DePIN Unit Economics: The Missing Emissions Data
Helium, GEODNET and io.net claim revenue burns. None publishes dollar emissions beside dollar revenue, leaving burn coverage ratios unauditable.
DeFi about 21 hours ago
Deposit Tokens vs. Stablecoins: JPMD and the Banks
JPMD, live for institutions since November 12, 2025, is a fractional-reserve bank claim, unlike a segregated GENIUS stablecoin.
DeFi 5 days ago
Sixteen Seconds Was the Easy Part: Ethereum's zkEVM
Ethereum's realtime-proving targets are met on the EF's own numbers. The harder problem is that some security assumptions underneath were already wrong.
DeFi 17 days ago
[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.
DeFi about 2 months ago
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View all DePIN Unit Economics: The Missing Emissions Data
Helium, GEODNET and io.net claim revenue burns. None publishes dollar emissions beside dollar revenue, leaving burn coverage ratios unauditable.
DeFi 16 min read
Deposit Tokens vs. Stablecoins: JPMD and the Banks
JPMD, live for institutions since November 12, 2025, is a fractional-reserve bank claim, unlike a segregated GENIUS stablecoin.
DeFi 16 min read
Sixteen Seconds Was the Easy Part: Ethereum's zkEVM
Ethereum's realtime-proving targets are met on the EF's own numbers. The harder problem is that some security assumptions underneath were already wrong.
DeFi 21 min read
[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.
DeFi 15 min read
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.