Ethena's $250M CLO Bet: Reserves Beyond Treasuries
Ethena is moving USDe reserves into tokenized AAA CLOs via Securitize's STAC. We analyze the structural credit risk this introduces and what it signals.
DeFi about 13 hours ago
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 4 days 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 11 days ago
Recents
View all Ethena's $250M CLO Bet: Reserves Beyond Treasuries
Ethena is moving USDe reserves into tokenized AAA CLOs via Securitize's STAC. We analyze the structural credit risk this introduces and what it signals.
DeFi 13 min read
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.