DeFi

Hyperliquid HIPs in Practice - Risks, Failure Scenarios and Market Quality

What users lose when a HIP-1 to HIP-4 market fails on Hyperliquid, how to judge a market before trading it, and worked examples for each proposal.

2026, Oct 26 —

Hyperliquid HIP-1 to HIP-4 in Twelve Cards — The Definitions to Memorise

Twelve flashcards for Hyperliquid HIP-1 to HIP-4: native tokens, Hyperliquidity, builder-deployed perp DEXs, slashing and outcome markets, with a revision table.

2026, Oct 26 —

Building on Hyperliquid HIPs - A Developer Reference for Deployment and Integration

Request payloads, info queries, asset-ID lookups, error cases, testnet steps and checklists for deploying and integrating Hyperliquid HIP-1 to HIP-4.

2026, Oct 26 —

Power-Law Curves - Scale Invariance, Log-Log Lines, Bonding Curves and Heavy Tails

What a power law y = a·x^k is, why it has no preferred scale, how to read it on log-log axes, and where it appears in DeFi pricing curves and fat tails.

2026, Oct 22 —

How Liquity V2 Works - BOLD, User-Set Interest Rates, Redemption Routing and Branch Shutdown

Liquity V2 (BOLD) from its code, audits and whitepaper: user-set rates, redemptions by rate, batches, zombie troves, shutdown, and code-vs-paper gaps.

2026, Oct 22 —

How Liquity V1 Works - LUSD, Troves, the Stability Pool, Redemptions and Recovery Mode

Liquity V1 from its contracts: interest-free LUSD loans at 110%, Stability Pool liquidations, redistribution, redemptions, baseRate fees and Recovery Mode.

2026, Oct 22 —

How DefiLlama Works - Data Model, Free and Pro API, and Adapters

How DefiLlama computes TVL, fees and yields from open-source adapters, what its free and Pro APIs expose, and how TVL and dimension adapters are written.

2026, Oct 22 —

How Polaris Works - pETH, the Power-Law Bonding Curve, Reserve Loans and pAsset Markets

Polaris from its docs and bonding-curve code: pETH and its rising floor, fpETH/vpETH, non-liquidatable Reserve Loans, USDp markets and POLAR.

2026, Oct 21 —

Risk of a Zama Confidential Morpho Vault - Losses, Exits, Contagion and What Can Be Watched

Analysing a Morpho vault entered through Zama: who bears a loss, the two exits and their delay, contagion through markets and decryption, what stays public.

2026, Oct 11 —

The PT-reUSD Liquidations on Morpho - How a 320,000 SY Trade Liquidated 36M, Replayed from On-Chain State

On 25 August 2026 a 320,000 SY trade on Pendle liquidated 36M of Morpho loans. The mechanism from the code, and a replay that predicts the same 20 positions.

2026, Oct 11 —

Pricing a Lending Position During an Incident - What the Oracle Reads, When, and Who Bears the Gap

When collateral loses value, a lending market sees only its oracle. How each oracle kind passes a shock on, and how to price liquidations, bad debt and drains.

2026, Oct 11 —

Pricing Yield Collateral on Morpho - Huma's PST Exchange Rate and Ojo's Pendle PT Feed

Two ways to price yield collateral on Morpho: Huma's PST exchange rate and Ojo's min(TWAP, linear) PT feed, with the failure each one allows.

2026, Oct 11 —

Risk of Ethena's USDe and sUSDe - Backing Venues, Depeg Priors and a Leveraged PT Position

Measuring the risk of Ethena's USDe and sUSDe: backing by exchange, reserve fund, depeg priors, a venue failure and negative funding on a leveraged PT loop.

2026, Oct 11 —

Monitoring a Morpho Vault V2 - What a Depositor Needs to Watch

Where a Morpho Vault V2 depositor's loss comes from, which on-chain events and views reveal it, and what a block-by-block watcher showed on a 458M-RLUSD vault.

2026, Oct 10 —

How Morpho Vault V2 Works - Adapters, Caps, Timelocks and In-Kind Redemption

Morpho Vault V2 from its source code: adapters and id-based caps, curator timelocks, maxRate and fee accounting, gates, and in-kind exits with forceDeallocate.

2026, Oct 10 —

Morpho Vault V2 Adapters - How a Vault Allocates, and Why It Wraps a Vault V1

What a Morpho Vault V2 adapter is, the rules it must follow, the three adapters in the code, and how MorphoVaultV1Adapter lets a V2 vault hold a V1 vault.

