Notes from the RWA desk.
Long-form breakdowns on DeFi lending, tokenised private credit, stablecoins, and the risk underneath them. Published on Substack and HackMD.
Fixed vs Variable Borrow Rates for DeFi Leverage
Leverage lets you earn on more capital than you put in. How variable, fixed-maturity, and open-term fixed rates change what that leverage actually costs.
Tokenised Private Credit Isn’t Ready for DeFi Lending Yet
Tokenised private credit is entering DeFi, but it cannot be treated like ETH or BTC. The challenges around valuation, liquidity, liquidation, and risk management.
How Often Does an Earn Vault Take Bad Debt?
A Monte Carlo method for curators: run the same vault setup through thousands of price paths, count how often it actually takes a hole, and be clear about what the method cannot see.
What Curators Could Do in the Morpho PT-reUSD Liquidations: Not Much
On August 25, an attacker moved a thin Pendle market, Morpho's oracle followed it down, and $36 million in borrower positions got liquidated in 14 minutes.
What Actually Makes Stablecoin Revenue Defensible?
Why do some stablecoins lose supply quickly while others don’t? Revenue defensibility through the lens of demand: what creates it, who controls it, and how easily it can be replaced.