Beyond Debt: Options as DeFi's Stability Primitive
A mechanism-level analysis of Vitalik's proposal to build index-tracking assets from options rather than debt, and what it implies for liquidation risk.
DeFi about 13 hours ago
Payments Layer, Attack Surface: The Gnosis Pay Exploit
A structural post-mortem of the Gnosis Pay incident — how card rails create novel attack surfaces and what full user reimbursement signals about issuer risk.
The Permissionless Perimeter: The Squid Module Exploit
A technical post-mortem of the $3.2M SquidRouterModule exploit and what it reveals about ambiguous ownership in modular DeFi architectures.
HIP-3 and the Architecture of Hyperliquid's Perp Dominance
A protocol-design analysis of HIP-3, the vault-backed liquidity primitive behind Hyperliquid's record perp market share, and the structural risks it concentrates.
DeFi 8 days ago
No Recovery, No Capital: Radiant's Collapse
Radiant Capital's wind-down closes a 14-month chapter that began with a $50M cross-chain exploit. A structural post-mortem of what broke and why.
Recents
View all Beyond Debt: Options as DeFi's Stability Primitive
A mechanism-level analysis of Vitalik's proposal to build index-tracking assets from options rather than debt, and what it implies for liquidation risk.
DeFi 14 min read
Payments Layer, Attack Surface: The Gnosis Pay Exploit
A structural post-mortem of the Gnosis Pay incident — how card rails create novel attack surfaces and what full user reimbursement signals about issuer risk.
The Permissionless Perimeter: The Squid Module Exploit
A technical post-mortem of the $3.2M SquidRouterModule exploit and what it reveals about ambiguous ownership in modular DeFi architectures.
HIP-3 and the Architecture of Hyperliquid's Perp Dominance
A protocol-design analysis of HIP-3, the vault-backed liquidity primitive behind Hyperliquid's record perp market share, and the structural risks it concentrates.
DeFi 15 min read
No Recovery, No Capital: Radiant's Collapse
Radiant Capital's wind-down closes a 14-month chapter that began with a $50M cross-chain exploit. A structural post-mortem of what broke and why.
Frozen in Crossfire: USDC and DeFi's Censorship Vector
A court-ordered freeze of $12.6M in cUSDC inside a Zama contract exposes how stablecoin blacklists propagate through DeFi composability into innocent protocols.
DeFi 14 min read