2026, Oct 10 —

How Morpho Vault V1 (MetaMorpho) Works, and What Vault V2 Changes

MetaMorpho, Morpho's first vault, read from its v1.0 and v1.1 source: queues, supply caps, one timelock, the guardian, lostAssets, and what Vault V2 changes.

2026, Oct 10 —

How Morpho Blue Works - Isolated Lending Markets, Shares, Liquidations and Bad Debt

Morpho Blue from its source code: five-parameter markets, share accounting, interest, the LLTV-based liquidation bonus, bad debt, callbacks and flash loans.

2026, Oct 10 —

Monte Carlo Simulation for DeFi Risk Analysis - From Random Sampling to a Stay-or-Exit Decision

How Monte Carlo simulation works and how it turns a DeFi position's dependencies into a loss distribution, VaR, CVaR and a stay-or-exit decision.

2026, Oct 10 —

Crypto Hacks of 2026 So Far - January to September, from Truebit to Bitget

About $2.1B was stolen in 300+ crypto hacks from January to September 2026. Bitget, Liquid, KelpDAO and Drift took about half, mostly through operators.

2026, Oct 07 —

Crypto Hacks of 2024 - DMM Bitcoin, WazirX and a Year of Exchange Breaches

About $2.2B was stolen in crypto hacks in 2024. Exchanges lost the most, led by DMM Bitcoin and WazirX, and North Korea took about 61% by Chainalysis' count.

2026, Oct 07 —

The Technical Concepts Behind the 2024 Crypto Hacks

What a Solidity developer needs to follow the 2024 hacks: Safe signing and DELEGATECALL, uninitialised upgrades, approval drains, callbacks, rounding, oracles.

2026, Oct 07 —

Crypto Hacks of 2023 - Mixin, Euler, the Vyper Bug and Lazarus' Busiest Year

About $1.7B was stolen in crypto hacks in 2023. Mixin, Euler, Poloniex and Multichain led, North Korea ran its most incidents, and frauds are listed apart.

2026, Oct 07 —

The Technical Concepts Behind the 2023 Crypto Hacks

What a Solidity developer needs to follow the 2023 hacks: Euler self-liquidation, the Vyper lock bug, read-only reentrancy, KyberSwap ticks, MEV-Boost.

2026, Oct 07 —

Crypto Hacks of 2022 - Ronin, Wormhole, Nomad and the Year of Bridge Hacks

2022 set a record for crypto hacks, about $3.8B stolen. Bridges lost about $2B, led by Ronin, Wormhole and Nomad; North Korea took the largest share.

2026, Oct 07 —

The Technical Concepts Behind the 2022 Crypto Hacks

What a Solidity developer needs to follow the 2022 hacks: bridge message checks, Solana accounts, flash-loan governance, Profanity keys, CREATE replay.

2026, Oct 07 —

Crypto Hacks of 2021 - Poly Network, BitMart, Cream and the DeFi Boom

About $3.2B was stolen in crypto hacks in 2021. Poly Network's ~$611M led a year of DeFi exploits, exchange hot-wallet thefts and front-end attacks.

2026, Oct 07 —

The Technical Concepts Behind the 2021 Crypto Hacks

What a Solidity developer needs to follow the 2021 hacks: selector collisions, share-price donations, K-check typos, token reentrancy, ECDSA nonce reuse.

2026, Oct 07 —

Crypto Hacks of 2020 - KuCoin, Flash Loans and the DeFi Summer

About $520M was stolen in crypto hacks in 2020 (Chainalysis). KuCoin lost over half; DeFi's first flash-loan and reentrancy attacks hit bZx, Harvest and Pickle.

2026, Oct 07 —

The Technical Concepts Behind the 2020 Crypto Hacks

What a Solidity developer needs to follow the 2020 hacks: first flash loans, ERC-777 hooks, fee-on-transfer tokens, self-transfers, msg.value in loops.

2026, Oct 07 —

Crypto Hacks of September 2026 - Bitget, Liquid Network and 50 Smaller Incidents

September 2026 lost about $766M to 55 crypto hacks. Bitget (~$387.5M) and Liquid (~$320M) made up 92%; the rest were key leaks, bridge bugs and oracle abuse.

2026, Oct 06 —

The ARC Token Whitepaper — Circle's Coordination Asset Read Against the Arc Node

Circle's ARC whitepaper proposes staking, fee-to-ARC conversion and burn for Arc. The live chain credits USDC fees to the proposer and burns nothing.

