DeFi
Protocol risk, stablecoin design, exploits, liquidation mechanics, RWA collateral, and market structure.
-
[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.
-
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.