RWA Tokenization in 2026: After BUIDL and OUSG
A state-of-play on tokenized Treasuries, private credit, and the regulatory and settlement plumbing that still gates RWA composability in DeFi.
DeFi about 13 hours ago
Hyperliquid and the Anatomy of Perpetual-Vault Risk
On-chain perpetual exchanges have made the vault the residual counterparty. We dissect how that design transmits loss, and where it breaks.
The Stablecoin Trilemma: Can Synthetic Dollars Survive?
A trilateral comparison of custodial, CDP, and delta-neutral stablecoin designs, and what a sustained negative funding regime would do to USDe.
DeFi 5 days ago
[BTCFi Series 6] Babylon vs EigenLayer Compared
A structural comparison of Babylon's Bitcoin-native staking and EigenLayer's ETH restaking — slashing, rewards, operator selection, and downstream effects.
Maple vs Core: A Web3 IP Legal Dispute Case Study
Recently, CoreDAO filed a lawsuit against Maple Finance and published an injunction granted by the Grand Court of the Cayman Islands. In Web3 and DeFi, this is likely to stand as a case where disputes over copyright and IP, rather than hacks, are litigated in real-world courts. This article analyzes the case and its implications.
History 6 months ago
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View all RWA Tokenization in 2026: After BUIDL and OUSG
A state-of-play on tokenized Treasuries, private credit, and the regulatory and settlement plumbing that still gates RWA composability in DeFi.
DeFi 19 min read
Hyperliquid and the Anatomy of Perpetual-Vault Risk
On-chain perpetual exchanges have made the vault the residual counterparty. We dissect how that design transmits loss, and where it breaks.
The Stablecoin Trilemma: Can Synthetic Dollars Survive?
A trilateral comparison of custodial, CDP, and delta-neutral stablecoin designs, and what a sustained negative funding regime would do to USDe.
DeFi 16 min read
[BTCFi Series 6] Babylon vs EigenLayer Compared
A structural comparison of Babylon's Bitcoin-native staking and EigenLayer's ETH restaking — slashing, rewards, operator selection, and downstream effects.
Maple vs Core: A Web3 IP Legal Dispute Case Study
Recently, CoreDAO filed a lawsuit against Maple Finance and published an injunction granted by the Grand Court of the Cayman Islands. In Web3 and DeFi, this is likely to stand as a case where disputes over copyright and IP, rather than hacks, are litigated in real-world courts. This article analyzes the case and its implications.
History 14 min read
USDX Depeg Crisis Analysis and Implications: What Broke and What Must Be Fixed
Focusing on the xUSD and USDX cases, this article explains step by step how vaults and yield products, when combined with peg breaks, oracle failures, clogged redemption windows, and leveraged TVL, created large-scale bad debt. It then uses MetaMorpho as a comparison framework to argue for a shift toward structures that trust 'processes and data, not people', proposing Proof-of-Hedge, on-chain redemption rights, timelocks, and circuit breakers as default settings for the next cycle.
History 14 min read