[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 3 days 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.
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 10 days ago
BIP-360 and the Bitcoin Coins That Cannot Move
Bitcoin's post-quantum migration requires signing with vulnerable keys, and the most exposed coins belong to owners who cannot sign.
BTCFi 13 days ago
Trackers 트래커 トラッカー 追踪器 Trackers
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View all [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
BIP-360 and the Bitcoin Coins That Cannot Move
Bitcoin's post-quantum migration requires signing with vulnerable keys, and the most exposed coins belong to owners who cannot sign.
BTCFi 18 min read
The Fee Switch Era: Uniswap, Aave, and Buyback Design
Uniswap's fee switch and Aave's automated buybacks turned protocol value capture into a template. A look at what the mechanisms actually take, and from whom.
DeFi 17 min read