Stop Building Liquidity Layers That Avoid Repricing Risk
DeFi safety layers often trade explicit risk pricing for assumptions and dependencies; they look stable in normal regimes and fail discontinuously under stress.
DeFi Systems & Market Design
Crypto Infrastructure.
DeFi primitives, sustainable market structure, and banded assets.
DeFi LP Yield Is Drift Compensation, Not Interest Income
Liquidity provision is an inventory-risk trade: fees pay for drift, stable pools fail on depegs, and “safety fixes” often add hidden dependency fragility.
Crypto Extra
Mechanism-first analysis of monetary systems, protocols, and incentives.
Stablish: A stable-adjacent coin.
Stablecoin LP rewards lack meaningful rewards.