credit
Structure and mechanics: two axes for tokenised RWA
Excellent machinery on a thin legal claim is the market's most convincing mispricing. It performs cleanly right up until the issuer fails.
Nadiem Sissouno
RWA
The RWA tokenization spectrum: from no claim to native claim
Two tokens can pay the same yield and differ by orders of magnitude in what you legally own. A five-level spectrum for evaluating tokenized RWAs.
vaults
Designing vaults for lending collateral
Yield vaults are built for depositors. Lending protocols need something different: they need to liquidate. What an ideal collateral vault looks like.
credit
Prediction markets are not derivatives
Derivatives reference a process that evolves. Prediction markets reference an event waiting to resolve. That difference breaks all the hedging machinery.
How to lend $250M without collateral
We lent $250M with zero collateral and zero shortfalls. It is not unsecured, it is structurally secured. The system itself is the collateral
credit
The Decentralised Intermediary
Three essays call for crypto-native institutions. None defines one. The decentralised intermediary: protocol governance for the on-chain/off-chain boundary.
credit
CT systems: making remote collateral actually usable on perps
CT systems are not about printing money. They separate high-velocity internal activity from disciplined exits, keeping backing explicit. A design for perps
credit
Why Most "Crypto Credit Cards" Aren't Really Credit
Most crypto credit cards are debit cards in disguise: you spend your own money. What real onchain credit looks like and why it barely exists yet.
DeFi
Part III - Programmable, Usage‑Constrained Credit (Cross‑Chain Solvers and Beyond)
The final part of the series develops a concrete architecture for usage‑constrained credit in crosschain intent fulfillment, then generalizes it to other closed‑loop loans.
credit
Part II - Instant vs. Guaranteed Settlement, Perps, Factoring, and Usage‑Constrained Credit
While we wait for payment, how do we move value safely? For the answer to this, and other questions on credit mechanisms and guarantees, read Part II of our Beyond Loans series.
DeFi
Beyond Loans — Credit as Price, Collateral, and Code: Part I
The invisible thread is credit—sometimes explicit, sometimes implicit, sometimes just the promise that when needed, there is cash in the room. This series is about that thread: how we price it, how we secure it, and how code is changing what “settlement” even means.
crosschain
Building Economic Trust in Solver-Based Networks – Part 3: Reclaiming Efficient Markets
This article is based on the talk ‘Rethinking Competition in Solver-Based Networks’ given at Protocol Berg in Berlin June 13th 2025. (Watch it here) In Part 2, we looked under the hood of real-world solver networks like CoW Protocol and Across. What we found was clear: * A handful of solvers