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DeFi
A loan against deposits worth more than the debt, granted by code that never learns the borrower's name, and the parameters that follow from that.
01 — Over-collateralized lending: how a loan is secured and closed
A loan against deposits worth more than the debt, granted by code that never learns the borrower's name, and the parameters that follow from that.
7 min
02 — Automated market makers and impermanent loss, with the arithmetic
How a constant-product pool prices a trade, why a liquidity provider ends up short of simply holding, and the exact size of the shortfall.
8 min
03 — Where does DeFi yield come from, and who is paying it?
A yield figure is a rate of change in a token balance; separating interest and fees from newly printed tokens is the whole of the analysis.
7 min
04 — Liquid staking: what the receipt token actually represents
Staking locks an asset; liquid staking replaces the lock with a transferable claim, and the claim is a different instrument with its own failure modes.
7 min
05 — Restaking and the stacked slashing question
Reusing staked capital to secure additional services makes the same collateral answerable to several slashing conditions at once, which is one fact, not two.
7 min
06 — On-chain derivatives: perpetual futures, funding and margin
How a contract with no expiry stays tethered to spot, who takes the other side on chain, and what happens when margin runs out.
8 min
07 — Real-world assets and tokenized treasuries, and what they are not
A token representing an off-chain asset records a claim; it does not enforce one, and the difference determines everything about how these instruments behave.
7 min
08 — Oracles: the most common single point of failure in DeFi
A contract cannot see a price; it can only read one that somebody wrote down, and almost every protocol inherits the failure modes of that process.
8 min
09 — Bridges, wrapped tokens and the record of bridge exploits
Nothing crosses between chains: assets are immobilized on one side and a claim is issued on the other, which is only as sound as its guard.
8 min
10 — Composability: why one failure propagates through DeFi
Open contracts call each other without permission, which is the source of the sector's flexibility and of the way one fault reaches everything at once.
8 min