Seven Days Unnoticed: The Secret Network Bridge Drain
A post-mortem of the ~$4.67M infinite-mint exploit on Secret Network's Axelar bridge, and what the seven-day detection gap says about cross-chain trust.
Symbiotic Core V2 and the Collateral Market Thesis
Symbiotic's Core V2 reframes restaking as generalized collateral infrastructure. We examine whether the pivot is architectural novelty or repositioning.
DeFi 4 days ago
Inside the ETF Wrapper: What Bitcoin Loses
A structural analysis of spot crypto ETF plumbing — authorized participants, custodian concentration, creation-redemption arbitrage, and the tradeoffs of wrapping BTC in securities.
BTCFi 5 days ago
HIP-3 and the Limits of Permissionless RWA Perps
A mechanism deep-dive into Hyperliquid's HIP-3: how permissionless RWA perp listings work, what SPCX revealed, and why Ventuals shut down.
DeFi 8 days ago
The FX Layer: Spark, Uniswap v4, and Stablecoin Liquidity
A mechanism analysis of the Spark-Uniswap v4 FX Layer, the $150M USDS migration, and what hooks change for stablecoin pairs that Curve has long dominated.
DeFi 11 days ago
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View all Seven Days Unnoticed: The Secret Network Bridge Drain
A post-mortem of the ~$4.67M infinite-mint exploit on Secret Network's Axelar bridge, and what the seven-day detection gap says about cross-chain trust.
Symbiotic Core V2 and the Collateral Market Thesis
Symbiotic's Core V2 reframes restaking as generalized collateral infrastructure. We examine whether the pivot is architectural novelty or repositioning.
DeFi 16 min read
Inside the ETF Wrapper: What Bitcoin Loses
A structural analysis of spot crypto ETF plumbing — authorized participants, custodian concentration, creation-redemption arbitrage, and the tradeoffs of wrapping BTC in securities.
BTCFi 16 min read
HIP-3 and the Limits of Permissionless RWA Perps
A mechanism deep-dive into Hyperliquid's HIP-3: how permissionless RWA perp listings work, what SPCX revealed, and why Ventuals shut down.
DeFi 15 min read
The FX Layer: Spark, Uniswap v4, and Stablecoin Liquidity
A mechanism analysis of the Spark-Uniswap v4 FX Layer, the $150M USDS migration, and what hooks change for stablecoin pairs that Curve has long dominated.
DeFi 15 min read
Futures or Swaps? Perpetuals Meet US Regulators
Kalshi's listing of crypto perpetuals has forced a long-deferred question: under US law, are perps futures, swaps, or something the CEA never anticipated?
DeFi 18 min read