DeFi
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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.
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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.
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[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.
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[BTCFi Series 5] Babylon and the BTCFi Security-Extension Ecosystem: An In-Depth Analysis of the Financialization of Bitcoin Security
An in-depth analysis of Babylon and its expanding ecosystem that seeks to transform Bitcoin from a mere store of value into "productive capital" for the Web3 ecosystem.