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.
onchain
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.
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.