2026, Sep 25 —

Bio's Voter Stake Registry - Vote-Escrow Governance on Solana with spl-governance

How Bio's fork of the Mango Voter Stake Registry turns locked deposits into time-weighted spl-governance vote weight, and what its Squads V4 allowlist changes.

2026, Sep 18 —

BIO Tokenomics - Supply, Unlocks, Demand and Value Capture of Bio Protocol's Token

BIO tokenomics on 18 Sept 2026: 3.32 B fully minted, 2.15 B circulating, 0.91 B vesting on-chain, veBIO locks, unlock pace, and no revenue path to the token.

2026, Sep 18 —

Bio Protocol Overview - DeSci Launchpad, BIO Token Economy and Open-Source DAO Contracts

How Bio Protocol funds biotech on-chain: USDC Ignition Sales, veBIO and BioXP allocation, a 1 % swap tax, and its audited token, vesting and airdrop contracts.

2026, Sep 18 —

Stablecoins Under MiCA — Asset-Referenced Tokens and E-Money Tokens (Titles III and IV)

How MiCA regulates stablecoins: who may issue an ART or EMT, the reserve, own-funds and redemption rules, the interest ban and when a token becomes significant.

2026, Sep 17 —

Understanding Hyperliquid - The Vocabulary, from Beginner to Advanced

A layered glossary of Hyperliquid. Thirty terms across three levels, from HyperCore and mark price to auto-deleveraging, portfolio margin and the four HIPs.

2026, Sep 09 —

Partial Notes on Aztec — Deferred Completion and Private DeFi Composability

A private function cannot read the price it needs. Partial notes split a note into a private half that fixes the payee and a public half that fixes the amount.

2026, Sep 09 —

The Hyperliquid Protocol - HyperCore, HyperEVM and Onchain Perpetual Mechanics

How Hyperliquid runs a native order book and an EVM under one HyperBFT consensus, and how its margining, oracles, liquidations and HIP standards work.

2026, Sep 02 —

Hyperliquid's Onchain Order Book - Matching, Ordering, and How It Differs from a CEX and from GMX

How HyperCore matches orders inside consensus state, why cancels beat aggressive orders in a block, and how that compares with a CEX engine, dYdX v4 and GMX.

2026, Sep 02 —

The Hyperliquid Oracle - How Validator Medians Become Mark Price, Funding and Liquidation

Hyperliquid's oracle is a stake-weighted median of validator medians, published every three seconds. Which price drives funding, margin and liquidation.

2026, Sep 02 —

The Hyperliquid Improvement Proposals - HIP-1 to HIP-4

HIP-1 tokens, HIP-2 Hyperliquidity, HIP-3 builder-deployed perps and HIP-4 outcome markets, with the stakes, auctions and slashing rules that gate each one.

2026, Sep 02 —

Fluid on Solana — Porting a Liquidity Layer from the EVM to the SVM

Fluid's liquidity layer runs on Solana as Jupiter Lend. A read of its Anchor programs, from balance-delta deposits and tick PDAs to introspected flash loans.

2026, Aug 26 —

How Centrifuge Vaults Work — Asynchronous ERC-7540 Investment on a Hub-and-Spoke Protocol

A technical walkthrough of Centrifuge V3 vaults - the ERC-7540 request lifecycle, the pool escrow reservation model, the pricing and rounding rules, and the transfer hook.

2026, Aug 18 —

Double-Entry Bookkeeping On-Chain — How the Centrifuge Hub Keeps a Multi-Chain Pool's Books

How Centrifuge implements real double-entry accounting in Solidity - debit-normal accounts, balanced journals, cross-chain snapshots, and the NAV and share price derived from them.

2026, Aug 18 —

Two Ways to Build a Permissioned Token — Centrifuge's Transfer Hook Against ERC-3643

A comparison of two enforcement architectures for regulated tokens - Centrifuge's single swappable hook with packed eligibility data, and ERC-3643's identity registry plus compliance modules.

2026, Aug 18 —

Centrifuge Cross-Chain Messaging — Per-Pool Adapter Quorums, Batching and Failure Recovery

How Centrifuge routes messages between chains - per-pool adapter sets, an n-of-m vote counter that tolerates duplicates, transient batching, gas subsidies, and the recovery paths.

