From $625M Hack to OP Stack: Ronin's Four-Year Arc
Tracing Ronin's path from the Lazarus Group's validator key compromise to an OP Stack L2 migration, and whether the new design addresses the original failure modes.
LayerZero's Single-Verifier Failure and the Kelp DAO Exploit
A post-mortem of the Kelp DAO cross-chain exploit, what LayerZero's single-verifier configuration revealed, and what a defensible DVN architecture should look like.
DeFi 4 days ago
RWA Tokenization in 2026: After BUIDL and OUSG
A state-of-play on tokenized Treasuries, private credit, and the regulatory and settlement plumbing that still gates RWA composability in DeFi.
DeFi 6 days ago
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.
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.
DeFi 10 days ago
Recents
View all From $625M Hack to OP Stack: Ronin's Four-Year Arc
Tracing Ronin's path from the Lazarus Group's validator key compromise to an OP Stack L2 migration, and whether the new design addresses the original failure modes.
LayerZero's Single-Verifier Failure and the Kelp DAO Exploit
A post-mortem of the Kelp DAO cross-chain exploit, what LayerZero's single-verifier configuration revealed, and what a defensible DVN architecture should look like.
DeFi 15 min read
RWA Tokenization in 2026: After BUIDL and OUSG
A state-of-play on tokenized Treasuries, private credit, and the regulatory and settlement plumbing that still gates RWA composability in DeFi.
DeFi 19 min read
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.
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.
DeFi 16 min read
[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.