Tokenizing the Stock Market: Rails and Endgame
A structural look at how equities are being put on-chain — the settlement rails, custodian models, and why tokenized stocks behave differently from tokenized debt.
DeFi about 14 hours ago
The Everclear Collapse: A Post-Mortem
Everclear processed roughly $500M monthly in cross-chain volume before winding down. We examine why intent-based clearing failed to become a business.
Single Point of Failure: The LayerZero-Kelp Exploit
A post-mortem of the $292M Kelp exploit, the single-verifier configuration behind it, and what "default security" means for omnichain messaging.
From $625M Hack to OP Stack: Ronin's Four-Year Arc
Tracing Ronin's path from the Lazarus Group's validator key compromise to an OP Stack L2 migration, and whether the new design addresses the original failure modes.
LayerZero's Single-Verifier Failure and the Kelp DAO Exploit
A post-mortem of the Kelp DAO cross-chain exploit, what LayerZero's single-verifier configuration revealed, and what a defensible DVN architecture should look like.
DeFi 11 days ago
Recents
View all Tokenizing the Stock Market: Rails and Endgame
A structural look at how equities are being put on-chain — the settlement rails, custodian models, and why tokenized stocks behave differently from tokenized debt.
DeFi 17 min read
The Everclear Collapse: A Post-Mortem
Everclear processed roughly $500M monthly in cross-chain volume before winding down. We examine why intent-based clearing failed to become a business.
Single Point of Failure: The LayerZero-Kelp Exploit
A post-mortem of the $292M Kelp exploit, the single-verifier configuration behind it, and what "default security" means for omnichain messaging.
From $625M Hack to OP Stack: Ronin's Four-Year Arc
Tracing Ronin's path from the Lazarus Group's validator key compromise to an OP Stack L2 migration, and whether the new design addresses the original failure modes.
LayerZero's Single-Verifier Failure and the Kelp DAO Exploit
A post-mortem of the Kelp DAO cross-chain exploit, what LayerZero's single-verifier configuration revealed, and what a defensible DVN architecture should look like.
DeFi 15 min read
RWA Tokenization in 2026: After BUIDL and OUSG
A state-of-play on tokenized Treasuries, private credit, and the regulatory and settlement plumbing that still gates RWA composability in DeFi.
DeFi 19 min read