Latest Articles

  • A three-faced glass sculpture with each face glowing a different color, representing three competing stablecoin architectures.

    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
  • A split composition contrasting a bronze stone vault with a silver lattice, each radiating connections to surrounding modules.

    [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.

    BTCFi DeFi
  • Default cover image showing abstract colors

    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
  • Default cover image showing abstract colors

    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