From Custody to Collateral: Tokenized Treasuries in DeFi
How VBILL, BUIDL, and peers are being wired into Euler, Morpho, and Aave — and what happens when on-chain liquidation outruns real-world settlement.
DeFi about 15 hours ago
Unbacked and Unguarded: The StablR Multisig Exploit
A forensic post-mortem of the StablR EURR/USDR depeg, the multisig misconfiguration behind 13.5M in unbacked mints, and what it reveals about stablecoin custody.
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 5 days 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.
Recents
View all From Custody to Collateral: Tokenized Treasuries in DeFi
How VBILL, BUIDL, and peers are being wired into Euler, Morpho, and Aave — and what happens when on-chain liquidation outruns real-world settlement.
DeFi 17 min read
Unbacked and Unguarded: The StablR Multisig Exploit
A forensic post-mortem of the StablR EURR/USDR depeg, the multisig misconfiguration behind 13.5M in unbacked mints, and what it reveals about stablecoin custody.
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.