Latest Articles
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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.
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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.
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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.
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From Custody to Collateral: Tokenized Treasuries in DeFi
How VBILL, BUIDL, and peers are being wired into Euler, Morpho, and Aave — and what happens when on-chain liquidation outruns real-world settlement.