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.
ethereum
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.
Announcements
Credit runs on Sprinter
Say hello to a new Sprinter, enhanced from the ground up with new infrastructure, a new identity, and a new level of ambition.
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
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.