2026, Aug 18 —

Cross-Chain Bridge Threat Model - Assets, Trust Boundaries, STRIDE and Threat Register

A structured OWASP threat model for cross-chain bridges, built from the Ronin 2022, Poly Network 2023, Ronin 2024 and Kelp DAO 2026 incidents, covering assets, trust boundaries, STRIDE analysis, an attack tree and a prioritised threat register.

2026, Jul 31 —

Cross-Chain Bridge Hacks - Ten Incidents, Five Failure Classes

A comparative analysis of ten major cross-chain bridge exploits between 2021 and 2026, grouped into five failure classes, covering the architecture of each bridge, the root cause of each failure, and the destination of the stolen funds.

2026, Jul 31 —

Gnosis Conditional Tokens — Combinatorial Prediction Markets on ERC-1155

How the Gnosis Conditional Tokens contracts model prediction markets, why collection identifiers are elliptic curve points on alt_bn128, and what the 2019 audit found.

2026, Jul 28 —

Betting Stickers at the School Fair — How Prediction Market Tokens Work, Explained for a 10-Year-Old

A simple guide to conditional tokens, the stickers that turn into money once a question is answered. Explained with a school fair prize shop, a locked money box, and a clever way of naming things.

2026, Jul 28 —

The Unified Risk Layer for DeFi - From Price Oracles to Protocol-Owned Risk Oracles

Why DeFi needs a unified risk layer above the price oracle stack, how Aave evolved from governance to risk oracles, and how protocol-owned risk infrastructure prices Pendle PT tokens.

2026, Jul 02 —

Insuring Composable DeFi - First-Loss Capital Along the Attack Graph

How to insure composable DeFi more efficiently by placing first-loss capital along the attack graph (bridges, oracles, signers) instead of only at protocol endpoints.

2026, Jul 02 —

Zero-Knowledge Proof Hacks — A Documented Record of Exploits and Vulnerabilities (2023–2026)

A chronological record of confirmed hacks, disclosed vulnerabilities, and bug bounties in zero-knowledge proof protocols from 2023 to 2026, with technical root cause analysis for each incident.

2026, Jun 19 —

Zero-Knowledge Proof Failures in Cross-Chain Bridges — Exploits, Vulnerabilities, and Bug Bounties

An analysis of security incidents in ZK-rollup bridges from 2023 to 2026, covering confirmed exploits, circuit-level vulnerability disclosures, and bug bounties targeting ZK withdrawal and settlement mechanisms.

2026, Jun 19 —

Hash Time-Locked Contracts — From First Principles to Garden Finance's Cross-Chain Bridge

A deep-dive into Hash Time-Locked Contracts (HTLCs) - how they work cryptographically, how Garden Finance uses them for a trustless Bitcoin bridge, and the threat model behind the protocol.

2026, May 11 —

Integrating Pyth Network Price Feeds — A Security-Focused Guide

Learn how to integrate Pyth Network pull oracle price feeds in Solidity and Solana programs, with a deep focus on security pitfalls — staleness, confidence intervals, fixed-point math, and adversarial selection.

2026, Mar 13 —

ERC-20 Implementation Comparison — OpenZeppelin, Solady, and Solarity Solidity Library

A technical comparison of ERC-20 token implementations across OpenZeppelin Contracts, Solady, and Solarity solidity-lib. Covers features, gas efficiency, architecture, extensibility, and selection criteria.

2026, Feb 13 —

Traditional Futures vs. Perpetual Futures: A Technical Comparison

A technical comparison of traditional futures and crypto perpetual futures, covering no-arbitrage pricing, mark-to-market settlement, the funding rate mechanism, and liquidation.

2025, Dec 29 —

Automated Market Makers (AMMs) - Overview

Automated Market Makers (AMMs) are an essential piece of decentralized finance (DeFi). This article covers the most commonly used formulas in AMM design, their benefits, and their limitations.

2025, Jul 29 —

Tether USDT smart contract - Overview

This article analyze the features, architecture, and implications of the Solidity version deployed on Ethereum mainet, especially from a security, centralization, and functional standpoint.

2025, Jul 06 —

10 Key Differences Between MakerDAO and Liquity

How Liquity V1 differs from MakerDAO on governance, collateral, redemptions, interest, liquidations and shutdown, with notes on what Liquity V2 changed.

2024, Dec 16 —

Virtual Protocol, create co-ownership AI agents

Virtuals Protocol is a co-ownership layer for AI agents in gaming and entertainment. These agents can operate across a wide range of applications and games, significantly expanding their revenue surface area. AI agents can be to be tokenized and co-owned via blockchain.

2024, Dec 05 —

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