENIUS stablecoin.
DeFi about 23 hours ago
Sixteen Seconds Was the Easy Part: Ethereum's zkEVM
Ethereum's realtime-proving targets are met on the EF's own numbers. The harder problem is that some security assumptions underneath were already wrong.
DeFi 13 days ago
[BTCFi Series 9] Babylon: TVL Up, Yields Thin
Babylon secures ~$5.6B in native BTC with a token worth ~$78M. The unit economics of Bitcoin security-as-a-service, and why realized yield stays thin.
After the Flippening: Auditing the Perp DEX Wars
Onchain perps reached 26% of futures volume, but Hyperliquid's 70% share claim fails basic arithmetic. An audit of architectures and moats.
DeFi about 1 month ago
Eleven Charters, 83 Days: Crypto Becomes the Bank
Eleven firms sought OCC trust charters in 83 days. What the charter permits, why GENIUS forces it, and what the consolidation costs.
Trackers
Recents
View all Deposit Tokens vs. Stablecoins: JPMD and the Banks
JPMD, live for institutions since November 12, 2025, is a fractional-reserve bank claim, unlike a segregated GENIUS stablecoin.
DeFi 16 min read
Sixteen Seconds Was the Easy Part: Ethereum's zkEVM
Ethereum's realtime-proving targets are met on the EF's own numbers. The harder problem is that some security assumptions underneath were already wrong.
DeFi 21 min read
[BTCFi Series 9] Babylon: TVL Up, Yields Thin
Babylon secures ~$5.6B in native BTC with a token worth ~$78M. The unit economics of Bitcoin security-as-a-service, and why realized yield stays thin.
After the Flippening: Auditing the Perp DEX Wars
Onchain perps reached 26% of futures volume, but Hyperliquid's 70% share claim fails basic arithmetic. An audit of architectures and moats.
DeFi 15 min read
Eleven Charters, 83 Days: Crypto Becomes the Bank
Eleven firms sought OCC trust charters in 83 days. What the charter permits, why GENIUS forces it, and what the consolidation costs.
FHE Goes Live: ERC-7984 and the Throughput Ceiling
Zama's FHE layer and ERC-7984, examined across handles, coprocessors, threshold decryption, and real throughput limits.
DeFi 15 min read